| Facts about Obama and McCain tax plans. |
| McCain would keep tax rates low for everybody, including higher-income people. For companies, he would slash them from the current 35 percent to 25 percent, arguing it is the best way to jolt the economy and create jobs.
Obama, who says his program would most help the squeezed middle class, would retain Bush tax cuts for families making less than $250,000 a year and individuals making less than $200,000. He would do away with them for people above those levels. The Illinois senator also has proposed raising the top marginal income-tax rate, now 35 percent, to 39.6 percent, and raising the current 33 percent rate to 36 percent. The money raised from tax increases on the wealthy would be redirected by Obama to tax relief for lower-income people. McCain has proposed increasing the dependent exemption, but not the personal exemption for the taxpayer and spouse, from $3,500 now to $7,000 by 2016. Both have proposed making marriage penalty relief permanent. Under Obama's approach, the wealthiest 1 percent of taxpayers, those making roughly $600,000 or more, would see their taxes go up on average by $93,709 in 2009, according to the nonpartisan Tax Policy Center, because Obama would begin putting in place the changes before the scheduled expiration of the Bush cuts. For McCain, those same wealthy taxpayers would see an average reduction of $48,860, reflecting in part additional cuts he is proposing. By contrast, the bottom 20 percent of taxpayers, with taxable income of roughly $19,000 per year or less, would see their taxes cut by an average of $567 under Obama's program and $21 under McCain's plan, the tax center estimates. For the 20 percent of taxpayers in the middle, making roughly between $37,600 and $66,400, the tax break would be $1,118 under the Obama plan and $325 under the McCain plan in 2009, according to the center's analysis. Obama would raise the top rate on capital gains and dividend income, now 15 percent, to 20 percent for families making over $250,000. McCain would keep both at 15 percent. Obama has proposed excluding people age 65 and older from federal income tax liability if they earn $50,000 or less, along with creating a new tax credit of up to $1,000 for lower- and middle-income families ($500 for individuals) to offset federal payroll taxes. McCain wants a 15 percent federal estate tax rate and a $5 million exemption. Obama has suggested a 45 percent federal estate tax rate and a $3.5 million exemption amount. Source: "Next President Will Be Handed a Fragile Economy" By THE ASSOCIATED PRESS - NY Times - October 5, 2008 |
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| Comments | Contributor | Date Submitted |
| I don't like either plan. P.S. As for Obama's qualifications to be President. I just saw this video and thought you might find it interesting as well. See what you think of it: Title: Citizen Grand Juries Indict Illegitimate Barake Obama for Treason http://freedomradio.us/Joomla/index.php?option=com_content&task=view&id=5069 (http://) freedomradio.us/Joomla/index.php?option=com_content&task=view&id=5069 P.S. I personally don't think Obama is the only possible illegitimate President we have had though. You see, the United States is the name of the capital of the United States of America and George W. Bush and Bill Clinton, neither one (for example), spent 14 years as resident of the United States (aka Washington DC) before running for the Presidency, now did they? | food for thought |
6/16/2009 |
| Hey Food, The Constitution stipulates that a person must be a natural born citizen and at least 35 years old to become president. What is the significance of 14 years in Washington DC? |
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6/17/2009 |
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