Tax Carnival #40: Late Labor Day
Property problems for Charles Rangel

Democrats, Republicans and taxes

The conventions are winding down and then the real fun begins.

Word is that in accepting his party's nomination tonight, some folks are encouraging John McCain to talk about taxes. That should get the prime-time ratings right up there with Barack Obama's spotlight night last week!

Honestly, though, taxes are an issue the next president and Congress must deal with. In the first term of our 44th president, many of Dubya's tax cuts are scheduled to sunset. It's going to be fun watching that "perfect tax storm" deadline of Dec. 31, 2010, approach, especially since Congress so often waits until the last minute to deal with any legislation.

It's going to be entertaining scary infuriating interesting to watch the deadline approach, not to mention that actual legislative debate that accompanies it.

Donkey_elephant_silhouettes_3 So what do the two parties have to say about taxes? The answer is in their party platforms.

Lucky for us, the TaxProf has plowed through the two party's platforms and pulled out the tax-related planks.

The Democrats call for reform of a tax code that's "thousands of pages long, a monstrosity that high-priced lobbyists have rigged with page after page of special interest loopholes and tax shelters."  Click here to read the full Democratic Party Platform.

The Republicans are sticking with "we believe you should keep more of what you earn." Click here to read the full Republican Party Platform.

Like I said, now the real fun begins.

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