McCain and Obama on differ on state of economy
2008-06-04 14:55:25 (GMT) (Caymanmama.com - Government News)Washington, D.C. (CaymanMama.com) — The presidential nomination of Barack Obama as the Democratic nominee has officially set the stage for partisan debate over the economy. Over the past few months, there has been a global concern over the national economy while few differences were visible between Hillary Clinton and Obama. Yet, this is not the case between John McCain and Obama. Both senators will talk about heath care, taxes, economic issues and entitlement benefits. At the root of the differences, both McCain and Obama have different views over tax policy and government role in the field of social and economic goals.
According to McCain, he would go for cut in the taxes for 2001 and 2003 along with the reduction of corporate tax. He also wants to eliminate the Alternative Minimum Tax and likes to introduce two rate taxes for income that will be much simpler than the regular one. Michael Graetz, a Yale professor and tax expert doubts whether the tax system will be simpler as he says, “But if the option is sufficiently appealing, you can phase out the old system.”
On the other hand, Obama pledges to retain the tax cut for all those who make less than $250,000. During a debate in Philadelphia, Obama said, “The tax code has been written on behalf of the well connected.”
CaymanMama.com - Press Release Distribution Service
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