NOTE TO John McCain: The fundamentals of our economy are not strong. They aren’t strong when the difference between the wealthiest Americans and the poorest Americans is the largest it’s been since the Great Depression. They aren’t strong when over a million homes are being foreclosed upon and Wall Street’s stocks are rising 300 points one day, only to plummet 400 points the next. And they aren’t strong when Congress is forced to consider a $700 billion check to bail out corporations’ failure in the market place which — primarily due to the Republican deregulation agenda — would leave the entire world’s economy in shambles.
While that may be difficult to understand for a man who loses track of his seven houses, owns 13 cars, and whose wife’s preferred method of transport is private jet, the American consumer knows it’s true. We need a progressive and responsible tax plan that will lift the whole country up and take us in a different direction. Rather than continue Bush’s tax cuts which mostly benefitted the wealthiest 1 percent of Americans and hoping for the wealth to “trickle-down” to those below, we should be cutting taxes for those who are having a tough time making ends meet. The economic expansion during the Bush years was the first on record where the average family’s income actually declined by $1,000. This is not an effective tax policy; rather, it is an immoral consolidation of wealth at the highest levels and a blatant disregard for the financial situation of millions of Americans.
Contrary to the endless stream of misleading attack ads run by the McCain campaign, Barack Obama’s plan would cut taxes for 95 percent of Americans — giving the middle and lower class some immediate and much-needed relief. The average worker would receive a tax cut of $500 and the average working couple $1,000. Sen. Obama has also proposed tax cuts for homeowners, the uninsured, seniors making less than $50,000, and families sending a child to college. Finally, his plan would cut taxes for small businesses — the engine of growth and job creation in America — by eliminating the capital gains taxes on small businesses and start ups and by providing a tax credit to employers who provide healthcare.
To pay for this, Sen. Obama’s proposal would return the tax levels on the richest Americans — those making over $250,000 a year — back to their levels in the 1990s. The reckless and irresponsible Bush tax-cuts would be rolled back, returning both the income-tax and top capital gains rate for the rich back to their levels under the Clinton years. Even with this, Barack Obama’s plan would be a net tax cut for America. To balance-out the deficit, Sen. Obama has promised to go through the budget line-by-line and eliminate unnecessary and excess spending from our bloated budget. Some of the cuts Sen. Obama would make to our budget include responsibly ending the Iraq War, reforming earmarks, ending no-bid contracts and reducing certain types of subsidies. John McCain’s tax-plan preaches to a different ideology. It offers simply an extension and continuation of the Bush agenda of the past eight years. Despite opposing the Bush tax-cuts in 2001 and 2003, McCain has recently lost every ounce of his “Maverick” credibility by supporting them.
The choice is clear: More of the same Bush tax policies that benefit the rich while ignoring the hard-working middle and lower classes, or a responsible change. We need a tax plan that encourages small business growth, makes the richest portion of Americans pay their fair share, rewards companies that don’t outsource jobs overseas, and benefits all Americans, not just those on Wall Street.
Phil Sukys is Campaign and Party Coordinator for the University Democrats.
Read More
WILLIAMS: Donald Trump will be a threat to student loan forgiveness
By Ryan Williams | YesterdayTo be sure, this is not a problem of the University’s making. Nevertheless, understanding the uncertainty of financial accessibility in education, the University must step up to the plate.
PATEL: Personal development courses support students beyond the gradebook
By Heer Patel | 6 days agoThe University must rethink its approach to education beyond traditional major-specific requirements and mandate personal development courses.
EDITORIAL: Commercialization threatens U.Va.’s educational mission
By Editorial Board | January 13, 2025After all, measuring the University’s worth in terms of accrued capital, operational efficiency and numerical rankings molds this space into just another cookie-cutter institution.
