If elected, Barack Obama proposes to…
- Cut income taxes for working Americans (up to $500 dollars per person or $1,000 per working family) to offset payroll taxes.
- Stop giving tax breaks to companies that ship jobs overseas and instead give tax breaks to corporations that hire American employees.
- Keep income tax cuts in place for everyone, except for couples making more than $250,000 and single filers with an income of more than $200,000.
- Eliminate income taxes on retired seniors making less than $50,000 a year.
- Offer $4,000 in tax credit to college-age students for help with tuition costs. To be eligible for this credit, the student must have completed 100 hours of community service.
If elected, John McCain proposes to…
- “Phase out” the Alternative Minimum Tax, which imposes a charge above a certain amount of exempt income. The tax was not indexed to keep up with inflation, so what was considered a “wealthy income” is now considered an income that falls into the middle class bracket.
- Make the Bush tax cuts of 2001 and 2003 permanent for everyone.
- Cut corporate income taxes, which would “keep businesses here, and it would keep jobs here and create jobs here.”*
- Give a $3,000 per-person tax credit to enable people to purchase health insurance.
*2008 GOP debate, Boca Raton, Florida, 01/24/08
-Chrisina
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