What is the Obama tax plan?

Question

Could someone please tell me what Obama's plan is for tax reform? Will he get rid of the child tax credit? I know he says he won't tax those under 50k but that is about all and doesn't effect me since we are just over that.

I know Democrats are usually tax raisers, but he keeps saying how he will help us if he comes into office. What is the deal?

Answer 1

Below is a link to a comparison of the candidates' respective tax plans as prepared by the Tax Policy Center.

It concludes:

"If enacted, the Obama and McCain tax plans would have radically different effects on the distribution of tax burdens in the United States. The Obama tax plan would make the tax system significantly more progressive by providing large tax breaks to those at the bottom of the income scale and raising taxes significantly on upper-income earners. The McCain tax plan would make the tax system more regressive, even compared with a system in which the 2001–06 tax cuts are made permanent. It would do so by providing relatively little tax relief to those at the bottom of the income scale while providing huge tax cuts to households at the very top of the income distribution."

You are probably going to get a lot of answers that say simply, "Obama will tax us to death," or something similar.  Please read the report for yourself and draw your own conclusions.

Re:  capital gains and home sales:  Gain on sales of a principal residence are not taxed at all under section 121 of the Internal Revenue Code.  Neither candidate is proposing to abolish section 121 of the Internal Revenue Code.

Re:  Capital gains rates generally:  Obama is proposing a rate of 20%, not 28%, in contrast to statements in some of the other answers.

Answer 2

Raise them, raise them. raise them - what else?

He needs the money to pay for his plans.

Answer 3

I'll keep it simple if your not cashing a government check then you are rich and your taxes will go up if only half of what he promises happens we will bankrupt the producers in the economy  

Answer 4

All I know if you make $50,000 and up expect tax hikes, the more you make the larger the % will be. He wants to tax corporations which is stupid because those corps. are providing jobs for the American people and will encourage such Corps to relocate out of this country, thus losing jobs for Americans. He will recind the Bush tax cuts and that will also increase taxes. that's all I know, but it's more than enough

Answer 5

TAX, TAX, and more TAX....1 trillion dollars in first 18 months alone.

How can you up spending by that much and cut taxes???????  Can you believe him if he said he would?  

Answer 6

There will be no tax reform of any sort, it's just an empty promise. Do you really think he will be able to reform washington? NO, it's way to corrupted beyond repair!

Tax the rich...bah ha...thats funny. like taxing them effects them at all. Anyone who makes below 5 million a year is NOT middle class, they are rich or just really well off or have a great career that they enjoy.

Now I am not trying to sound negative, but  every year the same promises are made to lower taxes or raise taxes or tax the elitist rich or get rid of taxes and nothing ever changes. America gets the same thing every year, year after year. When will we wake up and realize that the presidents aren't the ones who truly run the country, instead a crime syndicate of ultra, powerful, rich elitists  runs the country.

Answer 7

No specifics, but he talks about a Windfall profits tax on oil companies. Eliminate taxes for seniors making less than $50gs.

Then generic things, like simplify tax code, make taxes easier for the middle class.

It's the Economy selection of the Issues page. About a page of items. Mostly generalities.

Answer 8

Obama's plan is to tax the rich.

The good thing is that to McCain, you are middle class if you earn less than $5 million per year.  

Thus with Obama's "tax the rich" plan, 99% of Americans won't have to worry about paying more tax if he uses McCain's #.

Answer 9

He will literally tax you to the grave and beyond.

Answer 10

Obama plans on taxing Americans 28% profit on all home sales. McCain 0% on home sales up to $500,000. He plans on taxing dividends 39.6% vs McCain at 15%. Obama wants to restore the inheritance tax which Bush repealed. Remember your parents or your spouse has already paid income tax on the money or goods they are leaving you. Obama wants new government taxes proposed on homes that are more than 2400 square feet. New taxes on heating, gas water, electricity. New taxes on retirement accounts and socialized medicine.

Answer 11

1.  Productive person be productive, make money.

2.  Productive person give property to government.

3.  Government give property to deadbeats.

Answer 12

He'll tax you to death and than tax your corpse

McCain for President

Answer 13

Nobody knows for sure, they just keep blindly following him. Like you said, Democrats are tax raisers!

McCain/Palin 08