The McCain and Obama showdown is all set and it’s gonna be a blast! During the race for the White House, we’ll be taking a look at what separates the candidates on economic policy and how it will affect your money. Suggestions for a snazzy name are welcome. (“Mick and O: Who Wants My Dough?” was shot down)
If you’re not willing to vote for a candidate purely by how much money he earns, you’ll most likely be concerned with how much money he thinks you earn.
For instance, Barack Obama has proposed several plans for the government to assist with the housing market, free universal health care coverage, and alternative energy subsidies among other programs. All good things, but how will he pay for them?
Obama claims he is concerned about not raising taxes for those already struggling, therefore one of the sources of this needed revenue will come from tax hikes on ‘wealthy Americans’.
McCain, for one, will be jumping on the cause that Obama’s identification of America’s wealthy is not as opulent as most would expect.
CNBC’s Maria Bartiromo is not going to be happy if Barack Obama is elected President. She illustrates a perfect example of what McCain will no doubt make a major point in the election. According to this quote attributed to Maria in today’s NY Post:
“Obama is going to take the capital gains tax at 15 percent right now all the way up to 25 to 28 percent,” the “Money Honey” tells Avenue. “Sell anything, like a home or stocks, and make a profit . . . [almost] 30 percent of the profit will go to the government instead of 15.” The income tax is also in for a bump. Bartiromo says, “Right now [it] is 35 percent, Obama wants to take that to 39 percent . . . We’re talking about people who make over $200,000. That’s not rich. So it’s actually going to impact more people than you may think.”
That’s tough talk coming from Maria, but I have a real hard time believing all that crap about those earning $200,000 not being ‘rich’. Of course it’s all relative, but seriously, those type of earners don’t consider themselves more well off than the vast majority of the country?
With McCain trying his best to court Wall Street and many other powerful investors, he will be fighting for the ‘not so little guy.’ Meaning – he’ll take Obama to task on lawyers and doctors getting higher taxes and not just millionaire CEOs with corporate jets.
On the other hand, to get his programs paid for, Obama will be persuing solace with those on the lower end of the income spectrum. He’ll also be hoping those big earners with an aversion to the Iraq war and the current state of conservative politics will be in his corner.
Look out for this to be a major point of contention between McCain and Obama in the future.
Do some typing in the comments section – give us your definition of what classifies as a wealthy American, and Who can afford a tax hike for the good of the country?
NY Post: Barack’s Bite, June 10, 2008
CNBC: McCain and Obama: The Dramatic Differences Will Show, June 9, 2008