Election 2008 Comments on Taxes

by Terry 10/16/2008 10:57:00 AM

Normally I keep my political views to myself, except in general comments amongst my friends. Not because I have no opinion, but because I prefer to not say anything unless I have something to add to the discussion. I suppose I have something to say today.

Obama’s tax plan is illogical, and in some ways is a plan for legalized theft.

http://www.barackobama.com/taxes/
“Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility.”

Taken on its word, this is retroactive punishment for doing well. We, The Government, did not believe we needed you to pay certain taxes over the last eight years. Now, please, give that money back because it is fair to the poor people who did not earn more money this year.

I find the statement, “give back” interesting. It implies that a group of wealthy people first ‘gave’ money to the government, and then colluded in some way to take it back from the government. Personally I feel the prior taxes paid are a done deal. That contract was signed and delivered. Changing that agreement retroactively is a contractual violation. It is the same as if I intentionally, fraudulently, file a tax amendment on my taxes from four years ago and claim I overpaid and it would only be fair to compensate me now because I need the money.

On tax cuts, Obama’s plan also is flawed.

http://www.barackobama.com/taxes
“Obama’s Comprehensive Tax Policy Plan for America will: Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.”

In 2006, the IRS statistics, http://www.irs.gov/taxstats/indtaxstats/article/0,,id=96978,00.html, show approximately 33% of the population filing non-taxable returns. That is, about 33% of the people don’t pay taxes. No matter which way you skew the 95% of the people (Let’s assume it is excluding the 5% of the wealthiest, but even if it is not the problems are the same), there are about 31% of those people who pay no tax. A tax cut of $500-$1000 is either not possible, a lie, a false promise or a cash payment for the poor. It is a promise that can never be met honestly. It would likely die in the House anyway.

John McCain at least strikes me as having an honest, achievable tax position.

http://www.johnmccain.com/Issues/JobsforAmerica/taxes.htm
“John McCain will keep the top tax rate at 35 percent, maintain the 15 percent rates on dividends and capital gains, and phase-out the Alternative Minimum Tax. Small businesses are the heart of job growth; raising taxes on them hurts every worker.”

Phasing out the Alternative Minimum Tax would likely cause 1%-3% of the 33% of the people who pay no tax now to pay a few dollars. By few I mean amount $100-$200 per year. It is raising the tax for a very few people, but only those already on the border of paying something or nothing.

McCain’s policy to credit business for Research and Development expenses and lowering the corporate tax rate would potentially raise the investment in new technology and create jobs. Both would increase the tax base. New technology equates to new and better products and competitiveness. A general tax cut for business would allow reinvestment in business which would creates jobs.

My Stance

Personally, I don’t really care for McCain or Obama. It seems no politician will stand for the things I really want; State autonomy (closer to the original construction of the United States), fewer Federal programs, protection of our borders (economic and physical) and investment in technology, to name a few. Maybe I will write in John Adams – Damn. He’s dead.

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About Terry Losansky

Terry Dee Losansky

I am a software architect, actively practice and teach martial arts and live in Snoqualmie, Washington. I have an amazing daughter who is the jewel of my life.

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