Mr. Shaman
Well-Known Member
- Joined
- Nov 27, 2007
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Instead of buying Gramps McBush's rhetoric, find-out for yourself!
Instead of buying Gramps McBush's rhetoric, find-out for yourself!
calidem411, here is a link to a 6 page PDF file on Obama's site that explains the plan in detail.
calidem411, I could have attempted to do it, but it would have been difficult to include everything and explain it without leaving anything out in the 10,000 character's alloted. In the interest of completeness and full disclosure, I gave you a link to the source. Six pages isn't a lot to have to read to understand the basics.
So, now can some of you from the right give me the basics of McCain's tax plan?
Without cutting and pasting from other sites;Explain to me how NObama will cut taxes to 95% of the american people???
John McCain Tax Plan:
1) Will permanently repeal the Alternative Minimum Tax (AMT) - a tax that will be paid nearly exclusively by 25 million middle class families. John McCain will repeal this onerous tax, saving middle class families nearly $60 billion in a single year.
2) Require a 3/5 majority vote in Congress to raise taxes, making it harder to raise taxes.
3) Cut The Corporate Tax Rate From 35 To 25 Percent. A lower corporate tax rate is essential to U.S. competitiveness. America was once a low-tax business environment, but as our trade partners lowered their rates, America failed to keep pace, leaving us with the second-highest rate among the world’s advanced economies.
4) Reward Saving, Investment and Risk-Taking: Low taxes on dividends and capital gains promote saving, channel investment dollars to innovative, high-value uses and not wasteful financial planning. John McCain will keep the current rates on dividends and capital gains
5) Allow First-Year Deduction, Or “Expensing”, Of Equipment And Technology Investments. Expensing of equipment and technology will provide an immediate boost to capital expenditures and reward investments in cutting-edge technologies.
6) Ban Internet Taxes
7) Ban New Cell Phone Taxes
8) Establish Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D. This reform will simplify the tax code, reward activity in the United States, and make us more competitive with other countries. This will also increase wages as productivity increases.
9) Double the personal exemption for families with children from $3,500 to $7,000
10) A refundable tax credit of $2,500 for single individuals and $5,000 for couples, if they receive a qualifying health-care policy from an employer (one that includes adequate coverage against large medical bills), or buy a qualifying policy on their own. The credit will replace the current tax rule, which excludes employer payments for health insurance from employees' taxable incomes.
11) Lower Medicare Premiums
To go along with this, there are some budget and spending reforms too:
1) Stop Earmarks, Pork-Barrel Spending, And Waste
2) Eliminate broken government programs. Reform our civil service system to promote accountability and good performance in our federal workforce. Reform procurement programs and cut wasteful spending in defense and non-defense programs.
3) Reform budgeting to treat equally spending and taxes and to stop damaging tax hikes.
4) Supplementing the current Social Security system with personal accounts
5) Control Medicare Growth
6) Lower Barriers to Trade
7) Overhaul the unemployment insurance program
In my opinion, the McCain Plan is more pro-growth and is sustainable for longer than the Obama plan. And of course, he would make the Bush tax cuts permanent. (Tax cuts that benefited us all)
A $500 tax credit for workers ($1,000 for couples)
A $4,000 tax credit for families with member in college (spend $4,000 on college and get it back as a tax refund)
A Universal 10% mortgage interest tax credit (I believe this one refunds 10% of interest paid on mortgage for those who itemize, but confess I haven't researched it as thoroughly as most because we don't have a mortgage)
Seniors making less than $50,000 will no longer pay taxes at all
Will expand Pension Savers' tax credit to include matching for 50% of the first $1,000 in savings for families making under $75,000 (this plan is for 401K or IRA type accounts)
Earned income credit will be available for both custodial and non-custodial parents who are current on their child support, will be larger for families with 3 or more children and will be adjusted to reduce the so-called marriage penalty with current system
Child care credit will be increased to include 50% of the first $6,000 paid in childcare by working parents
Up to a $7,000 tax credit for purchasing a 'green' vehicle (helps offset cost difference between regular and green vehicles)
Eliminates capital gains taxes on entrepreneurs and investors in small businesses. Caps all other capital gains and dividend tax rates at 20% (below the current cap and under Obama paid only by those making over $250,000)
Cuts corporate tax rates for companies that create American jobs (they get a tax credit for every American job they create)
Small Business will receive a 50% tax credit for its part of employee health care premiums for offering employees a health care plan.
Will make the Research & Development tax credit permanent so firms can rely on it being there when doing multi-year planning.
Will cut taxes on those making $250,000+ and corporations to the Reagan years' level and close a lot of the loopholes and tax credits they currently enjoy. This will cause a net gain in their taxation level.
Crack down on the use of international tax havens keeping companies from hiding monies to avoid taxes.
Does away with Estate tax on estates below $7 million. Continues current rate for those above $7 million