Higher taxes a sure thing with next president?
(PHOTO CREDIT: GALLUP)
FROM CNN's Jack Cafferty:
During these shaky economic times, many Americans are betting on higher taxes – no matter who the next president is.
A new Gallup poll shows 53% of those surveyed think Barack Obama would raise their taxes as president; 34% think John McCain would hike taxes if he gets the job. Both of these numbers are higher than what Americans expected from John Kerry and George Bush last time around.
And, what's especially interesting is that a substantial number of independents – that ever-important voting bloc – think their taxes will go up under either candidate.
Republican John McCain has pledged to renew President Bush's tax cuts, which he opposed twice while in the Senate. However after he promised not to raise taxes, McCain now says nothing can be ruled out in order to keep Social Security solvent.
As for the Democrat, Barack Obama, he's said he'll raise income taxes on the wealthiest but provide a tax cut to middle class Americans.
Although more people think their taxes would go up under an Obama administration – they also think he is better equipped to handle the issue of taxes. Gallup suggests this may be because a majority of Americans think Obama's policies will benefit the middle class and the poor most... while they think McCain's policies will help the wealthy.
Here’s my question to you: Are higher taxes inevitable with the next president?
Interested to know which ones made it on air?
T. writes:
Jack, They teach you the first 10 minutes of undergrad finance class that revenue needs to exceed expenses; apparently George Bush missed that day of school when getting his MBA at Harvard. Thus, in order to shore up the increase in expenses under the Bush administration, whoever is the next president will have to increase taxes or significantly cut expenses.
Rob writes:
As a fiscal conservative, I sure hope taxes go up. Since neither party has the guts to lower spending the only option is to raise the money to pay the bills. A fiscal conservative believes in paying the bill as it comes due, not putting it on a Chinese Credit Card.
Ted from Rockaway, New Jersey writes:
Isn't it obvious, Jack? By funding tax cuts for the rich and delusional wars by borrowing money from China, the Bush Republicans raised taxes on the one entity that could not object - they raised taxes on the future!
Grady from Texas writes:
Jack, Of course it's inevitable that taxes will go up for somebody. The question really is, do we want to raise taxes on the wealthiest 1% of Americans or would we rather see middle-class citizens struggling under proportionally high tax rates?
Eli writes:
The policies of the Bush administration have ensured that either candidate promising to deliver fiscal responsibility must do the responsible thing. As a 19-year-old, the responsible thing is to PAY OFF OUR DEBT! Our debt as a nation is a greater national security threat to our economy than global terrorism!
Joe writes:
Will my taxes go up no matter who is elected president in November? Will the sun rise in the East tomorrow morning? Of course they will.
@jackcafferty on Twitter
Jack,
To the rich sure. Since they make up the 10% of the world. They can pretty much afford it. Its not like too many have actually experienced the real hardships of the world, since alot have inherited there money or marry rich (John McCain).
Scott – Chicago, IL
Regardless of who gets elected, higher taxes are as certain as the sun coming up in the East and setting in the West.
Since Bush/Cheney took office on the promise of tax cuts, our national debt has ballooned from $5.7 to $9.4 trillion. Interest on this debt is now $1 billion per month! We must either commit to fiscal sanity or we will commit fiscal suicide.
Ed Reed
Port Aransas, TX
If a democrat is elected, you can bet the ranch on it. You think things are tough now, wait until the democrats increase taxes! Be careful what you wish for, you might just get it.
Chris – Atlanta, GA
No Jack. We just need to stop sending money that we don't have to other countries. We have to say, "sorry, we're broke" willl catch you later after we get our own house in order.
No Jack why are you spouting the McCain campaign rhetoric ? What happened to you after your editorial about John McCain ? No it's not inevitable, especially if we end the war in Iraq. Oh yes it might be inevitable if you make over 100K a year, I guess that includes you.
Can dogs get fleas? Of course.
We either raise taxes or sell more of our soul to China. McCain's therory of "borrowing" from the bank to repay the bank isn't going to balance the budget nor pay off our debt. We've had enough of "voodoo" economics for a few hundred years.
If we want to have a chance of getting rid of the tremendous debt Bush has gotten us into it is.
Not if he wants a second term, or election for his VP.
If the new president is fiscally responsible, then it is inevitable that taxes must be raised. We do not need to be a debtor nation. We must pay down this horrendous debt that our current president has run up in his eight years of mismanagement and personal war.
Nothing is sure thing in politics. Higher taxes is the immediate future are out of the question – the economy can't stand it. However, Obama's plan to transfer the excess tax cuts from the rich to the middle class is doable.
Not if McCain is elected. If Obama wins, yes, there will be higher taxes which will discourage productivity and job growth.
George W. Bush Jr. made sure that higher taxes are inevitable with not only the next president, but probably the next four presidents. And I'm sure the Democrats will be blamed again for raising taxes when in fact they are just cleaning up another Republican mess yet again.
if it's obama yes. the man has repeatedly insisted that he is going to raise taxes on lots of people. if it moves tax it, if it breathes regulate it, if it stops moving subsidize it. typical left wing nut liberal.
Did anyone scream and complain when Clinton raised taxes in the 90s and produce a surplus and jobs, no. We have to pay our bills or Bush's bills. Bush told america exactly what he was going to do now we have suffered,but it is time to start paying China,Saudia Arabia,and others what we owe them.
There are 2 choices, Jack: pay the bills with cash or pay the bills with the Chinese credit card. We're now experiencing the results of 8 years of charge and spend. Both candidates are planning tax cuts and one is planning an increase for the wealthiest among us. The choice is between Obama, who will not raise taxes on anyone who makes $250,000 or less, but will collect a little more from those who have been on the Bush gravy train or McCain, who has signed on to tax breaks for the kind of people who can't count all their houses and corporations making gazillions of bucks by gouging the middle class. Americans have got to wake up this time around. It could be our last chance.
Let's face the facts, Jack. On average, every man, woman, and child in the US has received $31,000 worth of cash, goods, and services from the government more than they have paid. If we keep using our country's name as a credit card, eventually we'll get stuck with the bill.
Of course!
They both say that they will balance the budget, and they both say that they will lower taxes. Those are two mutually exclusive financial goals, Jack.
The next president will have to find ways to enhance revenues, whether you call it taxes or fees, they're gonna have to get more money into the till. And you can take that to the bank!
Politicians have made the expression "higher taxes" sound like the bubonic plague. I'm not against higher taxes if it means better health care for everyone, more spent on overhauling our education system (how did our once great society get so dumb?), and making the economy more efficent by really getting serious about removing our dependence on oil. But, if higher taxes goes along with clueless foreign policy (fiascos in Iraq and Afghanistan) and trying to be the savior of the world, then I don't want any.
If we want to see SS and Medicare, just to name two programs, continue. You have to wonder if Bush & Co., in not being able to privatize (and make their rich friends richer) the way they wanted, was trying to run us dry as payback. Something to think about.
Unless we want to continue to mortgage our country to the Chinese, or unless we want to get rid of all social programs and defense, yes, higher taxes are a sure thing. Of course McCain doesn't think so. He's going to cut costs and lower taxes in order to return us to a balanced budget. Ummm, yeah right...and I've got a bridge I can sell you.
Yes because we will be paying off Bush's loosing war for the rest of eternity.
Hmm ... If you are a voter and you truly believe that America can fund multiple wars, solve its energy problems, improve health care, raise the education system, fix social security, and remedy the host of challenges we face, WITHOUT raising any taxes in the next four (4) years, then vote McCain, othewise vote Obama.
Consider this though: If McCain changes his mind, or brutally cuts vital programs, exactly what do you think you will be able to do about it? The question is really who is being honest and will do it more equitably. The answer is Obama.
No matter how you cut it or slice it or dice it. We will have to pay the debt service on our maxed out plastic for the rest of our existence. Sooner or later China et. Al. will begin to send dunning letters. What is most terrifying is that our debt is so great that we will never pay it off.
The cost of living, groceries, gas, healthcare, everything is artificially inflated (inflation) by our current fascist administration. Don't look now but taxes are already higher, thank you GWB and company. In economic parlance, this is the worst economic storm that we have ever faced, and it will be handed off to the next presidency of our great country. Why is it that the media insists on masking reality? Your polls are intended to keep us the viewing public, off balance, running scared and tuning in for the next morsel of ignorance. McCain is not even close to Obama in the poll of reality. But, you, CNN insist on being the harbingers of ignorance and ignorance personified keeping everyone focused on political slop to sell drugs like, Cialis, Avodarrt, and the prostrate shrinking, mind faltering technologies of the right wing greed machine. Point being, conventional wisdom, what is jammed down our throats by people with an agenda, often bears no relation to reality, to truth.
I cannot see how all of the unfunded liabilities and the national debt will ever be satisfied without raising taxes. It's either that or cut Social Security and default on the borrowed money from China and a host of Middle Eastern oil countries. No matter how you slice it up, we are so far gone, financially as a country, that our phony economy just has to collapse at some point in the future. How can you be a Super Power with an economy that spends and consumes. To be a Super Power you need to save and produce. We are on borrowed time...and money.
Yes. Is it the right answer? No.
It's wrong because there hasn't been one tax raise in [recent] US history (maybe besides the inception of taxes) that has resulted in higher revenues. Now, we're bringing in more government revenues than ever before; we're just spending all of it on FEMA lap dances in New Orleans and $10,000 toilet seats in our embassy in Iraq.
Only Jack, Obama, McCain, and government employees can spend $10,000 on toilet seats anymore... I'm flat broke.
Jack the Bush administration's gift to the next president will be the largest budget deficit in the history of our republic! The ongoing expense of the Iraq incursion isn't even included in that deficit and no doubt we will be expected to pay for the rebuilding of Iraq after we're done blowing it up! Of course higher taxes are inevitable with the next president! The question is higher taxes for who! The middle class is already bearing the weight of the inflation and job loss trainwreck that is the new American economy, and if new jobs aren't created to increase the number of taxpayers then the rich and corporate America are gonna have to pay the Bush administration's tab!
Yes, and rightly so, particularly on the top 1% in this country, businesses that fail to pay taxes, and the greedy oil companies, just to name a few. Unfortunately, trickle down economics always winds up with the mess we have now. Let's make a real change this time. For example, a flat tax of 10% (plus 2% for Social Security) with no exemptions and no deductions on every taxpayer, including corporations, would give this government more than enough money if our elected representatives could be convinced that taxpayer money isn't Monopoly money or their personal largesse for pet projects. And this time if Congress raids the Social Security Trust Fund, they all should be put in jail for breaching their fidicuiary duty to our country.
Jack ,who ever becomes the president,higher taxes is inevitable! I don't believe what either obama or mcain says ! Houston Texas
Sadly, yes, taxes will have to rise if we ever want to pay off the bush spending spree. And if either candidate tells you anything else, they will be telling a big lie.
The problem is Americans want their government to provide good services like roads, airports, health care for those in need etc. but no one wants to pay for it, especially those who can, i.e. the wealthiest of us.
If America's middle class are the new poor it's only fair that America's upper middle class should become the new middle class and America's wealthy should become the new upper middle class.
Raising taxes responsibly will accomplish that.
It depends on who get elected as president. If it's McCain, the middle class people will get higher taxes while the wealthy will keep their tax cuts. If it's Obama, he might raise taxes for the wealthy, since they make more money than they know what to do with.
Not necessarily. If Obama gets in office, it will mean higher taxes for the rich. If McCain gets in office, it will mean middle and lower income families will have higher taxes and the rich will sustain the tax cuts put forth by Bush.
Jack, if McCain gets elected everybody's taxes will be eliminated because we don't like taxation without representation. If Obama gets elected and you make over $250K per year your taxes will probably go up.
Taxes are a necessary evil but acceptable provided of course they are based upon a person's ability to pay. The unfortunate part of the Conservative agenda is to reduce taxes for those with highest incomes and most wealthy which ultimately results in the middle class taking the hit.
If a person has to pay $1,000.00 a month for full medical coverage then in reality this is an increase of $12,000.00 a year in taxes. People just don't seem to be able to reconcile this simple fact.
People die and suffer because they don't have proper health care or they simply go bankrupt. Having full medical coverage should not be a privilege but a necessity and sometimes governments have to legislate what is necessary for their citizens and when tax dollars pay for this it is taxes well spent. A lot better than spending it on a war to make the rich richer.
Jack: Whether McCain or Obama is elected.........higher taxes are inevitable......how else are we going to pay off the national debt?
Depends, Jack.
For instance, Senator McCain says he won't raise taxes AND wants to give each of us a "tax credit" for our Health Care; but IF you are one of the fortunate Americans who has health care, does that become a NEW TAX......
Or, with Senator Obama, IF you earn under $25O,OOO; then, no new taxes but instead a rebate.
We don't need a Piled high & Deeper degree in Economics to know that this government is selling off our country with each sale of Treasury Bills to bail out their lack of oversight with Banks & Fannie & Freddie.
So, all the campaign promises may change to MORE taxes when the new administration, whomever it is, starts to get a FULL accounting of just how bad off we actually are.
I balance my checkbook every month. If we want Washington to be responsible with our money, then two things need to happen. One, we need to raise taxes, and two we need to decrease spending. Seems pretty logical right? It's a shame all those people we elect forget such basic common sense.
Jack: Yes those who make more than $250,000.00 a year will have a tax increase. You know these guys, the ones who did not have to pay for the Iraq War, or Hurricane Katrina, or anything else that was unmandated by Congress. These folks have been given a free ride for 8 years, and now it time to pay for the ride. Obama will see the free loaders pay up their share for America's Fredom they enjoy.
John
Absolutely not Jack! This BS about taxing the rich is just that BS. I make a good income but am seriously thinking about taking a pay cut. Why go to school work hard to get ahead in life just to have some guy come along (Obama) put his thumb in the air and say if you make so much money you should have to pay more than everyone else??? If higher income brings higher taxes why even try to be successful in life!
Jack, Wikipedia states the 2008 US budget deficit is 9 trillion dollars.
We can't ask China to help since they loaned the doe to us to begin with. We can ask iraq since they don't want to pay to be occupied any more. I suggest we give Texas and the Bush family to China and call it even. Thats the only hope of "no new taxes."
Death and Taxes are inevitable!
Congress seems to spend American tax dollars like a teenager in the shopping mall. We have more people filing for social services without money coming from our reserve banks.
In addition, China, France, and Saudi Arabia are bound to collect on our bad debts which will cause a financial collapse in this country.
Yes, either a higher gas prices under McCain or higher taxes on the rich with Obama. McCain has already promised more spending than Obama.
America has to pay off the credit card bill Bush has been ringing up. McCain promises to keep spending and pushing that credit towards bankruptcy, but the US cannot afford another fiscally irresponsible neocon.
If we get out of Iraq and lay out a plan to increase our economy and have a real plan curbing our use of foreign oil. Their will be minimal increases of taxes if we have another republican administration debt service on our debt alone will swamp the country.
How else would we pay for the war?
for whom?
Obama will raise taxes on the high-bracket crowd
and
With McCain...taxes, schmaxes...we'll just borrow more money from China and drill the US until it resembles a piece of swiss cheese.
Two ways of creating revenue to pay bills; 1) start saving money and create a more efficient government 2) tax
The Republicans of course are telling everyone OPTION 2 is the only way ahead for the Dem's. However, if the new President has an honest discussion with the people of the USA and asks where they could appropriate and spend the Billions spent on the War in areas such as payiong down the debt and creating mroe efficent government then OPTION 1 is the road ahead.
Cant wait for Obama to have that conversation with Americans!
Well John Mccain has promised to lower taxes for the rich so I guess that means for me and those like me our taxes would be raised under his administration. How would he pay for those corporate tax cuts other wise? But hey since I won't be able to pay for his health care plan I guess I would be able to afford it.
I think that higher taxes are a given, no matter who is in the white house. People forget that it's our tax dollars that plow the streets in winter, fix the pot holes and provide every service our cities provide, I don't like higher taxes, but they are necessary sometimes. The economy is in the toilet, the cities are complaining that they're broke, so just where do people think the money is going to come from?
Not just higher taxes, but a different distribution of taxes. For McCain it will be Social Security, Medicare, sneaky kinds of tax increases. I experienced the largest tax increase of my life when Reagan was in office. It was an increase in Social Security taxes.
For Obama it will be taxes on the more wealthy, windfall profit taxes, taxes on corporations with sham headquarters overseas to avoid U.S. taxes, and the like. Obama will give middle class and poorer people a little bit of relief.
Joe
Missouri
Higher taxes are inevitable with the next president no matter how it is disguised or renamed. It's easier for the government to tax people than to get permission from them to spend.
It depends. If McCain wins – it'll be higher taxes for everyone EXCEPT the rich. If Obama wins, the rich are sure to pay more in taxes.
Thanks to the open door banking of George Bush, either candidate will raise taxes. They will disguise it ,but it will happen! A sign of the times, everything is going up but our wages!!!
Wildwood Crest, NJ
The only way to avoid higher taxes with the next president and the next is to move to Czekosolvodia.
I would rather pay slighty higher taxes now than our Grandchildren having to pay excessivly higher taxes and reduced services. It makes no sence to give the rich a tax break while allowing Iraq to keep billions of dollars while we are paying for everything in their country.
i think that depends on who you are. if your company plans on leaving the country, you'll probably get a nice tax break so you have some incentive to stay. the tax payers need jobs so they can still pay taxes. if your the average joe, i think it's gaurenteed. the national debt is constantly climbing, federal spending isn't going to stop & then there's the health care issue. the only other option that i see is to re-evaluate our federal government and it's bad spending habbits, but who wants to do that? that would require washington to think or act moraly, and history has taught every one that our government is incapable of doing either.
Republicans are always getting hysterical when a Democrat is elected because they think eveyone will quit their jobs, go on welfare and taxes will triple. Why don't they ever speak out about the Republican tendency to rack up trillions (in this case 10 trillion) of dollars of debt that is accruing interest? This is the third Republican president to leave office with a record deficit.
Nope there's no way around it, no matter which one wins somebodys taxes are going up. It all depends on what you the people are willing to tolerate, McCain taxing everyboby except for big companys such as oil and big tabacoo so we can keep those businesses happy, or Obama that will lower the taxes for the 98% of the country and raise the taxes on the people that make the most money. what sounds best to you?
The USA has bad credit..... and all the loans we got are from may countries such as China will keep them under the control of trade agreements. So I guess the answer is sure, the taxes must increase to give us more freedom and freedom has its price. Only with a better economic policy we can have a stronger healthier budget and with a stronger healthier budget we will keep the economy growing.
Yes Jack there will be higher taxes in the foreseeblbe future. The next Pres of the United States really won't have a choice but to raise them. There are things that must be paid for and we have to pay for them. If they tell you that they are not going to raise taxes, got slap, not better yet just don't vote for them.
Yes Jack there will be higher taxes in the foreseeblbe future. The next Pres of the United States really won’t have a choice but to raise them. There are things that must be paid for and we have to pay for them. If they tell you that they are not going to raise taxes, go slap them, no better yet just don’t vote for them.
Americans will benefit under Obama save the rich on the tax issue as Obama promises to Reduce taxes for most of the Middle Class and Seniors.
Absolutely, everyone expects something from the government (military defense, social programs, road repairs….etc.) but they want someone else to pay for it.
It’s kind’a like everyone wants to go to heaven but no one wants to die first. Two things are certain in life: death and taxes.
The next president won’t be able to avoid either.
You betcha Jack, but I don't think that you, or I have to worry about it, it is only going to affect that 5% of the population that controls most of the money in the U.S., and the oil companies can be looking for a good-come-upping. By the way Jack, I compliment you. You asked 3 whole questions today without jumping down Hillary's back. Thank you for being a gentleman for at least one day.
money is not real our taxes are not real we are under the spell of the matrix
Jack,
Obama will only raise taxes of people making over 250,000. McCain's claim that he will raise taxes is a lie along with almost everything he spouts!
There is nothing wrong with taxes provided they are paid proportionate to incomes and that these taxes are spent properly by the government.
Collecting taxes then spending them in a foreign country for no other purpose than to generate obscene profits for munitions and oil conglomerates is bordering on criminal. Then wanting to continue throwing future tax money in the same manner but expecting a different result is insanity.
If the latter is going to be continued then it is only reasonable for Americans to expect another surge only this time it will be in their taxes.
Every election year the GOP resurrects the same talking point: "They're going to raise your taxes." Lower taxes DOES NOT increase government revenue. We cannot afford two wars, rising inflation, crumbling infrastructure, reliance on foreign oil, and paying down the sky-rocketing national debt by lowering taxes. To anyone who thinks otherwise, they must surely be an expert in VOO-DOO economics.
Bush taxed us with blood and deficit spending, dumping his litte war on the shoulders of anyone but him, fobbing off the bill on Americans not yet born. We'll be lucky if the next president ONLY raises our taxes.
They need to be.
We're fighting a war on multiple fronts while giving out tax breaks. Further, to avoid increasing taxes, the government is printing money like it's a toy and, as a result, is letting hostile countries like China own massive chunks of America while making the value of the dollar tank. That's to say nothing of our massive deficit nor the growing cost of Medicare...
Ray M.
Oviedo, FL
Jack
I really think that there is no way to avoid it. We are a 9 trillion dollars in debt. Our schools need help, our infrastructure needs serious attention, Social Security is near broke. Health care now is a joke that isn't funny and we still are fighting two wars. How else are we going to climb out of the hole the Bush Administration buried us in. We are all going to have to bite the bullet and hope for the best. I just wish both candidates would be honest about how bad things really are so we all know what we are facing and what needs to be done. The American people are not stupid.
Lyra
Pennsylvania
With the exception of Clinton,who was a genius on the economy,Democrats will raise taxes on the working class because they are afraid that if they raise taxes on the rich,the rich will take all their money out of the USA and make some other country rich.Of course that will never happen,the rich in the USA got rich because of the freedoms they enjoy in the USA.They can leave but they can kiss their wealth goodbye when they get to the new country.
I know that taxes will go up under either Presidential candidate. The main difference is WHERE those taxes go, and whether the silver spoon crowd will actually have to pay a fair share of them. I'd like to see money-gouging corporations have their subsidies cancelled and get taxed on windfall profits, as well as those people who can live more extravagantly than I on the INTEREST of their wealth for a month than I do on my yearly salary get taxed on what they have, instead of what they can't hide.
I'd prefer to see my higher taxes go to balance the budget, develop alternate energy sources, upgrade the industrial facilities of this country, finally get New Orleans back on her feet, and work on getting health care available to more people here, than watch more and more of it go out in debt to China, billions in keeping our military in the wrong conflict zone, and fund even more profits for the big corps who throw more and more of our jobs to other countries.
We've maxed out on our China Credit Card. How else do you think we are going to pay for the debt-hole the Republicans dug us and our grandchildren in? If anyone tells you otherwise, they lie.
Sen Obama has said that rich people will just have to pay slightly more taxes. McCaine himself said he does not understand the economy, he is another case of "read my lips -no new taxes' .
I don't know about you, but i would rather go with someone who has an idea and prepares me for the tough times ahead so that my children do not die in debt, than vote for a man who says he will not increase taxes and is itching to go to war with Russia!
If Obama is elected, my taxes will decrease because of my income level.
If McCain is elected, my taxes would not decrease.
You can count on the Democratic Congress to try to increase taxes for big money-makers. Let us hope a Republican President will not be able to sustain a veto of the Congressional Acts.
John McCain will only raise taxes on those making more than $5 million.
Mine will go down. He says that anyone making less than $150K will get a tax cut. Eight years ago, I would have paid more based on Barack's policy but the Bush economy has hurt my business so much that I am now in the zone with the middle class.
I think the only people that should be concerned about higher taxes under Obama are those in the higher income brackets. That group is definitely in the minority in this country. Corporations that send jobs overseas will probably experience higher taxes, as they should. Under McCain I expect higher taxes on the middle class because he just doesn't give a hoot.
It's amazing, both Bush Sr. and Clinton raised taxes, and we had stable growth. Bush Jr slashes taxes, and the economy falls apart. Maybe investment in our country creates more wealth for us than spending tax rebates.
Yes, and they should. Our tax rates are the lowest in the industrialized world, and have gone down considerably under the Bush administration. Of course, the one thing the whiners in this country have in commons, rich and poor, is the will to complain unmercifully that they can't afford increased taxes.
Higher taxes will come but for who? With Obama it will be the "wealth" of this country that will have to pay more. Under McCain he is like a Fox
he will count your health insurance paid by your employer as income and will also raise Social Security Taxes. Both of these taxes will not effect McCain and his friends. After all with the 7 Houses and all that Budwiser stock in the family he can afford any taxes he will raise on us all.
Paul
Round Rock, Texas
Yes, taxes will have to be raised just to pay the interest on our national debt. I don't know if China's law recognizes chapter 11 or not , but let's hope so just in case.
Jack, as a Canadian I keep hearing that McCain, if elected, will cut taxes or that there will be no tax increases. The enormous accrued monetary cost of the wars in Iraq and Afghanistan are at level that most people cannot comprehend. This, coupled with the government's funding of various projects throughout the country only adds to the mystery of where does the administration get all the money to run the country? They seem to have a bottomless pit from which to draw on. Can you please tell us Canadians how that is done so we reduce our ridiculous tax burden.
After decades of ever-expanding entitlements, subsidies, and wasteful spending, our elected representatives have gotten themselves in a pickle in the process of buying their lifetime re-elections with our money. The gig is about up and painful decisions will have to be made. The smart ones will drastically cut spending and tick a lot of people off. The dumb and greedy ones will try and keep the music playing and in the end make the problem unimaginably painful and destructive for a whole lot of people. Care to guess which path we'll take? Pleasant topic, huh?
Yes, higher taxes are inevitable with the election of either McCain or Obama. The cruelest and highest tax of all will be rampant inflation caused by exorbitant gasoline prices which neither candidate will do anything to control.
Brownwood, Texas
Republicans have been saying the Democrats will raise your taxes in every election since the dawn of time. History does not agree. The Republicans claim to be for fiscal repsonisbility, etc, but that gem does not pass the smell test either. They have been and are the party of unrestrained capital, the party in business with big business. The rediculous tax cuts put in place in 2001, 2003 will have to be repealed. This will not discourage productivity or investment. The wealthy class will not suddenly start stuffing cash into their mattresses. Their wealth is derived from our economic system and they deserve to pay taxes, even at a higher rate than poor people. So yes, when Obama wins, the capital gains and dividend taxes, corporate taxes, and high-end income tax will probably go up some.
The next president will either have to significantly raise taxes on some or all of us, or be willing to live with massive inflation. When it happens, savings from ending the war in Iraq will be more than offset as the boomers start drawing Social Security and Medicare. Since neither candidate has a detailed plan to cut overall spending, an increase in revenue has to be the solution.
Yes, Bush planned it this way but most Americans are already aware they will pay more taxes in order to get out of the economic mess we are in now.
higher taxes will be a necessity unless the white house wants to get a chinese foreclosure notice.
So what if McCain doesn't raise taxes. He's going to borrow, borrow, borrow just like Bush has and put this country even deeper into hock than it already is. If Obama gets elected, he will try to raise taxes on the rich and a bill will pass, but it will all be smoke and mirrors. We'll still be up to our eyeballs in debt and we will be for the next several presidential terms, no matter who is in office.
the rich aren't used to paying taxes, why start paying them now? it would be like making house payments on property all ready in repossession. besides China's had there eyes on the space needle for years, only a mater of time. what country was it that bought that toll road in Ohio? everyone better get ready to travel lite, at least the weathers nice in Mexico in the winter.
Do you want to keep borrowing money from the Chinese? Do you want a budget in 2050 that spends half our money on interest payments? It was irresponsible and dishonest for the Republicans to wage two wars and cut taxes for the rich. Solving America's problems means facing reality and paying our bills. I don't think my taxes will be higher, but I think rich people and corporations are going to get the message that the party they own and operate is no longer in charge. cy gardner arlington va
I believe either candidate will have to raise taxes to help START digging us out of this current fiscal mess. I don't blame them though, I blame the boob that is in the White House now for putting us in this mess.
Higher taxes are inevitable no matter who is president if spending is not brought under control. Clinton always get the credit for the good economy of the 90s when it is the republican congress led by Newt Gingrich who balanced the budget, together with Bill Gate and PC who helped incorporate its use in every accept of American life, deserve most the credit.
The only one I have heard mention balancing the budget (only once) is John McCain.
Jack, I'd like to personally invite anyone who whines about taxes to go live in a tax-free society for a few weeks. See if they like sick people living outside their front door, using their gutter as a toilet, letting their dirty, bare-footed children run the streets and steal from everyone else to get by. Then come back and tell me again why taxes are so bad.
I believe that for me, making under $250k per year, taxes will stay the same or go down in an Obama administration. And I'll have the additional peace of mind knowing that my money will be put toward education, health care and the environment, not just wars.
Boise, ID
For years Republicans have tried to scare voters with the threat that Democrats would raise their taxes. So when Republicans took control of congress and the presidency, they passed legislation that caused factory closings, job losses, record housing foreclosures, declining incomes, increasing poverty, higher prices, record energy prices, predatory lending practices, and declining personal benefits. And those are just the personal economic issues.
Some government actions are actually worse than higher taxes – especially when you're left living out of a shopping cart on the street.
Tom
Las Vegas
Yes, the big difference is who is going to pay them – with McCain the upper-middle and lower incomes will pay more, the higher incomes will continue to get the relative free rides – if their taxes go up they will be compensated with subsidies – McCain saying no new taxes makes him a liar or a fool, he did say he knows nothing about economics – Obama is putting it on the table, Bush has got this country almost on its knees, we will have to fight and pay to make up for the damage, but with Obama the Corporations will NOT be taking the cream and our Trade Agreements will be over-hauled to give a fairer playing field to American workers.
Probably and if the right people are going to pay more taxes, it's about time. Some of us are pretty tired of watching the rich get richer. Do you realize that if every millionaire and billionaire in the good old USA would donate just 10% of their wealth to the treasury, it would pay off the national debt so that the rest of us could take a breather and maybe work just 2 jobs instead of 3? I mean, what does a person do with $300 million dollars other than buy 7 houses or 12 cars?
After what George Bush has done to America, Yes higher taxes are going to be in the picture. I say start with Bush himself, then his admin. Put all in prison where they belong for war crimes, strip all of them of all their assets , I bet you would be surprised at just how much Bush and Cheney have stole from us . That would be a good first start to lowering our taxes. When he is done with us he will live like a shiek , don't that just FROST you!!
Jack, If I was rich, I wouldn't worry about it but I'm not so, I do worry about the economy.. Since GWB used the backs of the middle class to fund his illegal war and because I use social programs to survive, I am going to vote for Barack Obama for presient because rich people like the McCain's don't get the hardship of America.
We have to start paying for our debt now, and higher taxes are the way. The majority of America caused this problem, by voting for Bush. Now we have to fix it. It will be expensive and painful, but the last time our taxes were raised, our 401(k)s exploded with gains.
I'll sign up for that.
the next president needs to take an informed look at revenue and expenses and do what is best for the economy... he needs the support and input from both parties, large and small business, and he needs to communicate this to the people of America... What is inevitable is campaign rhetoric ... what is needed is common sense and responsible economic policy...
Jack,
You're just making the problem worse by talking as if "taxes" were some giant monolithic blob. We have all kinds of taxes on all kinds of people, and the question is which candidate will raise which taxes. McCain will continue deficit-spending, crushing our economy, while Obama will ask the ultra-ruch (like McCain) to pay more, while cutting taxes for me and the rest of the lowe and middle class.
Brian
Moscow, Idaho
Jack, I will be 65 years old next year, I am on a fixed income. Obama has said he will rework the tax code so that seniors do not pay taxes on social security , if they make less than 50,000. dollars ,well thats me.i am willing to give him a chance. Connie from Indiana
Will our taxes go up? I can only hope so. That may sound stupid but so is having trillions of dollars of debt. Our nation simply cannot continue to do this to our children. If we have to pay more and spend less (There's a concept) then so be it. It's our fault this has happened and it's our responsibility to fix it.
Jack, it's the ones that can afford to pay the most, but thanks to "W"'s tax cuts pay little or nothing, that are whining the loudest. The old line "I made it and I'm going to keep it" doesn't wash anymore. Part of making money in this great country is supporting the system that allowed you to make it and paying back ones fair share. In the past eight years we have more then doubled the national debt and cut most essential services which has put our schools, health care and infrastructure (roads and bridges) in the sewer. We are running a 2008 government with 1988 income. It's time for that to change.
It is hard to relate to a $9 trillion dollar deficit. 1/3 of that deficit, or $3 trillion dollars, is directly related to the Bush Tax cuts. Either the deficit is merely a talking point or has real consequences. Our choices are to cut spending by 1/3 for the next 50 years, or to raise taxes. I would hope some of one and a lot of the other. Voodoo economics have failed.
Harry
Ky.
With the type of debt we have higher taxes are inevitable and logical. The problem is that the Republicans will tell you to read their lips, continue to give big business tax breaks, milk the rest of us for all we're worth, and call it tax cuts or being fiscally conservative. Unfortunately voters will fall for it again and again until they are so poor they can't even pay attention.
Of course higher taxes are inevitable with the next president, it's fiscally irresponsible to keep up the 'borrow and spend' tactics George W. Bush mastererd.
Oxford, MS
Obama will raise taxes. He has too many big spending ideas that someone has to pay for. With McCain I think taxes will possibly stay the same. You cannot cut taxes and fight wars in Iraq, Afghanistan, and possibly Iran. Don't expect any tax cuts anytime soon either way.
Yes taxes are gonna go up, and the blame falls squarely on the shoulders of George Bush. If the war in Iraq absolutely had to be waged, the very first thing Bush should have done is repeal his signature tax cuts. Neither Obama nor McCain is going to decrease spending, and our national debt is out of control. Taxes are gonna go up, and they should.
Why even ask that question,everything has gone up and taxes will also.
When you play you must pay so someone must pay the bill. The tax codes need to be replaced with a new tax process that is fair to all. All those who do not pay any taxes need to pay and all those who use tax holes to pay little or no tax need to pay more. all businesses need to pay taxes. the middle class has had the smallest tax break over the past thirty years. why? BEcause the rich and big business own the elected officals we can only have change if we the people elect new leaders.
Well we have to pay for George Bush's war somehow. I really think they need to repeal Bush's tax break on the rich and all the corporations that don't pay taxes too. The middle class and lower class can't afford any more taxes. We are taxed everywhere we go. Look at your phone bill and you will see local taxes, state taxes, federal taxes. Soon we will be taxed when we use the bathroom!
Yes! History has proven that you can't run a goverment without Money. It's like gas for a car it goes up, we don't like it but we still pay for it if we want to go anywhere. America just needs it to be fair to the middle class, unemployed, and poor when it comes to taxes. I like Obama's plan more since I'm a part of the Middle Working Class who is now viewed as The New Poor.
Neither of the candidates know the meaning of Middle Class. If you took all the money in the country and distributed equally, give the world a couple of turns, it would all go back the way it was.
I am pretty sure this is the first time in history that we have had tax cuts during a time of war. It is insane to think that we have continued to spend and borrow at an unreasonable rate and yet we have not asked the American people for any sacrafice at all. In fact, we gave those with the money, more money.
It is not free to live in a free country, so if you enjoy your regular trash pick up, highways in good condition, police and firemen waiting to help, they I suggest everyone that can afford it, open your wallets. To think that we can continue these ridiculious tax cuts without completely bankrupting this country to truly insane.
Jack.....Of course our taxes will go up. Somebody has to pay for the illegals the candidates love and admire so much! The companies that hire them wont pitch in! That might kill their profits!
Are higher taxes inevitable with the next president?
yes they are ......unless Obama or McCain want to take all that money that they are getting for this race and pay off our national debt that way
Jessica Elmira New York
I don't think taxes would increase if Bob Barr or Chuck Baldwin were President. How come you don't ever mention those guys? Americans do have a choice this year. Please help them to understand that.
Taxes will have to go up under our current system no matter who is elected. Mr "low-life" Bush has put us in debt so deep we will never recover unless we pay. The problem is so many Americans want all the goodies without paying for them. There is no such thing as a free ride. Everyone pay your fair share, especially all the rich folks who keep looking for loopholes and expecting the middle class an poor folks to carry the burden.
Taxes will go up definitly no matter who comes in. But who will pay more taxes depends on the party. Truely, I don't mind giving taxes as long as they are spend right to make this country a better place for everyone. I wish we can select how our tax dollars are used. Then I would definitly say NO to war spendings.
– Nuwan from Houston, TX
McCain says he will not raise taxes but will balance the budget in 4 years. How does he plan on doing that? Cutting social programs for the elderly and lower income? He certainly won't cut any programs for his rich friends. The money has to come from somewhere.
Of course taxes will be raised, the Bush administration's domestic policies coupled with the senseless involvement in Iraq has ravaged our economy, and it always falls on the backs of the tax payers to fix government mismanagement. The question really is if the efforts to do so will be proportionate between the wealthy and the middle to lower class Americans. Barack at least has stated that he has that fact in mind.
Jack–
With our economic situation whoever is elected President in November will need to look at all the options to improve our economy. I don't know what Obama will do, but you can bet that McCain will continue to cut taxes for his rich friends if he gets into the White House. I also know that corporations and companies will continue to pay fewer taxes if McCain is elected. Those of us in the middle class need a break. I feel like I have more of chance getting it from Obama than from McCain. McCain certainly isn't feeling any of our pain with his multiple homes, private planes, and rich wife.
Meg Ulmes
Troy, Ohio
Most adults don't have a problem with paying their FAIR share of taxes to help this country and our neighbors.
But if you look at figures from 2004, the richest 1% of households owned 2 trillion more than the COMBINED wealth of the bottom 90% (Sojourners, Sept/Oct '08, The Problem of Riches by Chuck Collins).
And McCain wants to continue this trend by keeping the Bush tax cuts for the most wealthy. The compounding immorality from McCain has been his blasting battleground states with ads stating that Obama will raise their taxes. Unbelievable doublespeak! Not someone I want for President!
The government is spending more then it brings in. We aren't going to balance that from cutting spending alone, so the government must raise taxes to cover the cost.
Either that or we should all start learning Mandarin.
With the deficit, this is the only way to be fair to the younger generations. Taxes are just part of what Americans do. It does not bother me.
I love you Jack, keep up the good work
Barack Obama has made it clear that he will tax the $200,000 and over club,contrary to the blatant lies that McCain and his fellow liars are disbursing. The well-to-do should pay a little more than the average joe like me,considering that the last eight years have contributed to the disparity among the people. If my taxes go up,($45,000 per year),it will be a technical error.
Taxes will have to go up somewhere no matter what party takes the white house. There is a huge deficit to pay off. Thanks Bush!
Dallas, TX
Teaching is rapidly becoming a less and less popular choice for a career, without a rise in taxes we will eventually lose those select few teachers who actually have a passion for educating but cant afford the most minute bills.
Not if John McCain is elected. Barack Obama is set on higher taxes and higher gas prices. He has stated so. If he is elected, our cost of living will increase and we won't get assistance until he is thrown out of office in 2012 when Hillary can beat him.
Yes. People are delusional if they think taxes aren't going to be raised. We are in debt up to our eyeballs, our government is essentially bankrupt. How else can you get our debt under control? You have to raise some revenue, which means higher taxes on the people that can afford to pay them. People just refuse to do their research and instead choose to listen to silly campaign commercials that McCain makes saying he won't raise taxes, and even a bigger lie that he will balance the budget. How can you balance a budget with no revenue? If not, we'll be repaying China long after our great great grandchildren retire. The best solution is raise taxes on the wealthy, and control government spending. Simple solution.
Well anyone with half a brain should be able to figure out that if we don't cut spending then we have to raise taxes. The problem is that most Americans live above their means and can't afford to pay.
It wouldn't bother me to pay a little more in taxes, but not to support the Bush, McCain world domination campaign. We fight for people's rights overseas while they strip us of our rights here.
Of course taxes will increase. whoever thinks that it will not is delusional. what do you expect after what Bush has done to the economy? whoever's elected will have to increase taxes to get the economy back into shape just like clinton did.
Jack no one likes to pay taxes, but we cannot continue to put expenses on the tab. Our national debt has doubled under the current stooges. We have to start to pay back our debt or China will reposses the United States.
Most definitely. Higher taxes are needed if we want to bring the country out of this economic cesspool the Bush Administration has created.
Long Island, New York
Yes higher taxes are inevitable, simply because of the current state of the American economy. Obama says he will, and McCain is going to have to. Have you seen his healthcare plan? Multiply 5,000 by 300,000,000 and you have the very beginning of the debt McCain will incur.
With a national debt of $9.6 trillion, I wouldn't be surprised if the next president taxed the people in OTHER countries.
I don't know what the next president will do about taxes, but I know this from their current economic plans. Under McCain's plan, McCain would get a larger tax break than middle-class families. Under Obama's plan, Obama would raise his own taxes. Think about that one for a moment.
Higher taxes are enevitable with the next president. Though one must realize that at times of econimic hardship, taxes are vital to boost the economy. Remember The Great Depression? Raised taxes help pull America out of that mess.
Either the next president will raise taxes, or our nation's economic situation will get even worse. With a war in Iraq and a ridiculous national debt, we're going to need to tighten our belts and fix our country before we can afford low taxes. At least Barack admits it.
Why aren't people getting it? Obama=tax cuts for incomes under $250,000. McCain=tax breaks for the wealthy and big business. A real no brainer.
As a Democrat, I don't mind paying my way. The problem with Republicans is that they want our children to pay our way. The difference is, No tax now and keep on spending, or tax now and spend now. Someone has to pay for everything we have. Nothing is free, even dying.
Yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes...
Jack – you're RIGHT ON.
Both candidates will have to raise taxes. The difference, I believe, is what will happen to our money. If Obama wins I think we'll see a more fair and just society that reverses the tax give-aways, ends the military policy of preemption, and establish healthcare for all.
What will McCain do? Probably buy another few houses, as will his peers.
What part of this don't folks understand? We're blowing away $10 to 12 billion per month in Iraq... We increased the national debt to almost $10 trillion when we had the start of a surplus just 8 years ago. We're getting deeper in debt to China every day. We've endured 8 years of "borrow and spend" conservatives for the past eight years. We need fiscal responsibility and that means we need to raise taxes to start paying down our debts instead of passing them to our children.
Higher taxes are inevitable. All politicians are liars and thieves. All we can do as american citizens is vote for the one that we feel will lie and steal the least!
Throughout the history of this nation, taxes have been used to pay for wars. Under Bush, it is the first time we have entered a war while cutting taxes at the same time. That is why we have the deficit we have and it will continue unless taxes are increased. If the next President does not raise taxes, money will have to be cut from the budget of some; medicare, education, etc.
Those who wanted to go to war wanted to without any sacrifice on their part. Well guess what, it's time to pay.
Higher taxes are inevitable and essential. Americans need to realize that paying higher taxes is not always a bad thing–especially now when our country needs to begin recovering from the last eight years of rampant spending. If we don't pay higher taxes now, we'll pay a heavier price later: our jobs, our homes, and the way of life we take for granted.
Jim
Savannah, GA
Absolutely.
We have run up a huge bill at the bar and it's now time for somebody to pay the tab.
Jack, of course there will be higher taxes with the next president! Gas, food, housing, and education are all getting too expensive and taxes will follow suit. I think the real question is not can we afford higher taxes, but can we afford to continue down this path where everything else getting worse. Maybe if we pay just a little more we could get a lot back! Who knows, maybe we could all get health care?
I can guarantee you a REAL recession if Obama gets elected. Major tax hikes across the board for the middle class. It's Jimmy Carter's 21% interest rates all over again. The economy will really tank. Unemployment lines 5 miles long like under Carter. A lot of us remember all to well....
Higher Taxes, Duh!!. We did not get into this situation overnight. It took almost 8 yrs, a bad war, bad politics, bad choices and a bad president (hint: Bush). It would be irrespossible to not raise taxes. Where do people think money comes come for the federal government?. We have to all make sacrifices to get America back to being a "superpower" and not having China as a "Loan Officer".
America is selling our soul now and we need redemption and atleast Barack Obama will tax the wealthiest americans.
Ellicott City, MD
Come on, what happens with you have more money in your packet.... You spend....You buy more cars, clothings, food, etc.... You keep the taxes low on the middle or lower classes, because its more of us, then the rich a small percent.. And because you are buying...business will hire more people because more people are spending....
Jack,
It is inevitable. And I am fine with that, if it means there will be a decreased chance of my car falling into a collapsing bridge, or rolling blackouts in my community during a brutally hot summer. And as long as it means that the social security I have worked many years for will be there when I need it, so be it. The GOP demonizes taxes when the infrastructure of this country is falling into serious disrepair, while we fight a war that is costing Americans a fortune. Is that what they call faith-based economics? Are the wealthy people of this country who gain from these tax breaks McCain is calling for going to use that money to repair the roads, the electric grid, and for the health care of our veterans? SHOW ME THE MONEY!
Not with Obama but McCain wants to tax me on my health insurance.
We ought to take his insurance away from him. It won't hurt him to
pay his own way. Maybe he can learn something about the real world.
I'm sure taxes need to be raised given all the red ink our country has accumulated. It is troubling to me, however, that around 40% of people with income do not pay any income taxes. Thus the income tax burden falls more heavily on a smaller more prosperous, but not necessarily well-heeled, group of. taxpayers. I would like to see the tax base expanded so that more people have a stake in the government by paying at least a token amount of taxes. Since we are all in this together, everyone should share not only in the benefits, but also the burdens of our government even if only in a small way.
Jack, that's a no brainer. How else are we suppose to bail our government out of debt? It's like that old saying, "Steal from Peter to pay Paul". It's the law!
Jack,
We have had high deficit spending for the last eight years with great thanks to our government leaders and the special interest who got us into Iraqi war for oil, will ensure an increase in taxes no matter which party controls the White House or the Legislature.
For some people, certainly. McCain's big plan for getting money for the government is to cut spending – which will inevitably end up destroying innocent government programs along with the "money-bags" programs. Obama's makes more sense to me – tax the superwealthy more and get out of Iraq. There's your budget for the new health-care system, for refurbishing bridges and highways, and for enhancing public education. If the price to pay for those things is that a billionaire somewhere will have to buy a golden-plated toilet instead of the diamond-plated one he wanted, then so be it.
Of course taxes will be raised by either party! When they do that, I want to see them make it a law that ANY illegal here will NOT receive any free benefits. If they need to go to the ER, then can can set up a payment plan with the hospital, just like we Americans have to do if we have no insurance!
Yes, Jack! It's time to play "Robin Hood" again! return to the tax payers the missused monies wasted on unnessary wars. tax the oil company for price gouging and return to social security all the stolden funds. charge the lender for loan sharking they have done.lets get the USA back on its feet by spending all tax dollars HERE ONLY!!! s