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Mr. Obama's Tax Reform?Yesterday in Wisconsin, Barrack Obama laid down his plan for tax reform. His plan is to eliminate the income tax on seniors making under $50,000 annually. My question is this. Who will absorb this missing tax component? What of the seniors making $50,001 or more? What about the rest of Americans making 50K or less. This is political pandering to the extreme. Mr. Obama knows his audience and what buttons to push. He is after all a great orator. But, his economic views and lack of legislative reality differ from what actually is. At the same time Senator McCain's solution is to lower corporate taxes. Our corporate tax structure has been the reason for many companies choosing to exit operations in the US, and move production offshore or overseas. This could be a step in the right direction of bringing back more corporate dollars to the United States; however it may not be enough to slow the proverbial tax burden. While both candidates intentions are in the right place, they are misguided in the fact that they do not realize their plans cannot simply be to eliminate one tax or another. There needs to be a true comprehensive tax reform. One in which the current system does not get another thousand pages of tax code added of the existing 60,000 pages. One in which tax lobbyists cannot manipulate. And, one that is simple and easy to comply with. Am I touting the FairTax again? Sure, if that is the best reform plan. What about a flat tax, or a VAT? We all understand the need of taxes, and how it fuels our country’s existence. Yet it need not be as complicated (convoluted) as our present day system. What’s the bottom line? You can take away one tax, but someone else must pull up the slack. At least McCain’s plan is productive, while Obama’s pits one class of citizens against another. JAFO 72's blog | login to post comments |