Obama Plans Spending Boost, Possible Cut in Business Tax

[DeepModem Mom]

Source: Wall Street Journal, page one

By BOB DAVIS and AMY CHOZICK
June 17, 2008; Page A1

FLINT, Mich. -- Sen. Barack Obama shed new light on his economic plans for the country, saying he would rely on a heavy dose of government spending to spur growth, use the tax code to narrow the widening gap between winners and losers in the U.S. economy, and possibly back a reduction in corporate tax rates.

In an interview with The Wall Street Journal, the Illinois Democrat said that he was trying to put together tax and spending policies that dealt with two challenges. One is the competition from rapidly growing developing countries, like India and China. The other: the U.S. becoming what he called a "winner-take-all" economy, where the gains from economic growth skew heavily toward the wealthy.

Sen. Obama cited new economic forces to explain what appears like a return to an older-style big-government Democratic platform skeptical of market forces. "Globalization and technology and automation all weaken the position of workers," he said, and a strong government hand is needed to assure that wealth is distributed more equitably. He spoke aboard his campaign bus, where a big-screen TV was tuned to the final holes of the U.S. Open golf tournament.

Sen. Obama's nod to lowering corporate taxes comes as Republicans have been attacking him for proposals that would raise the cost of doing business, such as his pledge to raise the tax rate on capital gains, and his vow to increase the top income-tax rates, which are often used by small, unincorporated enterprises....

He stressed the idea was not a move toward Sen. McCain's broader tax-cutting philosophy....



Read more: http://online.wsj.com/article/SB121366164848479237.html

[Whoa_Nelly]

1. I like that gif image...is there one anywhere that compares them on all issues?

I want to convince my son that McCain is wrong to vote for for all the right reasons.

Son is worried about the taxes re: over $250K, but is also disgusted with the out of control spending and deficit we have.

A simple side-by-side comparison may help.

Am hoping that he understands we can alter the spending by leaving Iraq.

[DeepModem Mom]

2. WSJ does these often, but I don't recall any others on specific issues. I'll be on the lookout...

and post if more become available. WSJ editorial is, of course, an evil place, but their news pages are not so bad -- and, wonder of wonders, Media Bistro had a recent piece from a liberal observer who thinks the paper may be better under Murdoch!

[Winterblues]

3. Without National Health Care none of it makes any sense.

All of our Corporations and local business' have to compete with countries that provide National Health Care. How can any of our Business' compete? Health Care is one of their largest expenses. Taxation alone can not and will not solve much. National health Care has to be the subject that all else is based upon..

[Indenturedebtor]

4. Agree, but remember that he will move us towards it

Suddenly nationalising everything would be a little dirty. That's where we want to get but we have to kill the ins companies first.

This seems like a good plan... except for cutting corp tax rates!!!!!! DON'T DO IT!

[The2ndWheel]

5. "Globalization and technology and automation all weaken the position of workers,"

Well, it's good to know that being obsolete will not mean that you can't exist.

It'll be fun to see how we're going to do nothing, but have everything.

[pattmarty]

6. He is surely going to have a HUGE task when he takes office.

I hope both he and the people he appoints are up to it. I have lived thru 11 Presidents so far, and I truly believe this is the biggest challenge to the Country since WWII.