Excited Over McCain. . .and for Economic Reasons, no less

Race 4 2008 ^ | 4/15/08 | Matt C

[Marie2]

I’m much more of a fiscon than a socon or a defcon (although I do tend to be rather conservative in all three areas) - and that might help explain why I favored Mitt Romney in the primaries. And now, I’ve got to admit, for possibly the first time in the past two years, I’m almost excited about McCain’s candidacy right now… and because of fiscal and economic issues, no less. Who would have thought?

Because in between the times he’s blaming pharmaceutical companies for the health care “crisis” in America and blaming our “recession” on greedy Wall Streeters, he gives us strokes of brilliance like his economic plan he unveiled today. Major features of the plan include music to many conservatives’ ears:

* Simplifying the tax code by introducing a new, simpler system with only two tax brackets — and then allowing people to choose whether they want to file under the old code or the new, simpler code. * A promise to veto every bill that contains even a single earmark * Seek to get line-item veto authority * Cutting the corporate tax rate from 35% to 25% * A complete phase out of the AMT * Increase the dependent deduction from $3500 to $7500 * A one-year pause in all discretionary spending for gov’t agencies to review spending * A gas tax holiday from Memorial Day until Labor Day

[Marie2]

I was happy to see these concrete proposals, instead of just general "I'm a fiscal conservative" rhetoric.

[dynachrome]

Nice proposals. I don’t believe any of them will get thru a
dem-o-rat congress.

[Man50D]

* Simplifying the tax code by introducing a new, simpler system with only two tax brackets — and then allowing people to choose whether they want to file under the old code or the new, simpler code.

McCain is trying to pull a fast one on the American public with this proposal by banking on people's ignorance of history. We had a two tiered flat tax system in this country and it was an abysmal failure. It's known as the income tax. When it was enacted in 1913 the tax ranged from only 1% on the first $20,000 of taxable income and was only 7% on incomes above $500,000. Hardly anyone had to file a tax return because the tax did not apply to the the majority of workers. In 1939, 26 years after the Sixteenth Amendment was adopted, only 5% of the population, counting both taxpayers and their dependents, was required to file returns. Today, more than 80% of the population is under the income tax. Another flat tax will only morph into another oppressive multi tiered income tax but will do so much quicker thanks to the thousands of lobbyists that didn't exist in 1913.

[Man50D]

McCain's proposal is more tinkering of a system proven to be beyond repair. The only alternative is to replace the income tax with a national sales tax via The Fair Tax Act.

[BGHater]

Not bad.
http://www.irs.gov/pub/irs-utl/1913.pdf

[BGHater]

1: The number of pages of instruction for the first 1040 tax form in 1913. Today, the form itself is one page shorter - but comes with 92 pages of instruction. $3,000: The income threshold for filing taxes in 1913 (that's $65,000 in today's dollars, adjusted for inflation). The top tax rate was 7 percent and applied only to those who made more than $500,000 a year (almost $11 million in today's inflation-adjusted dollars). 358,000: The number of returns filed in 1913 out of a population of 97 million. In 2006, a total of 135 million returns were filed out of a population of 300 million. Nice article: http://www.zanesvilletimesrecorder.com/apps/pbcs.dll/article?AID=/20080322/OPINION/803220330

[Man50D]

Not bad.

You can see how much the income tax has grown over 95 years. The Fair Tax form will be zero pages since the tax will be collected at the point of sale.

[mad_as_he$$]

From the guy who admitted he does not know jack about the economy, who bashes the drug companies etal, all of the sudden he publishes a plan not of his own but put together by hired guns and he walks on water a farts ice cream. Please - these people deserve him.

I have Pacific Ocean front property for sale in Elko, NV. Tomorrow is your last day to buy at this price!!!

[Gator113]

That form hangs on the wall in my tax-man office. The old rascal (bless his calculator) wont let my use it.

[Penny]

If he's elected, just wait till he sends us the bill to support 40 million amnesty awardees and their extended welfare-driven families. Yep! McCain certainly knows the tax game to play because he thinks we're too stupid to figure out his duplicitous aim.

I have news for him.

Regards . . . Penny

[Sloth]

If he weren’t a shameless liar, that might count for something.

[InterceptPoint]

If he weren’t a shameless liar, that might count for something.

OTOH, when Obama tells you that he is going to raise your taxes and cut your standard of living then you can certainly believe him. And ditto the Wicked Witch.

[llandres]

Unfortunately, you’re right. These are pretty radical proposals to put to this disgusting congress who can’t even get more traditional, common-sense, for the good of the country issues dealt with or (as in the case of the wicked witch of the House) even brought to the floor for an up/down vote. But I, too, was encouraged with McCain unveiling economic strategy (couldn’t have come soon enough, but pretty good timing). Cspan is slated to run his economic speech approx. 11:06-ll:42 eastern time (you always have to check, as their times vary some as the evening goes on) tonight.

[llandres]

Agree, but replace is the key word. This fair tax proposal MUST carry the stipulation that the federal income tax first be repealed.

[llandres]

BHO and HRC are MORE inept at logical economics, look at their proposals spoken thus far. (Do you raise taxes in a weak economy? NOOOO!) And it’s a rarity that a president would come in as an economic expert (other than maybe a Perot or Romney, but they didn’t make it that far). They all have the best specialists/advisers from which to choose once they’re there, should they choose to listen.

[balls]

Get real. Politicians and pundits talk about “repairing the the tax system” every election cycle - and that’s all it is, talk. McCain’s proposals are concrete, actionable, and auditable. I’m sure he has already built a strong defense for this strategy and knows his balls will be busted if he doesn’t deliver. Rarely are politicians as cogent. Releasing this plan on Tax Day, when even liberals’ first thoughts turn to their pocketbooks, was great timing. It’s definately the economy, stupid.

[mad_as_he$$]

I think you missed my point. NcCain has denigrated the very people that are telling him how to solve the problem(s) for the last 10 years. He has NO fundamental bedrock principles. He will throw these hired guns out and get more as soon as they piss him off. I have watched him for 15 years. I know his moves.

[Man50D]

Get real. Politicians and pundits talk about “repairing the the tax system” every election cycle - and that’s all it is, talk.

All politicians are frauds when it comes to addressing excessive taxation but some how John McCain and his recycled flat tax that we've already experienced for the last 95 years is legit? You're not dealing in reality. LOL!!!

This is the same type of flat tax proposal Fred Thompson endorsed and that went nowhere. McCain should talk about replacing it with a national sales tax instead of using the same old tired scam of continuing an income tax that allows the IRS to stay in business.