Obama:
Will cut taxes but when it expires, average US family will pay $2,500 more in taxes. (CNN and MSNBC never makes it known)
The Child Tax Credit will decrease from $1,000 to $500 a child
Income tax rates would rise around 3%-4.5%
AMT-Exemptions will decrease $6,500 per filer
Business tax expenses- Maximum deduction amount will decrease $75,000,from $100,000 to $25,000
Capital Gains- Rates will rise 10%-20%
Income tax burden-will raise about 5% for many workers
Marriage penalty created
Dividends-rates to increase from 15% to 40%
50% average increased tax rates on lower income houses
He may not raise taxes on average American, but by allowing tax cuts to expire, will raise household expenses on an average family.
MCCAIN:
Wi make the Bush tax-cut permanent. And will add additional tax cuts for middle-class Americans.
Entrepreneurs are at the heart of American innovation, growth and prosperity. Entrepreneurs create the ultimate job security – a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission. John McCain will keep the top tax rate at 35 percent, maintain the 15 percent rates on dividends and capital gains, and phase-out the Alternative Minimum Tax. Small businesses are the heart of job growth; raising taxes on them hurts every workers.
To all those who believe that Obamwill “never” raise taxes but rather will cut taxes- Yes he will cut our taxes but when his tax cut plan has expires, we will pay for higher taxes than we pay now..
HENCE, his plan of cutting taxes is just a POLITICAL STRATEGY and not a real rescur for every American families.
MCCAIN’s tax cut policy is permanent, and perhaps the biggest tax cut in history as Alan Greenspan says.
-from an ECONOMICS student.
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