Tax policy numbers don’t lie
Though both candidates have claimed roles as champions of the middle class in the recent presidential debates, I thought we better look at the facts hidden in both parties’ tax policy plans.
The Democratic plan extends all the current income tax rates except for the top individual rate. In other words, this plan allows the income tax rates to return to what they were under the Clinton Administration. In addition, it extends all the tax provisions of the 2009 stimulus. The Democratic plan would ensure that the bottom 90 percent of Americans will see no increase in taxes in this tough economy.
The Republican plan extends all current income tax rates, including the cuts for the highest income earners left over from the Bush Administration. Second, and most importantly, it lets certain low-income provisions of the 2009 Stimulus expire.
Under the Republican proposal, every change, or decrease, in after-tax income applies to the bottom 95 percent of income earners. Hardest hit are the bottom 20 percent of income earners, who will see an average decrease in after-tax income of 1.5 percent ($194). In contrast, the top 1 percent and 0.1 percent are the only income groups who see absolutely no tax increase.
Both our political parties adamantly claim to be fighting for the middle class, but the numbers indicate that only one is. The Democratic plan defends the tax provisions aimed at middle and lower income earners. In this respect, President Barack Obama is correct when he argues that middle class Americans’ checkbooks are being held hostage until the top 1 percent sees their tax cuts extended. Republicans can continue to portray themselves as the protectors of the middle class (I certainly expect they will) -— however, the beautiful thing about numbers, as opposed to our current representatives, is that they do not lie.
Junior, international relations
Messaging Director, USC Trojans for Obama
Romney’s tax policy is best for Americans
Many questions have been raised about the next four years, but very few answers have been given.
One fundamental issue we must address in this election is the proportionality of the tax burden: If there are those among us who, by virtue of their success and entrepreneurship, must pay more. As Shakespeare said, “One may smile and smile, and be a villain.” So Mr. President has told us about Obama’s America: where the price of hard work and the enjoyment of the fruits of your labor are higher taxes and stringent regulations in order to finance the idealist vision of state-run enterprises. Research by GQ and my own obtained from President Barack Obama’s campaign website have indicated that welfare payments from the federal government have ballooned in the last four years.
On the other hand, there is another candidate who knows full well that Obama’s America is not the America we know. It is not the America our parents knew; it is not the America we really believe in. Republican presidential candidate Mitt Romney will not single out a class of citizens for their perseverance, nor the middle class with the Alternative Minimum Tax, as Obama has done for the past four years. From the last three debates, we have seen that a vote for Romney is the vote for a fair budget, fair taxes, an investment in the protection of Syria (bayonets included), our partnership with Israel and a better economy.
Member, USC College Republicans