TAXES AND ENERGY PLAN
Proposals by Presidential Candidates
John McCain & Barack Obama
Both presidential candidates promising to rid the nation of foreign oil, clean up the air, address climate change and ensure Americans have dependable energy sources.
Baby Boomers have concerns about Taxes and Energy Policies as we consider who we are going to vote for in the 2008 presidential campaign.
Here are Proposals by the Presidential Candidates -
Sen. John McCain & Sen. Barack Obama.
Barack Obama:
“I think it’s time to restore fairness and responsibility to our tax code. We need to reward work—not just wealth. We need to stop giving tax breaks to companies that ship jobs overseas, and put a tax cut in the pockets of middle-class Americans.”
Obama's Proposals:
• Eliminating income taxes for people over 65 who earn $50,000 or less.
• Repealing President Bush’s tax cuts for those who earn more than $250,000.
• Raising the capital gains tax rate above the current 15 percent level.
• Raising payroll taxes on those with annual salaries of more than $250,000, the wealthiest 3 percent of Americans.
• Providing a $1,000 income tax credit for families ($500 for individuals) with income of up to $75,000; a universal mortgage credit of up to $500 for people who don’t itemize their taxes; and an annual $4,000 tax credit to cover two-thirds of the tuition at an average public college.
• Setting the estate tax rate at 45 percent with an exemption for the first $3.5 million.
• Imposing a windfall profits tax on oil companies.
• Establishing a foreclosure prevention fund to help stabilize the housing market.
• Investing in research and development for alternative energy.
• Closing special interest corporate loopholes and deductions.
• Extending and indexing the current alternative minimum tax.
John McCain:
“We’ve got to reform the tax code. Nobody understands it. Nobody trusts it. Nobody believes in it. And we have to fix it. And we can’t raise taxes as our Democrat friends want. So I don’t know exactly who’s paying the most of the burden, but I would say that the American people need a tax code they can understand and that they know is fair.”
McCain's Proposals:
• Making President Bush’s 2001 and 2003 tax cuts permanent, including taxes on earned income, capital gains and dividends.
• Cutting corporate tax rates from 35 percent to 25 percent to spur investment and keep jobs in the United States.
• Phasing out the alternative minimum tax.
• Doubling the personal exemption for dependents in seven, $500-a-year increases from $3,500 to $7,000.
• Setting the estate tax at 15 percent and excluding estates under $5 million.
• Creating a summer “holiday” in the 18.4 percent federal gas tax.
• Creating a new and simpler tax code that would include just two tax rates and a generous standard deduction.
• Allowing corporations to immediately deduct the cost of equipment and capital improvements.
• Creating a permanent business tax credit equal to 10 percent of wages spent on research and development.
• Using presidential veto power to cut congressional earmarks, pork-barrel spending and government waste.
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