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I'm not exactly sure what is specific tax policy is so I can't effectively respond. I've read several different things, mostly about this $250,000 number but then I read a quote from him that its between $200k and $250k. I've also heard conflicting numbers regarding the $1,000 credit to offset payroll taxes regarding who will actually get that.
If someone could provide some more details on some of the specifics of his plan, I would have better information to comment on.
www.kansascity.com | 10/29/2008 | Tax experts see little difference between Obama's, McCain's plan for small businesses (http://www.kansascity.com/445/story/864515.html - broken link)
Whose tax plan is better for you? Obama vs. McCain :: CHICAGO SUN-TIMES :: Barack Obama (http://www.suntimes.com/news/politics/obama/1031268,CST-NWS-tax30.article - broken link)
Thank you again. Interesting that you're not getting a big response.
It takes time to read through the information on the links plus I have other things requiring my attention.
Okay, question...this came from one link - can you tell me by how much will this offset the raise in taxes when the Bush tax cuts are allowed to expire? Also, I see no limits here so does that mean its $500 and $1000 for all tax filers with earned income?
[LEFT]A tax cut for 95 percent of workers and their families – plus seniors. Barack Obama
proposes a permanent tax cut of $500 for workers and $1,000 for families. A first round
of these tax cuts could be mailed out quickly by the IRS based on tax returns already filed
for tax year 2007. In addition, Obama would extend these expedited tax credits to senior
citizens who are retired as a down payment on his plan to eliminate taxes for all seniors[/LEFT]
making up to $50,000.
TAX CUT
Married Couple Making $75,000 with two children, one of whom is in college $3,700
[includes $1,000 Making Work Pay; $500 universal mortgage credit; and $4,000 college credit net of current college credits]
Married Couple making $90,000 $1,000
Single Parent making $40,000 with two young children and childcare expenses.$2,100
[includes $500 making work pay; $500 universal mortgage credit, and $1,100 from Obama expansion of the child care tax credit]
70-Year Old Widow Making $35,000$1,900
Correct me if I'm wrong, but the $500 universal mortgage credit is for those with a mortgage who do not itemize. According to his site, it is an average. Its actually a 10% refundable credit...is this 10% of the interest paid? Is it capped at $500? I couldn't find answers to these questions.
Last edited by vukinjo; 10-29-2008 at 02:26 PM..
Reason: formatting
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Another tax question
