Democrat or Republican: From a tax standpoint, which is better?
I saw this question in a forum I participate and decided to share it with you. How do you answer this question? Depends on what side of the isle you are. Democrats state that they favor minimum wages and progressive taxation i.e. higher tax rates for higher income brackets. Republicans believe taxes shouldn’t be increased for anyone (including the wealthy) and that wages should be set by the free market.
So which tax plan is better? According to some sources, NEITHER. Even though both plans have in common that the idea is to maximize economic efficiency, we will be “in the hole” no matter who wins. Under Obama or Romney, the entire cost of extending the Bush tax cuts would be borrowed, because the government is running deficits projected at over $1 trillion this year for the fifth year running. Citizens for Tax Justice estimated that Obama’s plan next year would add $243 billion to the deficit, Pelosi’s old plan would have added $271 billion, and the Romney plan would add $311 billion**.
So, at the end of the day, who do you believe? I think it’s time that the American people study a little more on what is really happening with the taxes they pay. By the way, remember the famous 47%? It just so happens that the fact is true. 47% of the people in this country ARE SO POOR, they can’t or don’t qualify to pay taxes. These are victims of the politicians.
So I ask you again, WHO IS RIGHT? My answer is NONE. Maybe someday they will finally understand that political ideology is the death of society. Communication, comprehension and integration of ideas from EVERYONE are the only things that work.
See you next week!