I would agree with your call to end such things as 'earned income credit' That money can go to better use. However, your case on 50%, the top pays more then the bottom half. That is a reflective of the current economic policies. How the disparity between poor and rich has grown and the middle class has shrunk. So those that have, bare the the burden of society.
Is it fair, no not really. But sometimes people need to think past themselves. And look at the greater good of the whole. So what is one less home, one less time share in Florida.
Or perhaps you favor a regressive tax, where the burden is tossed solely upon the bottom 50%. And as were at it, we should do away with unions. And we shall also do away with unemployment benefits. Really no need for those. Oh heck, just do away with all restrictions. And of course any student loans for those that come from a bottom 50%, put on hold. We'll save money there. Really they don't deserve it. After all they rarely pay it back.
But we could go to a flat tax across the board. Yet again the bottom 50% gets screwed. For if it is raised say such as the cap level of Hong Kong at 16%. While the loss of revue from the top. That just fuel the deficit.
The one I like is consumption tax. Do away with the income tax. That would be the fairest.
Both McCain and Obama are lying about taxes, only they don't realize it yet. Neither would realize it until after the election, when they want to get certain spending programs funded.
McCain is lying when he says he won't raise taxes. He should learn from George Bush I or Tim Kaine here in Virginia. You simply don't state that because either Congress will vote to raise taxes in their legislation they pass, or you will want taxes raised to fund certain things.
Obama thinks he'll only raise taxes on the upper earners, but that's a lie also. He wants certain programs funded, as does members of Congress such as Kerry (who wants a New Deal II type thing) and Barney Frank, for instance. So, to cover everything that Obama may want, he'll have to raise taxes across the board, because there won't be any spending cuts, especially not after the Bailout that we just passed for 700 Billion. We can't cut military spending while our troops are still overseas because that cuts funding for their benefits, their pay and the supplies and equipment they need.
So, in a nutshell, both candidates are lying about taxes even though they are making what they think are legitimate statements because they have no idea what next year will bring, and they have no idea what Congress will try to pass once they have a Democratic Supermajority.
Raising taxes on Capital Gains and Small and Medium Businesses actually will hurt, and will result in lower revenues, because there will be less incentive to invest money and to improve the staffing, et al at said businesses. This I know first hand because the owner of my small business I work for, who will feel the increase in taxes and capital gains, has already said he'll adjust accordingly.
Unions are fine, as long as you don't give them carte blanche to intimidate people into having to join them by taking away the secret ballot. Unions have served a good purpose but not everyone actually wants to be in one, and should have the right to decide not to be without intimidation.
Student loans are fine too as long as the people who borrow 160,000$ to get a master's degree in music don't default on them because they can't find a job after all of that in the field earning enough to pay it back. Things like this are done best in moderation and with some foresight.