Your Money, Their Money: The election and what it means for your money by Adam Kirsch

There’s a lot at stake in this upcoming election, and whether you’re a political junkie like me, or couldn’t care less, we will all be affected in numerous ways by this election. First off, consider tax policies. How are income taxes effecting your parents? Is your family currently struggling? While taxes may or may not already be effecting you directly, they definitely will be in a few years. Whomever is elected will be running this country after you leave school and likely enter the workforce, and that means their tax policies will be determine your tax burdens. Take a look at the following table to see how the different plans might effect you and your family.

The other major issue here is college tuition. I think we can all agree that we are paying more than what is reasonable, so what do the candidates have in mind to help us out? In terms of fixes that deal directly with the dollars you spend, John Mccain’s website summarizes his ideas in terms of simplifying higher education tax credits and federal financial aid. Obama’s plans offer a $4,000 tax credit to every student, though with the requirement that 100 hours of community service be done in return. He would effectively make education at most public and community institutions free or close to free, but not for private institutions, like Syracuse. Additionally, Obama would get rid of the FAFSA forms, and would include a box to be marked on tax returns that would indicate interest in federal aid instead.

Now that you know some of the ways that the candidtes’ positions may affect your money, learn more, and go vote.

Sources:

http://www.barackobama.com/issues/education/#higher-education

http://www.dvorak.org/blog/wp-content/uploads/2008/08/tax.jpg

http://www.johnmccain.com/informing/news/PressReleases/ed12978d-a54f-471e-aeed-65c65bcba6da.htm