Some things to consider part 1

With less than 5 days to go until the election I have decided to give you a point a day to consider before you cast your ballot on November 4th. Todays point is the Tax Policy of both candidates.

Conventional wisdom states in order to get elected you need to offer tax breaks! So what do both candidates do? You got it offer tax breaks. According to the non-partisan Tax Policy Center both plans will raise the national deficit. John McCain's will add 4.5 trillion dollars and Barak Obama's will add 3.3 trillion dollars.

McCain wants to lower the corporate tax rate from 35 % to 25 % he wants to not only make the Bush tax cuts permanent he wants increase them for the rich. He does not propose any investment in infrastructure or renewable energy. He also will tax your health insurance benefit for the first time possibly causing you to pay more in taxes and increasing the amount of people who are uninsured.

John McCain proposes to offset this by eliminating earmarks. However earmark spending accounts for 16 billion out of a $2 trillion federal budget. So if John McCain succeeds, which is unlikely, he will recoup 160 billion out of 4.5 trillion in the nest 10 years. Allowing for that he would still add 4.3 trillion to the debt.

Barak Obama will add 3.3 trillion still no small number but he will increase or preserve tax breaks to those making less than 250,000 dollars a year. He will also invest in renewable energy and infrastructure. He will make health insurance more accessible by regulating the Insurance companies and lower costs. He will raise the capital gains tax from 15% to 20%, that's the tax rate Paris Hilton pays on her "income" what do you pay?

So if we are going to deficit spend anyway shouldn't we put it into projects for the public good rather than the pockets of the rich and corporations.