The McCain Tax Increase

The McCain plan to make the Bush administration's tax cuts permanent will be an effective tax increase.

Although his campaign claims Obama will increase taxes, McCain's tax cuts will make the record budget deficits permanent as well which is one gigantic tax increase for incomes below the top ten percent already burdened with stagflation, a reliable effect of a regressive tax code.

McCain says he will cut spending. That, of course, is a very unlikely promise to keep. A more reliable measure is to progress the code, both stimulating the economy and reducing the budget deficit at the same time. McCain's plan will increase the budget deficit which requires a tax increase on the least able to pay which is deflationary, reducing tax revenue and the value of the dollar (stagflation).

Obama's plan is true to its purpose. McCain's plan is a complete misrepresentation--it will be neo-conservative, exactly what the McCain camp claims to reform. The "change" being offered, this "reform," is just a reformulation of the problem.

Obama/Biden 2008!