Higher tax rates mean a lower budget deficit. According to the Tax Policy Center, over the course of a decade Obama's plan would result in a national debt $1.2 trillion smaller than you would get under McCain's plan. Less government borrowing ultimately means lower interest rates and more private investment. This positive effect may well outweigh the blow to growth and jobs from weaker work incentives. Full Story »
Posted by Kaizar Campwala
This is partisan politicking. First of all the marginal rate would be much higher than 46% because he is forgetting the "employeers" share which is usually the taxpayers share at the upper income levels. Add state tax and you have more than 60% marginal rate for most upper income wage earners or self employed. Obama's plan is just blatant vote buying - many of the people who's taxes are reduced don't pay any tax now, so they get a check. Vote buyng is dangerous for our future.
