Monday, November 03, 2008

Obama Plan Would Hurt Seniors First and Foremost

The media would have you believe that the Obama tax plan calls for income tax cuts for all who earn under $250,000 a year. Sen. Obama has changed that figure many times and his voting record shows a desire to raise taxes on those earning just $42,000 a year. But the worst part of his plan is his attack on seniors, a detail that the mainstream media has conveniently chosen to ignore. This comes in the form of an increase in the capital gains tax rate, a measure that Barack Obama has strongly advocated since the beginning of this campaign.

Let there be no mistake. While a capital gains rate increase would hurt American corporations, and therefore American jobs, by lessening the total amount of money invested in them, the most devastating affect would be on the seniors of our nation. Seniors who have spent a lifetime accumulating some form of savings and seniors who rely on their IRAs as their main source of income would all see their taxes go up under the Obama plan, no matter how meager or sorely needed their savings may be. Why the media hasn’t made more of an issue of this scandalous situation is anyone’s guess.

There are other economic reasons to support John McCain. It is no secret that our economy faces some serious tough times and that concrete, well thought out real results are needed. It is therefore crucial to examine the economic platform of each candidate.

The following points, in particular, should lead one to support John McCain for President:

In his unwavering battle against reckless spending, Sen. McCain has often fought the leadership of both parties in Congress and has never backed down from a fight.

It should be emphasized that Sen. McCain’s abhorrence of spending should not be viewed lightly. According to non-partisan federal budgetary agencies, the United States faces falling into a junk bond credit rating within the next 15-20 years should we not take aggressive measures to curb spending and promote growth. John McCain recognized the dangers of wasteful spending well before most others did and is one of a select few members of congress to consistently take aggressive action to put government spending on the right path.

Central to his economic proposals is the fact that he recognizes the need to reform corporate tax rates. US corporations are taxed at a higher rate than in any other industrialized nation except for Japan. If this situation is not rectified, more and more American corporations will move their headquarters to other countries. John McCain’s proposal to reduce corporate tax rates in a responsible way is something that members of both parties can rally around. It is a measure that is clearly needed to save jobs here in the United States.

John McCain is also the only candidate who can work with both parties in Congress to actually achieve economic change. He enjoys wide respect that crosses party lines. This is largely because his proposals are reasonable and widely recognized as being needed.

Furthermore, under the Obama plan, payroll taxes would increase for those earning slightly over $100,000. Those earners may still be relatively wealthy, but that’s a far cry from his claim not to increase taxes on anyone earning under $250,000 and should lead you to question just how far he’ll go now that his previous commitment (to make $250,000 the threshold for a tax increase) is off the table (it also challenges his honesty). In the past, Sen. Obama has proposed tax increases on anyone earning over $42,000. His plan to increase the minimum wage by almost 50% would also destroy small business and cause mass layoffs among low wage earners. In short, his plan would bring joblessness and unemployment to the impoverished while doing more to hurt business than any administration in recent memory.

In short, based on his 25 year consistent record of fighting wasteful spending, the fact that his economic program is innovative and hits on all major economic issues facing America and the fact that his opponent’s platform penalizes seniors first, it is in the interest of the nation that Sen. John McCain be elected President.

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