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McCain & Obama's ongoing debate on taxes ignores inflation tax.(Inside Track)(John Mccain and Barack Obama)(Brief article)
John McCain and Barack Obama have accused each other of offering tax proposals that would hurt the middle class. On October 18, McCain said that Obama's tax plan "would convert the IRS into a giant welfare agency, redistributing massive amounts of wealth at the direction of politicians in Washington." On the same day, Obama said that "McCain wants to give the average Fortune 500 CEO a $700,000 tax cut but absolutely nothing at all to over 100 million Americans."
In the back-and-forth between McCain and Obama on tax policy, McCain has repeatedly referred to "Joe the Plumber": Joe Wurzelbacher, the Ohio plumber who elicited Obama's comment that "when you spread the wealth around, it's good for everybody."
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Media reports about the candidates' tax debate ignore the fact that direct taxation only represents part of the cost of government. When ...
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