If Obama allows the Bush tax cuts to expire is that the same as raising taxes on the middle class?

uninformed?

printed in house
paid obama america
barack obama’s comprehensive tax plan
barack obama’s tax plan delivers broad-based tax relief middle class families , cuts taxes small
businesses , companies create jobs in america, while restoring fairness our tax code , returning
fiscal responsibility. coupled obama’s commitment invest in key areas health, clean energy,
innovation , education, tax plan restore bottom-up economic growth helps create jobs
in america , empowers families achieve american dream. obama plan will:
• cut taxes 95 percent of workers , families tax cut of $500 workers or $1,000
working couples.
• provide generous tax cuts low- , middle-income seniors, homeowners, uninsured, , families
sending child college or looking save , accumulate wealth.
• eliminate capital gains taxes small businesses, cut corporate taxes firms invest , create
jobs in united states, , provide tax credits reduce cost of healthcare , reward
investments in innovation.
• dramatically simplify taxes consolidating existing tax credits, eliminating need millions of
senior citizens file tax forms, , enabling many 40 million middle-class americans
own taxes in less 5 minutes without accountant.
under obama plan:
• middle class families see taxes cut – , no family making less $250,000 see
taxes increase. typical middle class family receive on $1,000 in tax relief under
obama plan, , pay tax rates 20% lower faced under president reagan.i
according tax policy center, obama plan provides 3 times tax relief middle
class families mccain plan.ii indeed, according national review, mccain’s plan “offers
little in way of direct benefits americans in middle of income scale.”
• families making more $250,000 pay either same or lower tax rates paid in
1990s. obama ask wealthiest 2% of families give portion of taxes have
received on past 8 years ensure restoring fairness , returning fiscal
responsibility. no family pay higher tax rates have paid in 1990s. in fact,
dividend rates 39 percent lower president bush proposed in 2001 tax cut.
• obama’s plan cut taxes overall, reducing revenues below levels prevailed under
ronald reagan (less 18.2 percent of gdp).iii obama tax plan net tax cut – tax relief
middle class families larger revenue raised tax changes families on $250,000.
coupled commitment cut unnecessary spending, obama pay tax relief while
bringing down budget deficit.
printed in house
paid obama america
i. tax relief middle class families:
@ core of senator obama’s tax plan broad middle class tax relief. after first economic recovery on
record ordinary americans saw incomes decline $1000, obama believes critical
focus tax relief on middle class families. obama’s middle class tax cuts designed relieve burdens
on families today, while empowering them ahead in future. barack obama’s middle class tax cuts
include:
o $1,000 “making work pay” tax credit. 95 percent of workers , families—150 million
workers overall—the “making work pay” credit provide refundable tax cut of $500 workers or
$1,000 working couples. credit benefit on 15 million self employed workers , 10
million low-income americans, eliminate federal income taxes.
o refundable $4,000 american opportunity tax credit. barack obama provide $4,000 fullyrefundable
tax credit ensure college affordable american families. credit cover
100% of first $4,000 of qualified tuition expenses, making community college free ,
covering 2/3 of cost of public 4-year college.iv
o universal 10% mortgage interest tax credit. barack obama provide 10% refundable credit
offset mortgage interest payments , make homeownership more affordable lower- , middle-income
families. universal credit provide average tax cut of $500 10 million homeowners not
itemize.
o eliminating income taxes seniors making less $50,000. barack obama eliminate
income taxation of seniors making less $50,000 per year. eliminate taxes 7 million seniors
– saving them average of $1,400 year-- , mean 27 million seniors not need file
income tax return @ all.
o expanding retirement savings incentives. increase retirement security, barack obama ensure
every american worker has option of saving in easy, automatic pension account , expand
existing savers credit match 50 percent of first $1,000 of savings families earn under
$75,000. make savers credit refundable.
o health care tax credits. obama’s health plan centers around tax credits that, other
proposals expand pooling options , ease enrollment, ensure health insurance available ,
affordable families.
o expand earned income tax credit: obama increase number of working parents eligible
eitc benefits, increase benefits available noncustodial parents fulfill child support
obligations, increase benefits families 3 or more children, , reduce eitc marriage
penalty, hurts low-income families.
o increase tax benefits child care: obama recognizes ensuring affordable child care critical
helping working parents ahead. plan reform child , dependent care tax credit
making refundable , allowing low-income families receive 50 percent credit on first
$6,000 of child care expenses. benefit 7.5 million working mothers.
printed in house
paid obama america
expanded tax credits clean vehicles: obama families purchase more energy efficient
appliances , products extending existing consumer tax credits , offering $7,000 tax
credit purchase of advanced technology vehicles.
o simplify tax system 40 million americans can taxes in less 5 minutes. obama
reform our tax system reduce complexity, consolidating several credits , giving
taxpayers option of pre-filled tax forms verify, sign , return. under obama tax plan, 40 million
americans take standard deduction able taxes in less 5 minutes ,
not have hire accountant. save americans more $2 billion in tax preparer fees , more
200 million hours of work.
obama’s middle class tax in action:
tax cut
married couple making $75,000 2
children, 1 of whom in college
$3,700
[includes $1,000 making work pay; $500 universal mortgage
credit; , $4,000 college credit net of current college credits]
married couple making $90,000
$1,000
single parent making $40,000 2
young children , childcare expenses.
$2,100
[includes $500 making work pay; $500 universal mortgage credit,
, $1,100 obama expansion of child care tax credit]
70-year old widow making $35,000
$1,900
source: calculations based on irs statistics of income. tax savings conservative; not account $500 in savings
expanded savers credit , $2,500 in savings per family obama healthcare plan.
ii. tax cuts enhance competitiveness , create jobs
barack obama’s tax plan small businesses grow , encourage job creation in america.
directly cut taxes small business , firms invest , create jobs in united states, relieve
healthcare costs firms , reward investments in innovation. barack obama pro-business tax
policies include:
o eliminating capital gains taxes entrepreneurs , investors in small business. barack obama
understands small businesses engines of our economy, , eliminate capital gains
taxes on investments in small , start firms.
o cutting corporate tax rates firms create jobs in america. barack obama repeal tax
breaks , loopholes reward corporations retain earnings overseas, , use savings
lower corporate tax rates companies expand or start operations in united states.
printed in house
paid obama america
o offering small business healthcare tax credit: small businesses compete in global
economy while still providing quality health insurance, barack obama offer new refundable 50
percent health tax credit on employee premiums paid employers. comprehensive healthcare plan
relieve health costs firms bringing down national healthcare costs $2,500 per family, annually.
o making r&d tax credit permanent. barack obama make research , development tax
credit permanent firms can rely on when making decisions invest in domestic r&d on multiyear
timeframes.
iii. cutting taxes below level under ronald reagan while restoring fiscal
responsibility
barack obama keep taxes low everyone, while working reform our tax code , make sure
pays fair share. obama

Politics & Government Politics Next