McCain Policies Good For Farmers and Consumers

By Mike Yoder
Elkart County Farmer & Chairman
Indiana McCain-Palin Farm Team

A McCain-Palin team is a "slam dunk" for farmers in the agriculture policy game. They stand for increasing trade now rather than denying trade to countries that do not meet certain standards the Democrats refer to as "fair trade".

Senator McCain supports increasing agriculture research and science-based agriculture to feed a growing world population that's set to double in 20 years. He understands the importance of modern livestock production practices to provide affordable food.

The Democrats seem to have gotten most of their grain and livestock policy information from environmental groups' websites and the U.S. Humane Society - too much CAFO bashing occurs in the Democrat ag policy to make me comfortable as a dairy farmer.

MCain-Palin team strongly supports more oil exploration and that could help farmers lower their input costs.  The Democrats? Reluctantly, they have come to the table recently to support limited increases in oil exploration.

But farmers need to be looking at more than just a candidate's ag policy when they vote on November 4. The tax policy differences are huge between the two parties, and these differences will affect every farm family.

Wind fall profits. Barack Obama is beating up on the oil companies because market conditions have now increased profits in that industry. Without defining exactly what constitutes a "windfall", Obama wants to increase taxes on oil companies that make "too much" profit and send it back to the rest of America in the form of a "Making Work Pay" tax credit.

Before we talk more on this wealth re-distribution idea, let's consider a basic fallacy of this policy. What are the oil companies doing with those profits? Exactly what every business owner would do - trying to create more production so as to have more product to sell. I thought more oil was a goal - didn't you?

What about this basic concept of a business making "too much" money? US farmers are set to have back-to-back record years in profits because market conditions caused our commodity prices to increase. Does that constitute a "windfall profit"?

McCain supports extending the lower income tax rates passed in 2003. The other guy wants to repeal those. That means if your family's taxable income is $65,000, your tax rate will increase from 25% to 30.5%. If my math is correct, that is a tax increase of $3,575. In exchange he will give you a $500 tax credit from his "Making Work Pay" tax increase on those nasty oil companies.

In case you did not see the connection - with Democrats, the more you work - the more you pay, taxes that is. The other guy says that Americans need that money to help pay for their kid's college tuition and to make mortgage payments, etc. Must be he has forgotten that $500 does not even pay for your kid's books at college anymore.

McCain supports keeping the capital gains tax at 15%, the other guy will increase it. McCain wants to increase the estate tax (death tax) exemption to $10 million with a tax rate of 15% on the rest. The other guy - $7 million with a 45% tax rate on the rest.

McCain supported the 2008 legislation that extended the expensing option for businesses buying equipment and making technology investments, lowering taxes on small businesses. The other guy - we don't know because he was not present to vote.

The other guy is all about "change", which I agree is exactly what we will get with Democrats controlling the White House, the Senate and the House. The McCain team is all about creating additional wealth for every-day citizens with lower energy costs, lower taxes and more good paying jobs.

If you want "change" left in your pocket vote Democratic. If you want cash in the bank, vote the McCain-Palin team this fall.