Tuesday, September 09, 2008

for mickeyb

Thanks to CBS, here's some info on how the candidates differ on taxes.
They did a story on how it would affect 3 different families.

Watch it.

If you don't have time to watch the story, here's the breakdown:

Obama's Plan:
  • Would eliminate Bush tax cuts for families making more than $200,000
  • Proposes $500 tax credits for workers making less than $150,000
  • Eliminate income taxes for seniors making less than $50,000
  • Proposes 2% Social Security tax on those making more than $250,000
  • Proposes raising top tax rate to more than 39%; second highest tax rate to 36%

McCain's Plan:
  • Supports making Bush tax cuts permanent
  • Proposes doubling personal exemption to $7,000 for dependents (phased in over 10 years for those making more than $50,000)
  • Proposes keeping investment income tax at 15%
  • Proposes keeping top tax rate at 35%

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