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  • 11 JUN 2008

    McCain vs. Obama Round 1

    A post by Syed Zaidi as Uncategorized

    Post By
    Syed Zaidi

    Finally! Jeez, the Democrats took forever on that one. 
    Well, now that both parties have a candidate to rally around we can get this
    show on the road.  So, the one thing the staff at DoublePositive does not lack is
    opinions, especially when it comes to politics.  Everyone has their own views,
    but I thought I would do my part by trying to distinguish between the
    candidates to help others make informed decisions.  By no means am I an expert
    when it comes to this kind of stuff.  However, I am hoping to use this forum to
    cover a number of different areas including the war in Iraq, healthcare reform,
    and the social security situation.  The first part in this series will attempt
    to draw distinctions between the two candidates on the subject of the economy. 
    I figured the easiest way to do this is in a tabular format:

     

    Barack Obama

    John McCain

    The cause of the mortgage market meltdown

    Somewhat vague in this area.  Leans towards fraud on the part of
    banks and other ‘unfriendly’ practices.  Does not specifically mortgage
    brokers as a cause.

    Speculation by both banks and individual borrowers.  Places blame on
    the shoulders of all involved, including banks, brokers, and borrowers.

     

     

     

    The solution to the mortgage market meltdown

    Direct Federal intervention.  Proposing the need for a relief package
    of at $10 Billion to prevent foreclosures.  Funds would come from greater
    enforcement and fines of existing regulations.

    Insists that no government action is needed.  Recently McCain has
    stated “It is not the duty of the government to bail out those who act
    irresponsibly. Whether they are big banks or small borrowers”.

     

     

     

    On Non-Corporate Taxes

    Has indicated preference to increase Social Security tax, Capital
    Gains tax, Dividend tax, and Income tax for the highest wage earners. Would
    lower tax burden on lowest income groups. Does not support break in gas tax. 
    Would reduce AMT and Estate tax (but not as much as McCain)

    Supports the extension of President Bush’s tax cuts for those who
    earn greater than $250k per year.  Would let capital gains tax reduction
    reset and go up.  Supports a summer ‘holiday’ on the gas tax.  Would not make
    any changes to NAFTA.  Would reduce AMT and Estate tax.

     

     

     

    On Corporate Taxes

    Believes companies should pay ‘fair share’ of tax burden.  Reduce
    corporate subsidies.

    Would lower corporate taxes, make expensing rules more generous for
    small business.  Wants CEO pay regulation.

     

     

     

    On the Deficit

    Talks about reducing deficit but The Tax Policy Center estimates that
    over 10 years Obama’s plan would increase the deficit by $3.3 Trillion

    Talks about reducing deficit but The Tax Policy Center estimates that
    over 10 years McCain’s plan would increase the deficit by $4.5 Trillion

     

    This is definitely not all encompassing but I figured it was
    a good start.  What am I missing?

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