By admin1 | November 7, 2008 - 11:25 am - Posted in Small business
(Here’s an article of great value to small business owners, www.GBN-Online.com)
Election 2008: Obama on the Economic Issues
Democratic Presidential nominee Senator Barack Obama on taxes, jobs, education, health care, the financial crisis, and retirement.
By Jane Sasseen, Moira Herbst, Phil Mintz, Catherine Arnst and Theo Francis
Obama on Taxes
· Income Taxes: Senator Barack Obama (D-Ill.) would hold most income tax rates steady, making permanent the Bush tax cuts for the vast majority of individual taxpayers. With those cuts scheduled to expire in 2011, he would allow rates for households making more than $250,000 (or individuals making more than roughly $200,000) to return to earlier levels. Earners who now pay today’s maximum 35% rate would see their top marginal rate go back to the 36.9% in effect in the Clinton years, for example.
· Estate Taxes: Obama proposes setting inheritance taxes permanently at 45% on estates over $3.5 million.
· Capital-Gains Taxes: Obama would again limit any increases in capital-gains rates, as well as taxes on dividends, to households making more than $250,000 or individuals bringing in more than $200,000. For those folks, he proposes increasing the maximum rate to somewhere between 20% and 25%.
· New Tax Cuts: Obama has proposed a handful of new tax credits and other adjustments aimed at helping struggling families, students, and others. He would institute a refundable tax credit of 6.2% of earnings, up to a maximum of $8,100, for example, along with a refundable mortgage credit equal to 10% of loan payments for homeowners who don’t itemize their deductions. Students would be eligible for a $4,000 annual credit to help defray college costs, while Obama would eliminate income taxes for seniors making less than $50,000.
· Economic Stimulus: more……….
· Income Taxes: Senator Barack Obama (D-Ill.) would hold most income tax rates steady, making permanent the Bush tax cuts for the vast majority of individual taxpayers. With those cuts scheduled to expire in 2011, he would allow rates for households making more than $250,000 (or individuals making more than roughly $200,000) to return to earlier levels. Earners who now pay today’s maximum 35% rate would see their top marginal rate go back to the 36.9% in effect in the Clinton years, for example.
· Estate Taxes: Obama proposes setting inheritance taxes permanently at 45% on estates over $3.5 million.
· Capital-Gains Taxes: Obama would again limit any increases in capital-gains rates, as well as taxes on dividends, to households making more than $250,000 or individuals bringing in more than $200,000. For those folks, he proposes increasing the maximum rate to somewhere between 20% and 25%.
· New Tax Cuts: Obama has proposed a handful of new tax credits and other adjustments aimed at helping struggling families, students, and others. He would institute a refundable tax credit of 6.2% of earnings, up to a maximum of $8,100, for example, along with a refundable mortgage credit equal to 10% of loan payments for homeowners who don’t itemize their deductions. Students would be eligible for a $4,000 annual credit to help defray college costs, while Obama would eliminate income taxes for seniors making less than $50,000.
· Economic Stimulus: more……….
