Along with national security, aren’t taxes one of the issues most important to everyday people??? And aren’t our tax rates HIGH ENOUGH ALREADY!???? Don’t get me wrong, I think every American SHOULD pay taxes – it’s how any country is able to operate. But maybe it’s time to address government spending and overinflated programs instead of always forcing the citizens to foot the bill for more of the same!
Current Law: 35% – McCain: 35% – Obama: 39%
Current law: 10% – McCain: 10% - Obama: 15%
Capital Gains Rate – refers to taxation of financial gains accrued due to the sale of assets (stocks, etc.)
Current Law: 15% – McCain: 15% – Obama: 20%
Dividends Rate – refers to the amount paid on investment returns
Current Law: 15% – McCain: 15% – Obama: 39.6%
Death Tax
Current law: 0% by 2010 – McCain: 15% beginning at $5 million – Obama: 55% beginning at $1 million
Marriage Penalty (refers to a married couple paying a higher amount of combined income tax than if they each filed as “single”)
Current law: None Under $150,000 – McCain: None Under $150,000 – Obama: Full beginning at $1
Child Tax Credit – refers to a “per child” credit given to families upon filing taxes.
Current law: $1000 – McCain: $1000 – Obama: $500
Alternative Minimum Tax Rate – refers to taxpayers calculating their tax in two ways and paying the higher of the two
Current law: 28% – McCain: 0% – Obama: 28%
Self-Employment Tax Rate – self-employed now pay both regular and this additional self-employed tax.
Current law: 37.9% – McCain: 37.9% – Obama: 54.9%
Corporate Income Tax – The current US corporate tax is 2nd highest in the developed world.
Current law: 35% – McCain: 25% – Obama: 35%
Business Infrastructure – refers to how quickly a large business is allowed to deduct business expenses
Current law: takes 6 years to deduct expensese – McCain: Allow for full expensing - Obama: remain as is
As I’ve said before, I don’t really like either candidate but this is yet another reason that I see McCain as the better of the two evils…
Filed under: Stuff, World | Tagged: cut taxes, election, increase taxes, McCain, obama, political comparison, tax rates, taxation, vote for McCain, voting
I have enjoyed reading through your blog, but I’m not sure I get this post. It’s kind of unrelated to all the great information you have here. You said that you don’t really like either candidates implying that somehow you are non partial in providing this information to your readers. However I encourage everyone to Google your source. The fact is that “American’s for Tax Reform” are a partisan right leaning group. What is not mentioned here that none of these tax increases would apply to anyone making less than $250k per year (98.5% of all Americans). In fact a simple Google of the canidates tax plans would easily debunk this groups claims.
The non- partisan Tax Policy Center (www.taxpolicycenter.org) has done the most extensive study of the two’s tax policies. You can watch CNN report on the Policy Center’s findings here:
http://doubletalkexpress.wordpress.com/2008/07/12/cnn-exposes-john-mccains-tax-plan/
Now i ask you to approve this comment so that your readers and get both sides of the story as I approved your comments on my blog.
best wishes…
Hey Double – thanks for the participation!
I’m glad to post your comment – and glad to have a correction of my info. if it is in error. This blog is all about truth, so if I’ve got it wrong (and on these kinds of issues I would not be surprised), I want it to be corrected! I’ve not had the time to look over the link you gave me yet – but you can be sure I will!
Thanks again!