Never have I struggled with a presidential election like I am this year. I'm going to put aside my moral disagreements with the democratic party (sorry but abortion rights doesn't really play out in presidential politics) and discuss the two things that have the most relevance to me in this election namely; taxes and healthcare (didn't see that one coming did you?).
Healthcare:
I do not like Obama's healthcare plan because I don't believe healthcare is a right. I don't believe it is the government's job to make sure everyone is covered by paying for their healthcare, and I don't believe that I should have to pay taxes to support an expensive government plan.
I like McCain's plan but I don't think it will work. McCain claims that by taxing healthcare dollars and giving healthcare credits to American's everybody will be able to afford health insurance. If the healthy in the country use that money for catastrophic insurance because that's really all they need then the cost of full coverage will necessarily go up because only those who need it will be paying the premiums. This is a horrible idea.
In the end I do believe it is irresponsible for anyone to go without health insurance and if the government has to step in to make sure everyone get's covered then the government needs to step in. As I don't think McCain's plan will work I have to go with Obama on this one.
Taxes/Economy:
Anyone who knows me knows that I hate Robin Hood economics. I disagree completely with any plan that increases taxes in the higher tax brackets while increasing credits for lower wage earners. I also do not like the way the current administration has given so many credits to the executives and stock owners in this country. It truly is a shame that the very richest people in the country pay a lower percentage in taxes than the middle class because of capital gains and dividend tax rates.
Obama's plan will result in an increase in taxes for those making over $250,000 while giving all kinds of credits as the income goes down. He will also repeal the current capital gains and dividend tax rates and replace them with much higher rates.
McCain will decrease taxes across the board, but moreso for the higher wage earners. McCain will keep the capital gains and dividend taxes at the low rates they currently are at. Once again I like the McCain tax plan, but just like his healthcare plan I don't see how it will work. McCain's plan will not support the other plans he proposes. Whether or not you agree with the war the one thing that is certain is that it will definitely continue under a McCain presidency and it is not cheap to do so.
If I were to propose a plan it would include more taxes for capital gains and dividends as opposed to salary taxes. I would increase taxes on luxury items such as expensive cars, luxury hotel rooms, and chartered jet flights. There are obviously many more things that fit into the luxury purchase category, but by taxing these items the democrats get to tax the higher wage earners while not punishing those who are trying to save for the future. As I've said I don't like the uneven tax code, but if a person or company can afford to travel from the airport in a limo or a helicopter they can certainly pay a premium in taxes for that luxury. Of course this would mess up the whole tax system because many of these luxury items are bought by businesses and are actually used as tax write-offs. Tell me that isn't a little bit backwards?
In the end I don't think McCain's plan is wise and while I don't agree with Obama's plan in principle I don't think it will kill the economy. On a personal level I don't plan to be making $250,000 in salary anytime in the near (or distant) future. My investing approach involves buying individual stocks for the long term (no capital gains) without worrying about a fixed income at the present time (few dividends). My only mutual funds are held in my 401k (tax deferred). Obama's plan actually puts more money back into my pocket. As much as I hate it I have to go with Obama again on this one.
I don't consider myself a dyed-in-the-wool republican, but I have always voted along party lines. Should I feel bad that I am seriously considering voting for the senator from Illinois?
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2 comments:
No, I don't think you should feel bad at all. You might get disinherited, however.
(That's okay though--all the more for me, and I'd share with you.)
I did the early voting and voted on Friday. It was a tough call.
Jacob, I'm impressed.
Quick point: While I agree that healthcare is not a "right", our society values (or should value) human life and basic human needs above anything else, which is why some social-medicine solutions are necessary. For example, government led initiatives to eradicate polio, smallpox, and other viruses. Not only do these government programs help increase the good health of the state's citizens, it helps decrease the cost of caring for persons with these ailments. The question is not whether the government should intervene in a person's healthcare, it's a question of to what extent and how much they should spend to do so. Certainly I would not want the government to overtax the people to spend money on every health need/want of the community. On the other hand, every person, both the poor and the rich, should be able to afford the cost of basic healthcare, such as doctor visits, medication, and serious diseases. Right now the American people cannot afford healthcare, period. I like the idea of greater government intervention so that all persons, regardless of income, can afford healthcare, and hopefully at a minimal cost to the taxpayer.
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