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Obama, McCain Presidential Money Management Plans

Despite the “historical significance” of the upcoming election, what matters most to American voters, or should, is where the two candidates truly stand on the critical issues and how effective they will be in getting their programs through Congress.

The Presidential candidates in any election past, present, and future, are vying for votes. That’s a given. They make promises and choose their “platform issues” based on how they think it will affect the voters. But smart American voters know that Congress is the decision maker and the chance of delivering what the Presidential candidates promise has most to do with who gets elected to Congress and how they stand on those same issues.

Let’s take the TAX Issue and see what the media is reporting on where the candidates stand on taxes.

Barack Hussein Obama & John McCain: Position on Taxes

Obama - Wants to allow the Bush Tax Cuts of 2001 and 2003 to expire as scheduled for Americans earning more than $250,000 per year.

McCain - Wants to make the Bush Tax cuts of 2001 and 2003 permanent, and has proposed a few more of his own.

Now I personally am against this mentality of raising taxes owed by the big producers and giving non-producers handouts. After all, if you punish production you get non-production, and if you reward non-production you get more non-production. I dislike the fact that I work really hard and pay a lot of taxes while someone on welfare works not at all and my tax dollars are given to them for not producing. This, in my opinion is one of the major problems with our American economic system.

However, I believe our tax system is broken, beyond repair, and should be scrapped in favor of the FairTax. Even changing to a Flat Tax keeps a broken system alive to be muddied up with more complex rules and codes every year.

Obama - He would raise taxes on capital gains and dividends and give tax breaks for low and middle-income Americans.

McCain - He supports a simplified tax system with two rates and a generous standard deduction.

Here we go again, appealing to those who produce less by proposing giving them tax breaks for not producing as much as the big wage earners, and punishing the big wage earners for being productive and using effective Money Management skills.

Keep in mind that much of this maneuvering is just so the government can get more money and they are the most wasteful organization I know of. Obviously the money management skills of both the Democrats and the Republicans leave a lot to be desired based on the fact that we pay them millions out of our pockets whether we like it or not, and then they go into debt by trillions giving money away to others whose money management skills are equally as bad. They reward non-production with free handouts from the pockets of productive wage earning Americans and get more non-production from those who get the handouts.

Obama - He proposes a $500 per person or $1,000 per family payroll tax credit for middle class taxpayers.

McCain - He wants to double the deduction for dependents to $7,000 to help those raising families.

Sorry Mr. Obama, this is going to be as useless as the Stimulus Tax Rebate the Bush Administration enacted this past summer.

Sorry Mr. McCain, but where is the fairness in this when families without children are barely able to keep up with the cost of living themselves. Where is the fairness in giving something to one but not all?

How about really making a difference and getting rid of the payroll tax all together and implementing the FairTax, a national retail sales tax, which would allow each individual to decide how much tax they want to pay out of their paychecks. That would mean if the rich want to buy a boat, they would pay sales tax on that hefty purchase, and if middle-income families decide to buy a boat, they would pay the same sales tax rate on their purchase. Fair is fair.

Don’t want to pay the sales tax?…then don’t make the purchase! This puts the wage earner in control of their wallet.

Obama - Opposes the suspension of the federal gas tax during the 2008 summer.

McCain - Proposed suspending the federal gas tax during the 2008 summer.

Well, summer is about over and gas prices are still way too high, so this is a mute point since it’s going to be Fall in a couple of weeks. This also ignores the issue that we need a long-term solution in the form of alternative power sources like solar and wind power.

Here’s an idea, let’s put wind power collectors all the way across the Atlantic from Africa to the Gulf of Mexico to harness and store the wind power from those hurricanes that march across the water at us every year like angry soldiers. Maybe we could figure out a way to suck up all their energy and they’d create good things instead of destructive effects. We could even sell the energy to the rest of the world!

Obama - He supports a universal mortgage tax credit of 10 percent.

McCain - No position stated

I hate to open up a sore wound, but the problem is not mortgage taxes, the problem is lenders approving loans for people who they know can’t afford the home. If someone wants to buy a home, both the buyer and the lender are responsible for doing their homework and making a financially sound decision. It is completely irresponsible and shows a distinct lack of ethics for someone to buy a bigger house than they can afford and then walk away from their obligation to pay. What if their boss promised them double pay for doing the same job and then said, “Oops, sorry, I’m not paying you at all!”

Obama - Advocates the elimination of income taxes for seniors making less than $50,000 and would simplify their tax filing process.

McCain - No position stated

Excuse me while I pick myself up off the floor after rolling in laughter from the second half of that statement. With tens of thousands of pages of tax code that gets more complex every year I doubt seriously if anyone could simplify any tax filing process with the IRS in control. The government tries to do that every year and it just gets more and more complex and convoluted. That’s because special interest groups make millions from the complex tax code and the IRS staying in existence. Unless we get the FairTax Bill passed and then nobody would ever have to file another tax return again. By the way, if you don’t know what the FairTax Bill is, then go to www.fairtax.org and find out, and while you are there, see if Obama or McCain are supporters.

The things that makes me angry about this particular topic is that the government bankrupted the social security system, and has been punishing Seniors for not being able to live on their piddly social security payments by taxing them for working through their golden years, while only raising their Social Security payments about 3.5% a year.

It’s no secret that the cost of living has been going up 8 - 12 % a year for many years. The government raises Social Security payments each year based not on reality, but on the percentage they announce (typically 3.5%) This has been forcing Seniors to work and into bankruptcy by taxing extra income they make in order to survive.

Obama - Wants to close corporate tax loopholes and end deductions for industries such as oil and gas.

McCain - No position stated

This sounds great to the voters, but I believe it is NEVER going to happen. There are too many people in power in Washington DC who have vested interests in oil and gas to allow it. THEY don’t want to give up the nice fat subsidies they are earning from my paycheck in the form of payroll taxes or the double dipping that happens when I pay those taxes again at the gas pump.

Obama - He plans to introduce tax penalties for US companies that keep their profits overseas.

McCain - No position stated

Oh dear, our government has driven US corporations to leave the U.S. and move the jobs overseas with their punitive tax laws, and now they want to punish the United States even further by punishing those same companies further so they will NEVER bring the jobs back home. There is a simple answer. Want to know what it is?

Read the FairTax Book. Even Alan Greenspan, former Chairman of the Federal Reserve, said about the FairTax Bill that if the bill passes, the U.S companies would move their operations and the jobs back to the United States within WEEKS. Let’s all write letters or emails to both Presidential candidates asking why they are not in support of the FairTax Bill, shall we?

The bottom line is, despite the promises, neither candidate has the power to change the tax laws without the Congress, and there are too many in Congress with vested interests in keeping the IRS in place and the tax laws in place. It’s a fact that Congress can vote themselves a raise any time they want, and they do that routinely to keep up with their high-end lifestyles, and those raises come out of your paycheck and mine. Quite frankly as a business owner and an employee of my business, I’m tired of it.

Sandra Simmons, President of Money Management Solutions has years of experience helping business owners and individuals manage their money to reach their financial goals. Watch the FREE demo video and explore her products on her website

Obama, McCain Presidential Money Management Plans

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