I'd like to learn more about who the site is owned by and whether it's actually a non-political organization. It's interesting to see how each candidates tax plan would effect you personally. Let me know what you think and who's plan was more beneficial to you.
If I entered everything in right on the first try, then it looks like Obama's plan would save me approximately $500 per year.
The guy behind Election Taxes is Jeffrey Gramlich. This is a pretty detailed comparison of both candidates tax plans, but the bold are the glaring things for me. They just hang there like a bad dream, being that I am in more favor of The Fair Tax.
Quote:
Both plans come with potential downsides. Senator McCain’s plan would spur efficiency and economic growth only as long as deficit spending is controlled (i.e., interest rates are kept in check) and the beneficiaries of tax savings invest these funds in the American economy. Although Senator Obama’s plan likely would result in smaller deficits, it is more complex and this complexity could burden the economy.[3] Obama intends to mitigate complexity by shifting some of the recordkeeping and tax return preparation burden from individuals to the IRS.
Summary
Although the vast majority of Senator McCain’s proposed tax cuts would benefit only the wealthiest taxpayers, if these taxpayers invest their tax savings into the American economy, and if these tax cuts are also accompanied by very large, indeed unprecedented, federal spending cuts, the McCain proposal could increase the efficiency of the economy. Potential pitfalls would be greater disparity between the rich and poor and inflation that may result if the federal budget deficit is not kept in check.
In contrast, Senator Obama’s proposal immediately produces deficit-cutting tax revenue and provides tax benefits to low- and middle-income taxpayers. Given their financial situations, these taxpayers are more likely than affluent taxpayers to spend most of their tax savings. This spending could also provide noticeable, albeit different, benefits for the economy. Greater complexity in the tax law would result from the Obama proposal, but decreases in the costs of processing and communicating information may reduce the economic impact of this complexity.
I'd like to learn more about who the site is owned by and whether it's actually a non-political organization. It's interesting to see how each candidates tax plan would effect you personally. Let me know what you think and who's plan was more beneficial to you.
If I entered everything in right on the first try, then it looks like Obama's plan would save me approximately $500 per year.
I also wanted to point out some comments made about the tax model you are referencing.
Quote:
I agree, it is amazing. The problem with this model is that you are assuming quite a bit. In addition, you are not considering the cost to the mid class with the increases in prices due to other taxes which may be increase under these tax plans. As you state in your disclaimer, you are not looking at the full tax plan. Therefore, this is not valid data you present. With out all of the data, too many assumptions are made and a slant can be to one candidate or the other based on those assumptions. I would be willing to revisit this site when you understand have the entire plan. Additionally, what you must also consider is that Congress and not the President are responsible for taxation of the American people. Though both candidates can submit a proposal, the Congress must draft, vote and approve all legislation for taxation of the people.
Quote:
This model is a good start but falls way short given the array of assumptions being made. This can cause a distorted view for an individual using this site that does not understand all of the variables and thereby cast a positive or negative slant on one candidate or another.
I also wanted to point out some comments made about the tax model you are referencing.
I read those comments on the page and tend to agree with them. I'm not sure either candidate is down on paper, set in stone solid, on exactly what there tax plans will be. Also, and this is key, it depends on what form comes out of Congess signed into law and that will probably only change about a 1000 times between now and when it's passed into law.
I just thought it was an interesting side by side comparison given the assumptions that we have right now.
__________________
In essentials, unity. In non-essentials, liberty. In all things, charity. Augustine
Linear Mode
