Want lower gas prices..now HERE is an idea!

[Army_of_One]

McCain Proposes Break in Gas Taxes

PITTSBURGH (AP) - John McCain wants the federal government to free people from paying gasoline taxes this summer and ensure that college students can secure loans this fall, a pair of proposals aimed at stemming pain from the country's troubled economy.

At the same time, the certain Republican presidential nominee says Democratic rivals Barack Obama and Hillary Rodham Clinton would impose the single largest tax increase since World War II by allowing tax cuts pushed to passage by President Bush to expire.

"Both promise big 'change.' And a trillion dollars in new taxes over the next decade would certainly fit that description," McCain said in remarks prepared for delivery Tuesday. "All these tax increases are the fine print under the slogan of 'hope:' They're going to raise your taxes by thousands of dollars per year - and they have the audacity to hope you don't mind."

That was a play on the title of an Obama book.

To help people weather the downturn immediately, McCain was calling for Congress to institute a "gas-tax holiday" by suspending the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day. He also renewed his call for the United States to stop adding to the Strategic Petroleum Reserve and thus lessen to some extent the worldwide demand for oil.

Combined, he said, the two proposals would reduce gas prices, which would have a trickle-down effect and "help to spread relief across the American economy."

Addressing the feared fallout of the ongoing credit crunch, McCain also said the Education Department should work with the country's governors to make sure that each state's guarantee agency - nonprofits that traditionally back student loans issued by banks - has both the means and the manpower to be the lender-of-last-resort for student loans.

Lawmakers, students and financial experts are worried that the credit crisis might make it more difficult for students and their families to find loans. Nearly two dozen lenders have dropped out of the federally backed student loan program.

Among other proposals, McCain said he would:

_Raise the tax exemption for each dependent child from $3,500 to $7,000.

_Require more affluent people - couples making more than $160,000 - enrolled in Medicare to pay a higher premium for their prescription drugs than less-wealthy people.

_Offer people the option of choosing a simpler tax system with two tax rates and a standard deduction instead of sticking with the current system.

_Suspend for one year all increases in discretionary spending for agencies other than those that cover the military and veterans while launching an expansive review of the effectiveness of federal program.

My Way News - McCain Proposes Break in Gas Taxes

[Bandit]

Do you honestly think the gas stations would lower gas prices for a "gas tax holiday"? They would keep prices right where they are and just pocket that 18.4 cents.

I love the idea of tax breaks, but it is really easy to promise tax breaks to get elected, then not keep that promise. He is proposing all these tax breaks, how does he plan on paying off our country's multi-trillion dollar debt?

[Army_of_One]

Originally Posted by Bandit

Do you honestly think the gas stations would lower gas prices for a "gas tax holiday"? They would keep prices right where they are and just pocket that 18.4 cents.

I love the idea of tax breaks, but it is really easy to promise tax breaks to get elected, then not keep that promise. He is proposing all these tax breaks, how does he plan on paying off our country's multi-trillion dollar debt?

The tax breaks aren't promised...they are proposed and will or won't happen way before the election...unlike many of Hillary or Bo's "promises".

Any tax break should result in trickle down spending. We are not going to pay off our debt overnight. Right now any tax break that would put money in people's pockets and get them moving the economy forward would be a good thing.

[wordsmythe]

Originally Posted by Army_of_One

The tax breaks aren't promised...they are proposed and will or won't happen way before the election...unlike many of Hillary or Bo's "promises".

Any tax break should result in trickle down spending. We are not going to pay off our debt overnight. Right now any tax break that would put money in people's pockets and get them moving the economy forward would be a good thing.

Reganomics didn't work when he was alive.

[Made in the USA]

Why in the hell is gas cheaper in surrounding towns, than in DC??? The "Good Old Boy" network??? Really pisssssses me off!!

[Bandit]

Kind of like I wonder how gas can go up 20 cents overnight, yet it takes about 2-3 weeks to fall 20 cents.

[aft_lizard01]

Originally Posted by wordsmythe

Reganomics didn't work when he was alive.

You are right, the tax income increased while he was in office, taxes decreased, unemployment went down, income increased but that darn dem led congress and senate kept spending more than we were earning. Yep reagonomics was a total failure.

[Army_of_One]

Originally Posted by wordsmythe

Reganomics didn't work when he was alive.

Reaganomics...

*Inflation averaged 12.5 percent when Reagan entered office, was reduced to 4.4 percent when he left.

*Interest rates fell six points.

*Eight million new jobs were created as unemployment fell.

*An eight percent growth in private wealth.

*The primary reason the deficit grew during the Reagan years was the Cold War military buildup.

*Between 1978 and 1981 the top capital gains rate was cut from 35 percent to 20 percent and revenues soared by 90 percent in real terms between 1978 and 1985.After Congress lifted the rate to 28 percent in 1986, capital gains revenues declined by 20 percent by 1990.

*The average annual growth rate of real gross domestic product (GDP) from 1981 to 1989 was 3.2 percent per year, compared with 2.8 percent from 1974 to 1981 and 2.1 percent from 1989 to 1995. The 3.2 percent growth rate for the Reagan years includes the recession of the early 1980s, which was a side effect of reversing Carter's high-inflation policies, and the seven expansion years, 1983-89.

*When Reagan took office in 1981, the unemployment rate was 7.6 percent. In the recession of 1981-82, that rate peaked at 9.7 percent, but it fell continuously for the next seven years. When Reagan left office, the unemployment rate was 5.5 percent.

*Real median family income grew by $4,000 during the Reagan period after experiencing no growth in the pre-Reagan years; it experienced a loss of almost $1,500 in the post-Reagan years.

You are right Wordy...Reaganomics was a total failure. We should have just had another 4 years of the Democrat Jimmy Carter....

[88-31-10]

Originally Posted by aft_lizard01

You are right, the tax income increased while he was in office, taxes decreased, unemployment went down, income increased but that darn dem led congress and senate kept spending more than we were earning.

[quote=Army_of_One;68630]Reaganomics...

*The primary reason the deficit grew during the Reagan years was the Cold War military buildup./[quote]


Seems as if the sheeple have differing viewpoints as to the cause of the massive deficits....................................

[Army_of_One]

Originally Posted by 88-31-10

sheeple ......

You must have had lunch with Wordy....