Tax credit Essay Sample

However, the most fundamental economic policy difference between the candidates is on national income or wealth, a point of contention that is prefaced by the rest of the tax plans of both Senators McCain and Obama. An example is the latter’s proposal to increase the estate tax to a top rate of 55 percent while the former will act to keep it low because the estate tax is one of the most unfair tax laws (“Leader We Can Believe In” par. 9).

And while Senator McCain, in order to encourage the creation of jobs and growth of business, will retain the top tax rate for entrepreneurs at 35 percent, and keep the 15 percent rate on dividends and capital gains, Senator Obama will increase the marginal income tax rate which applies to the nation’s 23 million small business owners including those making over $250,000 (“McCain/Palin Economic Plan” par. 9).

A close look at his plan to cut taxes for 95% of taxpayers – even if more than a third of all Americans already pay no taxes at all – reveals that he also wants to impose “the largest tax increases ever on the other 5 percent” (“Obama’s 95% Illusion” par. 2). A closer scrutiny of his tax cuts will expose the tens of billions of dollars in government handouts that are disguised by the phrase “tax credit”; in other words, the government handout is “an income transfer, a federal check, from taxpayers to non-taxpayers” (pars. 3 &11).

Senator Obama himself describes best what he wants to do with national income, “spread the wealth around, it’s good for everybody” (“Obama Admits He is a Socialist” 0:24). CONCLUSION: Without a tinge of doubt, both presidential candidates have, in their heart and mind, the utmost welfare of the American people especially the majority, the working class. True: their fundamental economic policies differ vastly in both substance and implementation.

Senator McCain wants to retain or even lower, where possible, the rates of taxes for the wealthy and the small businesses; he wants to encourage employers and entrepreneurs to keep doing business and therefore create jobs and wealth for the greater good; he wants an environment where there is creation of wealth instead of capital flight.

Senator Obama, on the other hand, wants to raise taxes substantially on income tax, dividends, and capital gains tax on the top 10 percent taxpayers who are already paying 70 percent of all income taxes; he wants to have an “overt income redistribution program” (“Liberal Supermajority” par. 10); he wants what is “good for everybody” even if it means punishing those who work hard and invest wisely. The presidential election of 2008 will, indeed, be historic. Voters will not only elect the better candidate who could steer the greatest nation on earth from the current financial crisis into stability and unequivocal prosperity again; but also choose a very fundamental principle. I prefer a leader who does not advocate welfare society but instead, wants to encourage industry, inspire success, and create wealth for the country and ultimately, for the people.

I am voting for John McCain.

WORKS CITED

: “A Leader We Can Believe in to Help Small Businesses. ” JohnMccain. com 11 June 2008. Accessed on 16 October, from http://www. johnmccain. com/Informing/News/PressReleases/read. aspx? guid=0109eb5b-68d1-42c3-a280-f601ac417daf “A Liberal Supermajority: Get ready for ‘change’ we haven’t seen since 1965, or 1933. ” The Wall Street Journal 17 October 2008. Accessed on 21 October 2008, from http://online. wsj. com/article/SB122420205889842989. html