Review the handout distributed in class (from the Tax Policy Center) to evaluate each candidate’s proposal to reform fiscal policy through assorted tax positions. You may use this document or other information from other sites to support your response to the following question:
Given the fragile and declining economy, which candidate has the best plan to cure the national recession?
12 responses so far ↓
lindsayh // April 1, 2008 at 1:09 am |
From my obvious economic experience, I would have to say that Obama has the best plan. He talks about using renewable energy production which would hopefully save money and start new businesses. Also, he would elimnate capital gains taxation of start-up businesses which may boost the economy if more businesses start up. Also, he wants to eliminate special interest loopholes and offshore tax havens, which, again, could end up providing the country with more money. Paying for middle class tax relief could also help people pay off debts and start buying more things. Lastly, Obama wants to freeze estate tax at 2009 levels which would prevent people from going into debt and let them buy houses.
08avogel // April 2, 2008 at 1:41 am |
While I agree that Obama has promising ideas and definitely has the potential to aid our economy, I believe that Clinton has the best plan to cure the national recession. She adresses all areas of tax issues with plausable and helpful ideas. Senator Clinton proposes several tax credits which will reduce taxes and presumably result in greater income. It is expected that people will use this extra cash to buy goods which will boost the economy.
08roconnor // April 2, 2008 at 10:27 pm |
I believe that senator Obama has the most promising plan to give our nations economy the shot in the arm that it needs to rebound out of the current recession. In Obama’s plan he state he would give capital gains tax breaks to start up businesses that would give a boost to the economy by giving smaller business a fighting chance against larger companies and create greater competition in industry thus stimulating growth in that industry. Another part of his intended tax policy that might help our economy, is his plan to provide 20% tax credit for small businesses and Microenterprises. All in all Obama’s plan is good but is no means the savior of our economy.
Bridget C. // April 4, 2008 at 1:14 am |
I agree that Obama will create and carry out the best plan to save our country from recession. His plan is the most specific, which I think is very important because to carry something out well, we need a specific plan. By giving tax breaks to businesses, more people will be willing to start their own businesses. With this increase, the economy will grow. Clinton’s plan might not work as well because she is assuming that by lowering taxes, people will begin to spend more money. However, this might not work immediately because some people may hold back on spending for a while because they know we are in a recession.
Mike S. // April 4, 2008 at 1:47 am |
I feel that Hilary is week next to the plans for tax reform by Barack Obama. When it comes to capital gains hilary has nothing planned and Obama proposses to end capital gains taxation for start up buisnesses. Vogel had stated before that Hilary could get us out of a recession. This alone with getting rid of capital gains tax would boost the economy. THen Obama also goes on to close loop holes for the wealthy and crack down on international tax havens. He also wants to pay middle class tax relief. To me this clearly shows that Obama is the man and Hilary’s plan wont be as successful.
08cbifani // April 4, 2008 at 5:18 pm |
I know I said I wasn’t going to comment on this post, but my sound doesn’t work on my computer so I can’t comment on Obama’s speech. Anyway, I belive Hilary has the best plan for tax reform. Her plan is short and simple, but will make many important changes. She proposes many new ideas for tax cuts such as creating income-related refundable tax credit for health insurance, and she wants to make a $3500 partially refundable tax credit. She also wants to end tax breaks for companies that ship jobs overseas and extend the marraige penalty relief. While Obama has many good ideas with his tax reform plan, I think hes putting too many ideas on the table and I don’t know how much he will really be able to “change.”
08lgattozzi // April 4, 2008 at 8:00 pm |
Clearly, Hilary and Obama spent time creating a tax plan that would be affective for our nation at this time, while McCain’s is very vague. By looking at the chart on the Candidates Tax proposals, although it may seem like Obama has a well thought out plan, I am not quite positive that everything he mentions will actually work out in his favor. I do feel that Hilary’s is more realistic and isn’t as overwhelming as Obama’s. Hilary plans to partially refund college tax credit and provide new health care tax credit to small businesses. Although her tax proposal is shorter in length than Obama’s, she is more specific in her proposal by estimating how much money will be needed in certain areas concerning her tax policy, which could be vital. In conclusion, I believe Hilary has a good plan during this time period.
NickM // April 4, 2008 at 10:36 pm |
To me, its not surprise that John McCain’s plan is this vague, he’s openly said that he doesn’t know very much about the economy. All that seems to be happening with his plan is tearing pages out of the cliche “fiscal conservative” economic policies. Keep capital gains tax, cut corporate taxes, eliminate the AMT and keep the Bush tax cuts. How does he propose to pay for it all? Reduce spending! no shocker there. It’s obvious that John McCain has no clue how to solve any of the economy’s problems, how do we lower our enormous national debt unless we repeal the bush tax cuts that do nothing but take from the needy and give to the rich, Robin Hood would be displeased.
Personally, I’m really not sure about which of the other two candidates has the better plan to “cure the national recession.” They both plan on repealing the Bush tax cuts and providing tax credit for seniors and college students. I feel that both of these things will aid in the recovery of the economy.
AndrewK // April 5, 2008 at 2:18 am |
I agree with McCains plan. Though vague and undetailed and Nick said, he is keeping to what we know works, and I am sure once president he will get the right people on board to make the proper decisions. Bush tax cuts and conservative economics are actions to stimulate the economy. Obama and Clinton’s plan have major flaws in the fact that they will not work. You can not tax the rich more and loosen taxes on lower class without hurthing the economy. From an ecnomic standpoint, poor people pay off debt and rent, rich people buy cars, start companys and make jobs and stimulate the economy. Got to ask yourself what the government is suppose to do, make sure everyone is “alright” or make sure our economy is strong. In long run more people benfit from a strong economy. The tax system is not the problem, its efficency of how the money is used. We have learn in AP Gov all the money that is lost with watermarks, pork barrell projects and crappy IRS system.
NickM // April 5, 2008 at 11:36 pm |
I’m sure that John McCain, if president, would appoint people to make the popular decisions like Bush did with his tax cuts, instead of the proper ones. The method of lower taxes for the rich is not working out for us so well right now. What the government needs to do, and what these candidates need to support is a plan that taxes the rich more and the lower classes less in order to accumulate sufficient government funds to keep up with our excessive spending instead of taking us deeper in debt. Instead of enabling rich people to buy cars and start businesses, maybe we should enable the lower-classes the opportunity to actually own a home? The housing and subprime mortgage market is a huge part to whats dragging down our entire economy.
Alec J. // April 7, 2008 at 1:15 am |
Nick, John McCain has consistently made proper choices rather than popular ones. Just look at his record regarding earmarks and pork barrel spending. He has never inserted an earmark in his many years in the Senate, as opposed to both Hillary and “your boy,” who are both big fans of saying we should spend less and then spending millions of dollars on rich individuals rather than helping lower class citizens own their homes.
McCain differs in so many ways from Bush, and has stated that Republicans have forgotten how to control spending. Government spending is one of the primary facets of our economy and McCain is right: it has gotten way out of hand. He advocates putting a limit on spending and insists that the nation balance its budget, which would solve a tremendous amount of problems.
Andrew (K.) is right; McCain may not be an expert, but surely he knows who IS, and would appoint them to solve our economic issues.
Matt T. // April 8, 2008 at 1:24 pm |
Does Ron Paul still count, in any respect? He has definitely shown the most knowledge regarding the economy and understands the gold standard and its importantance. I like Ron, what can I say. John McCain, on the other hand, does not have an excellent track record here, but a good one. His experience will undoubtably work in his favor and allow the right choices to be made, or so I hope.
I do not, however, think that Obama will be able to take the country out of this recession. He has yet to prove to me he can successfully handle the economy. He talks big, but I want to see action of some kind. I can’t tell you what kind of action, but don’t talk the talk if you can’t walk the walk. Obama’s strengths clearly lie in other areas.
Overall, I feel that no candidate has the right stuff to fix our economic problems completely. McCain is just the best of the bunch.