- Create the American Opportunity Tax Credit: Obama will make college affordable for all Americans by creating a new American Opportunity Tax Credit. This universal and fully refundable credit will ensure that the first $4,000 of a college education is completely free for most Americans, and will cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students. Obama will also ensure that the tax credit is available to families at the time of enrollment by using prior year's tax data to deliver the credit when tuition is due.
PITTSBURGH — John McCain called Tuesday for the federal government to free people from paying gasoline taxes this summer and ensure that college students can secure loans this fall, proposals aimed at stemming the public’s pain now from the troubled economy.
In the longer-term, the certain Republican presidential nominee said he would double the tax exemption for dependent children and offer people the option of choosing a simpler tax system.
“We know from experience that no serious reform of the current tax code will come out of Congress, so now it is time to turn the decision over to the people,” McCain said in a sweeping economic speech at Carnegie Mellon University a week before Pennsylvania’s primaries.
To help people weather the downturn immediately, McCain urged 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.”
Now, while these both sound like decent ideas on the surface, I believe they are merely empty campaign promises, let me explain. If I am the President of a university, or CEO of Exxon, I know that the market has dictated a certain price for my goods/services. I can raise tuition/gas prices instantly to make-up the difference of these government subsidies. Which means, I make a lot more Benjamins, Obama and Juan McCain gain some political approval, and the American people gain nothing. In fact, we prob get our taxes raised to pay for this crap! Yeah...
Do not get me wrong, I am all about capitalism, and if Exxon can make $30 Million in a quarter, rock on, do your thing, but I get a little bent when politicians use smoke and mirrors to appease the masses, when the truth is that it will not change one thing in our daily lives.




