Promises, Promises - Can McCain or Obama really deliver on those promises for small businesses?
In the debate last night, we heard both John McCain and Barak Obama talk about taxes.
McCain says he will keep the current tax structure and not raise taxes on small businesses.
Obama says he will eliminate capital gains taxes for businesses.
But, as we all know, a promise is one thing. Keeping that promise is another. With the current financial situation and the commitments of the U.S. government to bail out everyone on Wall Street, can we reasonably expect that taxes won’t increase? Who is going to pay for all this stuff?
Consider this scenario: You and your spouse commit to bailing out a close friend who got into trouble. Your income can’t increase right now, so you either have to cut back on some expenditures or you figure ways to raise income.
The U.S. government has so many commitments right now (Social Security, Medicare, other spending), and it is already deeply in debt. There is nowhere to go except to raise income by raising taxes.
I’m not saying that Senators Obama and McCain don’t have good intentions. But intentions don’t pay the bills. Don’t believe anything you hear in the next month, from either candidate. Whoever wins will walk into a huge mess, and raising taxes may be the only way out.
Tags: , barak obama, business taxes, john mccainRelated Stories
POSTED IN: Boomer Businesses in Difficult Financial Times, Finance, baby boomer voters, business taxes
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