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
Mallabys story talks about the different tax plans of McCain and Obama. It is highly slanted in favor of Obama. It compares some aspects of each Presidential candidates tax plan. Since it's an op-ed piece, the author is expected to be more biased and share more of one side. However, the author goes so far as to be somewhat dishonest when he says that McCain lies about the effects of Obama's tax plan. The statements McCain makes about Obama's tax plan are not untrue. However, simply because the author doesn't agree with McCain's stance on taxes he decides to dismiss it as just being untrue. Unfortunately for the author of this story, tax plans are not that black and white. Tax plans always have different consequences for different demographics of people. Mallaby needs to explain why he would rather penalize those who do well. What incentive does he give families to work hard when they know the government will give them free money thanks to Obamas plan that penalizes those who succeed? I believe people from poor communities can become rich and successful if they work hard enough. Too many people destine themselves to poverty from day one.
