The Tax Shift

[richlevy]

Originally Posted by TheMercenary

A friends comments.

"Obama knows or should know that there is no way he can finance his new programs by increasing the burden on the top 5%, even to the point of absurdity. He will raise taxes on everyone and just call it something else. Come to think of it, by raising taxes on corporations (all the smart people know that corporations don't really pay taxes, they just pass it on as the cost of doing business and raise the price of goods) he will have already broken his promise to not raise taxes on the botttom 95%."RR

And GWB raised taxes on everyone by defunding programs that the states and cities had to support, causing them to raise taxes. Most of the money went directly to the war or to service the debt for the war and 'tax cuts'.

BTW, many economists believe that McCain will have to raise taxes also. The only way not to is to stop the wars, or take from Social Security, Defense, or Medicare. The 'chainsaw' method of simply slashing all spending across the board would be a disaster.

As for charitable giving, what does that have to do with taxes? If your wife is worth at least $100 million and you don't have any dependents, you can be a lot freer with contributions. Obama is probably already putting money into both of his daughters college funds.

Shhhh! McCain will raise taxes too

It seems that Douglas Holtz-Eakin, John McCain's chief economic advisor, has exposed yet another hole in the Straight Talk Express. Time's Joe Klein reports that in a forthcoming book by Fortune columnist Matt Miller, Holtz-Eakin admits that the next president will have to raise taxes. "If you do nothing on the spending side, you're going to have to raise taxes whether you're a Republican, a Democrat or a Martian," Holtz-Eakin tells Miller.