Obama and McCain Tax Proposals

mccain obama Here are the alleged tax proposals
under a Barack Obama and McCain presidency. These figures were taken from the Americans for Tax Reform website and are not guaranteed to be accurate.

I do not vote on a candidate based solely on the amount they wish to change taxes, and there are many factors to look at besides money. A good business will thrive in any environment and entrepreneurs will always get new products and services to the marketplace.

It is important to have facts on a candidate before voting, and politicians tend to generalize their positions during elections.

A breakdown of tax changes by presidential candidate

   Present Law McCain  Obama
Top Personal Rate35%35%39.6%
Capital Gains Rate15%15%20%
Dividends Rate15%15%20%
Death Tax 10% by 201015%/$10 million 345%/$7 million 4
AMT Rate 528%0% (Repealed)28%
Small Business
Employer Rate 6
37.9%37.9%Up To 54.8%
Tax Hike
Marriage Penalty
N/AN/A$250,000 MFJ
$200,000 Single 7
Corporate Income Tax 835%25%35%
Business Infrastructure 9Long and Complex
Full ExpensingLong and Complex
Windfall Profits Tax On
Energy Companies 10
NoneNoneYes Rate

Explanations and sources of tax rates for the 2 presidential candidated

  1. Inheritance tax
  2. CNBC Closing Bell. March 27, 2008
  3. The first $5 million ($10 million for a surviving spouse) of an estate would be death tax-exempt (Source: johnmccain.com)
  4. The first $3.5 million ($7 million for a surviving spouse) of an estate would be death tax-exempt (Source: barackobama.com)
  5. The “alternative minimum tax” (AMT) requires taxpayers to calculate their taxes two ways, and pay whichever method results in a higher tax owed
  6. Self-employed taxpayers pay both ordinary income tax and self-employment tax (Social Security and Medicare). According to the NFIB, most small business employers make at least $250,000 per year (Source: nfib.org)
  7. Barack Obama has said he would raise taxes on married couples making $250,000 and individuals making $200,000 per year (Source: barackobama.com)
  8. The U.S. corporate income tax is currently the second-highest in the developed world. The average European corporate income tax rate is about 25%
  9. It takes larger businesses several years to deduct machinery and equipment, even though they purchase the business asset in year one (e.g. a computer must be slowly-deducted over six calendar years)
  10. Above and beyond the current 35% corporate income tax rate on energy companies

Source: Americans for Tax Reform www.atr.org


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4 Responses

  1. Taxes must not be enacted for affiliate marketers – online businesses do not have a physical presence in states.

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