Exploring the Candidates - Taxes

Taxes

McCain:
- 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.
- Cut The Corporate Tax Rate From 35 To 25 Percent
- Establish Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D

Obama:
- Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.
- Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of health care and to reward investments in innovation.
- Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. 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.

My Opinion:
It's pretty clear that one position cuts taxes for business and leaves the individual basically the same (though I'd guess McCain would argue that the individual would get targeted tax cuts via health care credit and hybrid car credits etc.) On the other hand Obama's plan focuses on reducing taxes for many but raising taxes for others. I suppose there's no right answer to whether business' with more capital create more jobs and more wealth or individuals with more capital drive business' success and thereby create more wealth. What I do see is only one candidate is proposing to raise any one's taxes. When I saw this on the debates I was screaming at my TV when Obama said something to the effect of, "I want to restore the fairness of the tax code we had under Clinton" Excuse me sir, fairness would be we all pay the same percentage would it not?! Of course McCain can't jump on him for this because he's offering no such fair solution either.

This is an issue where once again I'm forced to choose the lesser of two evils. Since we can't get a candidate to propose a truly fair tax code, I am forced to side with the one who at least isn't raising any one's taxes. I firmly believe that today's $250k is tomorrow's $45k. I do give props to Obama for wanting to eliminate tax breaks for businesses who send jobs overseas, however. That's something McCain should pursue as well.