Taxing Times: Experts Talk Election & Taxes
As Sen. Barack Obama (D-IL) leads in electoral votes, according to NBC News, CNBC asked the experts their view on the candidate's tax plan.
Doll: Tax Rates To Rise
“We would argue that tax rates are going up for either candidate, which is important for markets, capital gains and dividends, but probably going up faster under Barack Obama than John McCain.”
Bob Doll, BlackRock vice chairman
“SCHIP, the State Children’s Insurance Program… vetoed twice by President Bush; we’ll get it right away and it’s going to be paid for by a big hike in cigarette taxes. So for the tobacco stocks right out of the box in ’09, I think they have a big dark cloud over them.”
Greg Valliere, Stanford Financial Group
Obama the Tax Cutter?
“I think for the most part he’s [Sen. Barack Obama, D-IL] talking about tax cuts, tax relief so he can stimulate the economy so he can kind of fast-forward that redistributionist urge that he has into the stimulus package… And then when we get into the tax reform debate, literally if it’s like 1985, 86 or 1995, it’s something that will spook the heck out of Wall Street and it will force every major constituency that has any kind of tax relief preference written into the code to come to Washington. So, I think he’ll push it back.”
Chuck Gabriel, Capital Alpha Partners
Obama the Tax Hiker?
"You have any idea how high taxes will have to go when you factor in the real cost of national health care, which he will do, the real cost of the bailout and the real cost of the war?"
Jack Burkman, J.M. Burkman & Associates attorney