Presidential Candidate Tax Plan Comparison
May 8, 2008 by changingparma
John McCain |
Barack Obama |
|
| Marginal Individual Income Tax Rates View Research Area » |
Maintain current (Bush tax cut) rates. (Source) | No specifics; “Repeal Bush’s tax cuts for top 1%” (Source) Eliminate income taxes on seniors earning $50,000 per year or less. (Source) |
| Corporate Income Tax View Research Area » |
Cut to 25% (from current 35%) (Source) | No specifics available. Proposes eliminating “preferential loopholes” and “cracking down on offshore tax havens.” (Source) |
| Tax Reform View Research Area » |
No specifics; suggests a system that’s “simpler” and “fairer” with “lower” rates. | Have the IRS send out pre-populated tax forms based on employer-provided data, allowing tax return completion in “five minutes.” (Source) |
| Estate Tax View Research Area » |
Modify to apply to estates over $10 million, taxed at 15% rate. (Source) | Opposes repeal; no specific plan proposed |
| Social Security Payroll Tax View Research Area » |
No specifics; opposes tax increase as solution. (Source) | Increase the wage cap, causing more in wages to be subject to the tax. Possibly include a “donut hole” to exempt income just above the current cap (now $102,000). (source) |
| Alternative Minimum Tax View Research Area » |
Permanently repeal. (Source) | No plan |
| Other Tax Policies | - Would create a new “Making Work Pay” tax credit of up to $500 per person, or $1,000 per working family. This refundable income tax credit would “provide relief… from the payroll tax system.” It would offset the payroll tax on the first $8,100 of earnings while still preserving the important principle of a dedicated revenue source for Social Security. - Would create a universal 10 percent mortgage credit. Non-itemizers would be eligible for this refundable credit, which would “provide the average recipient with approximately $500 per year in tax savings.” - Would give full-time workers making minimum wage an EITC benefit up to $555. If the workers are “responsibly supporting their children on child support,” the Obama plan would give those workers a benefit of $1,110. - Would create an “American Opportunity Tax Credit.” This universal and fully refundable credit would “ensure that the first $4,000 of a college education is completely free for most Americans.” - Would reform the Child and Dependent Care Tax Credit by making it refundable. |
