Former President Calvin Coolidge once asserted that, “collecting more taxes than is absolutely necessary is legalized robbery.”
The upcoming presidential election is plagued with political, economic and social issues, most of which can be tied to the economy.
Republican Sen. John McCain is the only candidate who offers a cohesive economic plan to benefit future generations that hope to permanently abandon the ramen-noodle diet after college. Instead of offering speculative short-term solutions to stimulate the economy, McCain advocates policies directed toward prolonged growth and stability. McCain’s economic policies aim to cut taxes, increase foreign investments and increase employment opportunities by focusing on corporate tax cuts.
At first glance, it is natural to think that corporate taxes are of as much concern to college students as gas prices are to toddlers, but a second glance brings about the realization that one day those toddlers will be driving. Currently, corporate taxes are set at 35 percent, and businesses have responded by sending jobs overseas. McCain will cut corporate taxes by 10 percent, bringing jobs back to the United States. Perspective graduates can agree that it is hard enough to find a job after college without the added baggage of outsourcing.
McCain aims to further reduce taxes by repealing the Alternative Minimum Tax that plagues members of the middle class. The original intent to manage upper class tax-payers has trickled down to the middle class, allowing the government an additional $60 billion in tax revenue each year. Discontinuing the AMT would save middle-class families an average of $2,700 annually. Decisions regarding tax cuts are generally left to Congress, and McCain aims to give individuals a greater hand in the process. McCain wants to expand citizens’ opportunities to voice their opinions by cutting the gas tax from Memorial Day to Labor Day. Who can argue with cheaper gas? Tax cuts may not seem like the solution to college students’ concerns, but it is clear that taxes and economics impact all aspects of policy, and McCain is the only candidate whose platform incorporates all classes and concerns.
Amy Kaufman is a senior in the College of Arts and Sciences and president of the SLU College Republicans.