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Archive for Thursday, July 24, 2008

Report: Tax plans would raise U.S. debt

July 24, 2008

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— The competing tax plans laid out by Barack Obama and John McCain would add trillions of dollars to the national debt and could add to the tax system's complexity, a nonpartisan tax research group concluded in a report released Wednesday.

Both campaigns have insisted that their plans to continue many Bush-era tax cuts and offer new reductions would aid the economy without requiring massive new spending. But the Washington-based Tax Policy Center warned that under either candidate, "the debt would likely continue to rise as it has over the past eight years."

Obama's plan - a combination of cuts targeted to middle- and low-income Americans and increases for the wealthy -- would increase the national debt by an estimated $3.4 trillion over the next decade, the center reported. Under a similar analysis, McCain's tax proposals - largely a continuation of the Bush tax reductions - would add $5 trillion. The current national deficit stands at $9.5 trillion.

Comments

Jcjayhawk1 6 years, 6 months ago

Out with the Federal Reserve's lack oversight. It's a private organization with unknown board members.The Government borrows money from the Fed which is suspected to have foreign interests. I ain't saying get rid of the Fed...but it needs to be more transparent.

Godot 6 years, 6 months ago

The nation's debt will increase by trillions if Bush signs the housing "rescue" bill passed by Congress yesterday. So who cares if these tax plans add to that debt? It will never, ever be paid off, anyway. Just keep piling it on....

oldvet 6 years, 6 months ago

or sell everything to the debt holding nations and then nationalize it all back...

jaywalker 6 years, 6 months ago

Out with the IRS, In with the Fair Tax

Satirical 6 years, 6 months ago

I trust the Fed more than I do elected politicians or the publicIf this debt continues inflation will continue to rise.

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