Why Both Obama and McCain Will Raise Taxes

Reason:  Adventures in Fiscal Fairyland: Why Both Obama and McCain Will Raise Taxes, by Steve Chapman:

When it comes to taxes, this election presents a clear choice. On one side you have a Democrat who proposes to raise taxes. On the other, you have a Republican who proposes to raise taxes.

I know, I know, John McCain says he wants to do just the opposite. In the second presidential debate, he opened by declaring, "We have to keep Americans' taxes low. All Americans' taxes low. Let's not raise taxes on anybody today."

That's a big part of his appeal both to ordinary voters—and to the 100 economists who signed a letter warning of the dire consequences of electing Barack Obama. Combined with his trade policies, they said, Obama's tax plan would "reduce economic growth and decrease the number of jobs in America."

But McCain's commitment to keeping taxes down is an illusion. Why? Because as soon as he had finished urging low taxes, he said he wants the Treasury to buy up bad mortgages and provide homeowners with new ones that they can afford. "Is it expensive?" he asked. "Yes."

No kidding. His campaign said his mortgage plan would cost $300 billion. ...  McCain would have us think—and he may even believe—that you can increase spending by $300 billion and not raise taxes. ...

The same criticisms, however, apply to Obama. His proposals would cost some $293 billion a year, according to the National Taxpayers Union Foundation—compared to $92 billion a year for McCain. (And that doesn't include the cost of the financial sector bailout measures.) Like McCain, he chooses not to pay for all of it.