When it comes to taxes, it’s usually a matter of cutting them or raising them. But as any taxpayer knows, the tax code is a complicated being. There are all kinds of taxes (income, capital gains, inheritance, corporate), never mind credits (child care, healthcare, education. investment). And let’s not forget the Alternative Minimum Tax, or AMT, which every politician would love to hate were it not so critical to the federal balance sheet. So, reform-minded or otherwise, here is where the candidates stand.
Supports the continuation of Bush Administration tax cuts. Believes that high business taxes are driving jobs over seas and views his $1.7 trillion corporate tax cut as the solution to keep jobs at home and grow wages. Proposes a middle class tax cut that would save 25 million families more than $2,000 annually; would double the value of exemptions from $3500 to $7000; opposed to the Alternative Minimum Tax. Seeks permanent and immediate reform of the estate tax; would raise the tax exemption to $10 million and cut tax rate to 15 percent.
Would deliver $80 billion-$85 billion in tax cuts annually. Wants tax breaks for seniors and homeowners as well as a credit to offset payroll taxes. Would exclude some 10 million people from income taxes, including seniors making under $50,000 annually. Supports increases in capital gains and dividend tax rates to as much as 28%. Would increase taxes on off-shore businesses and eliminate tax breaks for oil and gas companies. Supports a carbon tax.
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Current DateTime: 09:04:12 22 Nov 2009 LinksList Documentid: 24373154