Let's clear up the misconceptions about Barack Obama's Tax Plan.
First of all Obama is proposing to raise taxes of only the most affluent Americans, those who earn over $250,000 a year.
He would also triple the earned-income tax credit for low-wage earners and increase work incentives for those Americans at the bottom.
His plan would also cut taxes for the middle class.
Here are some comments about the Obama Tax Plan:
Rea Hederman Jr., a senior policy analyst at the conservative Heritage Foundation "said the middle class would likely pay less under Mr. Obama's plan than Mr. McCain's." [NY Sun, 8/15/08]
Obama’s tax calculator is “a very simple gadget that’s the most useful thing I’ve seen on any political website in a while.” [Forbes.com, 10/08]
The Obama Tax plan will definitely broaden tax relief of the middle and lower class and cut taxes for small businesses and those companies that keep jobs in here in the United States.
Obama also has a plan to have the government invest in health care, clean energy, education and innovation. His plan will create jobs and help protect domestic jobs.
Find out more of the Obama Tax Plan
Here is more on his plan:
- Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.
- Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and accumulate wealth.
- Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.
- Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their own taxes in less than five minutes without an accountant.
- A $1,000 Tax Credit
- A refundable $4,000 American Oppportunity Tax Credit
- A Universal 10% Mortgage Interest Tax Credit
- Elimate Income Taxes for Seniors Making Less than $50,000
- Expand retirement savings incentives
- Health Care Credits
- Expand the Earned Income Tax Credit
- Expanded Tax Credits for Clean Vehicle
- Simplify Tax System
3 comments:
I can't believe that Sen.Obama is going to give all of these tax credits & lower taxes for the middle class people. We have a 11 trillion dollar debt. I really don't think Obama & McCain have any idea what middle class is,it's people like me that make 40 to 90 thousand dollars a year. To lie to the American people that they're going to help the middle class,how? Who's going to make the economy stronger. I don't think either one of them are telling us that the middle class pay the bulk of the taxes. Now they're saying they want to give us tax breaks & lower taxes. Sorry to think this way but I think they're both liar's & I can't believe the American people believe this is going to help the economy. Please explain what they're saying,because there's got to be something in the fine print? There both just trying to get votes, because they have to raise our taxes!
Okay, tried to caculate my tax cut, but the amount for the total income for me is not there. My income is well under 20,000. So please, how can I understand how this tax proposal will help me if I don't get to actually see how it is going to help me?
Grannysue,
Sorry to crush your hopes, but you're going to pay it all back in products and other indirect taxation. When Obama starts to tax (if he's stupid enough to)major corporations, all they're going to do is lay people off and raise prices.
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