The Candidates on Taxes: Finding the Devil in the Details
Episode Description
The two U.S. presidential candidates may paint themselves as agents for a new, more bipartisan attitude in Washington, but Republican Sen. John McCain and Democratic Sen. Barack Obama both tend to adhere to their parties' usual approaches to tax policy. Obama proposes to raise taxes on the wealthy and reduce them for the middle class; McCain proposes to sustain the tax cuts enacted by the Bush administration. But neither candidate fully explains how they will pay the bills. This is the first in a series of articles from Knowledge@Wharton examining economic and fiscal policies proposed by the candidates. 📂 Public Policy
Brief Summary
The episode compares McCain's and Obama's economic plans, focusing on spending cuts, tax distribution, and Medicare reforms.
Key points
- The Tax Burden Misconception. Most Americans mistakenly believe the middle class pays the majority of taxes, but it's actually the top 10%.
- The True Deficit Revealed. The actual deficit is significantly larger than reported, at about 2.5 trillion dollars.
- Dramatic Cuts Ahead. Future Medicare and Social Security cuts could exceed fifty percent if spending isn't controlled.
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Episode highlights
- The Tax Burden MisconceptionMost Americans mistakenly believe the middle class pays the majority of taxes, but it's actually the top 10%.“It's not true.”7:42Sep 11, 2008
- The True Deficit RevealedThe actual deficit is significantly larger than reported, at about 2.5 trillion dollars.“It's actually about 2.5 trillion dollars.”8:45Sep 11, 2008
- Dramatic Cuts AheadFuture Medicare and Social Security cuts could exceed fifty percent if spending isn't controlled.“It's even more dramatic cuts that are needed.”11:38Sep 11, 2008
