Comments on: How does the national debt affect the individual? http://www.accumulatingmoney.com/how-does-the-national-debt-affect-the-individual/ Because wealth is better than poverty, if only for financial reasons. Mon, 06 Feb 2012 01:49:45 +0000 hourly 1 http://wordpress.org/?v= By: Clint http://www.accumulatingmoney.com/how-does-the-national-debt-affect-the-individual/comment-page-1/#comment-44634 Clint Mon, 27 Oct 2008 04:16:07 +0000 http://www.accumulatingmoney.com/how-does-the-national-debt-affect-the-individual/#comment-44634 While McCain has historically favored deficit reduction over tax cuts, he has pledged not to rescind recent tax cuts in combination with reduced spending. McCain believes that lower taxes will stimulate the economy, and that the current deficit owes more to overspending than to tax cuts. McCain plans to balance the budget by the end of his first term.According to the Tax Policy Center, McCain's tax plans (by extending the Bush tax cuts and cutting corporate tax rates from 35% to 25% to increase investment, among other measures), would increase the national debt by nearly $5 trillion over 10 years, a nearly 50% increase. Obama advocates responding to the "precarious budget situation" by eliminating "tax credits that have outlived their usefulness", closing corporate tax loopholes, and restoring the PAYGO policy that prohibits increases in federal spending without a way to compensate for the lost revenue.Obama proposes extending the Bush tax cuts for low- and middle-income families, while letting taxes go back up for individuals earning over $200,000 or couples earning over $250,000. According to the Tax Policy Center this plan would increase the national debt by $3.5 trillion over 10 years, a nearly 35% increase. While McCain has historically favored deficit reduction over tax cuts, he has pledged not to rescind recent tax cuts in combination with reduced spending. McCain believes that lower taxes will stimulate the economy, and that the current deficit owes more to overspending than to tax cuts. McCain plans to balance the budget by the end of his first term.According to the Tax Policy Center, McCain’s tax plans (by extending the Bush tax cuts and cutting corporate tax rates from 35% to 25% to increase investment, among other measures), would increase the national debt by nearly $5 trillion over 10 years, a nearly 50% increase.

Obama advocates responding to the “precarious budget situation” by eliminating “tax credits that have outlived their usefulness”, closing corporate tax loopholes, and restoring the PAYGO policy that prohibits increases in federal spending without a way to compensate for the lost revenue.Obama proposes extending the Bush tax cuts for low- and middle-income families, while letting taxes go back up for individuals earning over $200,000 or couples earning over $250,000. According to the Tax Policy Center this plan would increase the national debt by $3.5 trillion over 10 years, a nearly 35% increase.

]]> By: Camille Krafty http://www.accumulatingmoney.com/how-does-the-national-debt-affect-the-individual/comment-page-1/#comment-44506 Camille Krafty Wed, 22 Oct 2008 17:29:36 +0000 http://www.accumulatingmoney.com/how-does-the-national-debt-affect-the-individual/#comment-44506 What are the presidentials'views of the national debt and their plan to reduce it. I haven't heard that talked about What are the presidentials’views of the national debt and their plan to reduce it. I haven’t heard that talked about

]]>