Although the 2008 presidential race is expected to include a debate over various tax policy issues, taxpayers are going to probably wait for the general elections to hear much about them. The reason: because there already is consensus on the largest tax policy issues within both groups of primary candidates. This has caused the candidates to eschew most tax issues and focus on other key issues during the primary debates.

Top Republicans and Democrats alike make for prime examples. Republican candidates Mitt Romney and Rudy Giuliani both agree on making President Bush's tax cuts permanent, reducing corporate tax rates, opposing tax increases on private-equity-firm executives, and eliminating the estate tax. Democratic candidates Hillary Clinton and Barack Obama also make perfect examples. They both hope to revert back to the 39.6% top individual tax rate that President Clinton instituted before Bush’s 2001 tax cutes. They also seek to raise taxes on private-equity-firm managers and preserve the 45% estate-tax rate on some multimillion-dollar estates.

Currently tax issues do not seem to be getting much attention in the early primary debates. However, with the country’s economy worsening and ever increasing amounts of money being spent on military efforts, you can expect to see taxes discussed as a key topic in the upcoming general election debates.

Source: Wall Street Journal