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Thread: some 'different' ideas from John McCain

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    Default some 'different' ideas from John McCain

    (snip)"PHILADELPHIA, Pennsylvania (AFP) — Republican White House hopeful John McCain outlined Tuesday a fuel tax "holiday" for hard-pressed drivers among a raft of measures designed to bolster the flagging economy.

    McCain, attacked by his Democratic rivals Barack Obama and Hillary Clinton for taking a hands-off approach to the gathering crisis in the US housing market, said his plan focused "on actually helping families."

    In a speech, the Arizona senator played on the title of an Obama book, attacking the two Democrats for planning "to raise your taxes by thousands of dollars per year -- and they have the audacity to hope you don't mind."

    McCain proposed expanded federal and state guarantees for tuition loans, in case college students suffer from the credit crunch now roiling the US and global economy.

    He called for parents' tax exemptions to be doubled to 7,000 dollars, a one-year pause to review non-military government spending, and cuts to prescription drug subsidies enjoyed by richer pensioners.

    McCain's headline measure called on Congress to suspend federal taxes on auto fuel at the peak of the summer driving season -- from Memorial Day on May 26 to Labor Day on September 1, when gasoline prices traditionally surge.

    The federal tax on gasoline stands at 18.4 cents a gallon, and for diesel at 24.4 cents. According to the Department of Energy, US gasoline prices now average a record 3.39 dollars per gallon, up 51 cents from a year ago.

    "And because the cost of gas affects the price of food, packaging, and just about everything else, these immediate steps will help to spread relief across the American economy," McCain said in his speech in Pittsburgh.

    McCain also reprised his plan for the US government to back new mortgages for homeowners who "played by the rules" but are threatened by foreclosure, to replace risky home loans issued by predatory lenders.

    The Republican, who had opposed hefty tax cuts pushed by President George W. Bush early this decade, called for those reductions to be made permanent to prevent "the single largest tax increase since the Second World War."

    "Among supporters of a tax increase are Senators Obama and Clinton. Both promise big 'change.' And a trillion dollars in new taxes over the next decade would certainly fit that description," he said. "(snip)


    It would appear that McCain is starting to actively campaign against BOTH potential Democratic presidential candidates. In the area of economics and tax policy that's rather easy to do, since O and H have extremely few differences in this area (other than Obama's call for a 'carbon tax' which would increase the price of gasoline by some 50 cents per gallon).

    The single most noteworthy item from McCain's speech in terms of total gov't spending is actually pretty well disguised in this news report ... McCain's call for a one year 'freeze' on non-defense federal gov't spending while all department budgets can be reviewed. If this were to actually come to pass it would represent something like a 150 billion dollar reduction versus planned 2009 growth in gov't spending levels.

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    Default Re: some 'different' ideas from John McCain

    so wait.....the gov't doesn't get taxes, but the oil companies get the spoils.....yeah John isn't sleeping with Big Oil.

    Overall maybe the country needs to spend less on defense and more on econimically sustainable industries.

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    Default Re: some 'different' ideas from John McCain

    Oh, sure, let's cut some more taxes IN THE MIDDLE OF A WAR!

    Idiot.


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    Default Re: some 'different' ideas from John McCain

    Parsi:

    Are you referring to my comment, or to Mel's....cuz really yours could go either way

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    Default Re: some 'different' ideas from John McCain

    Oh, sure, let's cut some more taxes IN THE MIDDLE OF A WAR!
    well, cutting taxes offset by cuts in federal gov't spending have the same end result as increasing taxes and increasing federal gov't spending ... unless of course the increases in federal gov't spending occur even faster than the tax increases (i.e. a new entitlement program for national health care, gov.t backed mortgages for low income people who can't qualify with a private sector lender etc.)!!!


    so wait.....the gov't doesn't get taxes, but the oil companies get the spoils.....yeah John isn't sleeping with Big Oil.
    actually, it would be the Saudi princes, Hugo Chavez, Alaskan citizens etc. who would receive the vast majority of any increased profits as a result of a temporary US gasoline / diesel tax cut ... which would come in the form of increased consumption = higher crude oil prices if they come at all.


    Overall maybe the country needs to spend less on defense and more on econimically sustainable industries
    please enlighten me as to a US industry that would be economically sustainable if gov't subsidies / protections / tax breaks were removed ?

    ~
    Last edited by Melonie; 04-16-2008 at 09:44 AM.

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    Default Re: some 'different' ideas from John McCain

    Cutting taxes ( income) actually increases revenues to the government. A temporary gasoline tax cut would serve to leave more money in the hands of the citizens, which they might then spend, thus stimulating the economy. Why do you think this tax rebate is being initiated. Same principle, but I don't think a gas cut would have that great an impact because I don't think it would increase how many gallons of gas people use.

    In last night's debate, neither democratic hopeful knew how to react to Charles Gibson's questions about tax cuts stimulating the economy.

    In the middle of a war or in bad economic times, the way to increase what people spend is to leave them with more of their money to spend. Its really quite simple. Personally, I think it would have made a lot more sense to give everyone their rebate amount on a card with an expiration date and make it only good for purchases on American-made products. Since some of this rebate money will doubtlessly find it's way into dancer g-strings, I doubt many here will like that suggestion though. LOL.
    "never trust a big butt and a smile"-- Bell Biv DeVoe

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  7. #7
    TheSexKitten
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    Default Re: some 'different' ideas from John McCain

    Here we go again! Charging up the government credit card even though we'll be closing our eyes in denial when the bill arrives.

    Agreed that some tax cuts are beneficiary, but NOT excessive cuts, especially to the tax brackets they gave them to!

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    Default Re: some 'different' ideas from John McCain

    Agreed that some tax cuts are beneficiary, but NOT excessive cuts, especially to the tax brackets they gave them to!
    this ventures into an area that really needs discussion and understanding. Right now the corporate tax rates in the USA are significantly higher than corporate tax rates available in other parts of the world. As a result, a significant percentage of new companies are NOT registering as US companies. This costs the US new jobs and perhaps more importantly new technology industries.

    I agree with you that the 'super rich' do not actually pay their fair share of taxes. However, raising taxes on ordinary income (or letting existing tax cuts expire) does NOT typically result in additional tax revenue. Same applies to a lesser extent to increasing capital gains taxes. What increased tax rates do is force the 'super rich' to target their money towards 'tax favored' investments i.e. tax free municipal bonds, subsidized US industries that provide production tax credits for investors (like ethanol, solar, wind) which can then be used to reduce other tax liabilities. What increased tax rates also do is force the 'super rich' to move their investments offshore (i.e. into private banking, anonymous hedge funds and private equity firms), which in turn makes it more difficult and more expensive for US companies to obtain venture capital along with reducing the de-facto tax burden of those 'super rich' investors. States that also levee high income taxes, capital gains taxes, and corporate taxes, only compound the problem.

    Ultimately, corporations and the 'super rich' can afford to 'vote with their feet' ... but typically the 'middle class' cannot. This is the reason that the 'super rich' typically only pay an actual tax rate of 15% or less, whereas your typical 'middle class' American pays an actual tax rate of 25% or more. Attempting to target tax increases towards the 'super rich' will only prompt them to move away from the target range !!!!!

    Arguably, the preservation / expansion / creation of tax loopholes, of tax favored investments etc. ALWAYS goes hand in hand with calls for tax increases. IMHO this is the greatest hypocracy perpetrated by Democratic policies, as they make sure that the 'super-rich' (Democrat, Republican and Independent alike, but a whole bunch are Democrat) can continue to pay low de-facto tax rates and get richer, while it is the 'middle class' that actually bears the brunt of the tax increase.

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    Default Re: some 'different' ideas from John McCain

    Quote Originally Posted by TheSexKitten View Post
    Agreed that some tax cuts are beneficiary, but NOT excessive cuts, especially to the tax brackets they gave them to!
    Something like the bottom 20% don't pay any federal taxes. You cannot cut taxes for someone who pays zero.
    "never trust a big butt and a smile"-- Bell Biv DeVoe

    If you're in your twenties and aren't a liberal, you have no heart. If you're in you're forties and aren't a conservative, you have no brain - Winston Churchill

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    Default Re: some 'different' ideas from John McCain

    Something like the bottom 20% don't pay any federal taxes.
    actually, the lower earning 50% of ALL working Americans pay less than 4% of total income tax dollars. The 50% point fell at $29,019 in 2003 dollars, and is undoubtedly over $30k per year by now




    You cannot cut taxes for someone who pays zero
    Actually, Democrats have found a way to do this ... most recently with stimulus checks. However, child care tax credits, earned income tax credits etc. allow tax money to be paid out to Americans who didn't pay any money in. B and H have both proposed increasing these low income tax credits ... but of course they insist on calling them tax credits rather than the gov't handouts of cash which they actually are !

    back on topic with Obama's proposed capital gains tax increase ...



    (snip)"Now Barack Obama says he wants to perhaps nearly double the capital gains tax rate. Here is what he told CNBC's Maria Bartiromo last week (boldface mine):

    Well, you know, I haven't given a firm number. Here's my belief, that we can't go back to some of the, you know, confiscatory rates that existed in the past that distorted sound economics. And I certainly would not go above what existed under Bill Clinton, which was 28 percent. I would—and my guess would be it would be significantly lower than that. I think that we can have a capital gains rate that is higher than 15 percent. If it—and if it, you know—when I talk to people like Warren Buffett or others and I ask them, you know, what's—how much of a difference is it going to be if it's 20 or 25 percent, they say, look, if it's within that range, then it's not going to distort, I think, economic decision making.

    My take: Obama got it wrong. The capital gains rate during the Clinton administration fell from 28 percent at the beginning to 20 percent with the signing of the Taxpayer Relief Act of 1997 in August of that year. Interestingly, the economy managed only two years of growth of 4 percent or more in the decade previous to the 1997 cap gains cut—but notched three straight years of such growth in 1997, 1998, and 1999."(snip)

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    Default Re: some 'different' ideas from John McCain

    Quote Originally Posted by Melonie View Post
    actually, the lower earning 50% of ALL working Americans pay less than 4% of total income tax dollars. The 50% point fell at $29,019 in 2003 dollars, and is undoubtedly over $30k per year by now.
    I knew it was something like that. I was just too lazy to research it and picked something I knew to be safe. And you are right, this economic stimulus package will be giving money to people who paid no taxes. More income redistribution.
    "never trust a big butt and a smile"-- Bell Biv DeVoe

    If you're in your twenties and aren't a liberal, you have no heart. If you're in you're forties and aren't a conservative, you have no brain - Winston Churchill

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    Default Re: some 'different' ideas from John McCain

    Quote Originally Posted by G-Real View Post
    Parsi:

    Are you referring to my comment, or to Mel's....cuz really yours could go either way
    Haha! I was referring to John McCain specifically.


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