The Cato Institute hosted a policy forum today entitled McCain and Obama: Comparing Their Economic Platforms. One of the three speakers, Dan Mitchell, summed the future of the American taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. burden up quite nicely:
No matter who wins, it’s going to grow.
Mitchell also offered a fair comparison of the two distinct tax proposals. Obama’s plan, according to Mitchell, means “higher taxes on work, savings, and investment.” He pointed out that politicians understand the economics at play when they tax activities like smoking: higher taxes, less smoking. Why then, he asked, would we want to increase taxes on work, savings, and investment?
As for McCain, Mitchell states that his agenda is much better than Obama’s at encouraging economic growth and development. McCain’s track record, however, left Mitchell unsure of the sincerity of this election season proposal.
To watch a video of the conference the Tax Foundation cosponsored in April on the candidates’ proposals, click here.
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