The U.S. presidential election is just a few days away! Do you know who to vote for? Do you know what the candidates stand for? Are you up on what the candidate plan to do to cut taxes and stimulate the economy? Well, here is an explanation of the Barack Obama Tax Plan from a neutral unbiased source. It is based on a complete review of the Obama Blueprint for Change plan.
Barack Obama's Tax Plan focuses on taxing the richest Americans, those who make over a quarter of a million dollars a year, to help out the middle and lower class. The plan would allow middle and lower class families by tripling the earned-income credit for low wage earners. It would increase work incentives for most Americans too.
Barack Obama's tax cut plan is to help redistribute the wealth from the very rich to Americans who really need it, without significantly impacting the lifestyles of the rich. Some experts tout the plan as an effective, simple method to help mainstreet America. Others believe it is a socialist approach of wealth redistribution.
Here are comments about the Obama Tax Plan from expert sources ...
Rea Hederman Jr., a policy analyst at the Heritage Foundation "said the middle class would likely pay less under Mr. Obama's plan than Mr. McCain's." [NY Sun, 8/15/08].
Obama’s tax calculator is “a very simple gadget that’s the most useful thing I’ve seen on any political website in a while.” [Forbes.com, 10/08]
Not only will the Obama Tax Cut Plan help middle and lower class Americans, it will promote and support those domestic companies that keep jobs in the United States, simply by providing tax cuts and tax incentives. This is a critical part of Obama's plan to prevent jobs from being shipped overseas.
Obama Blueprint for Change has clear cut initiatives to reform health care, promote alternative energies, provide immediate tax rebates for Americans and stimulate the economy. He also has detailed steps to address the social issues of education, ethics in government, addressing the mortgage crisis and promoting innovation in technology.
Here is more on his plan:Provide generous tax cuts for lower and middle-income seniors, including eliminating income tax on American seniors who earn less than $50,000 a year. His plan will address homeowners by giving tax breaks to homeowners who do not itemize deductions when filing income tax. His tax plan, know as the Blueprint or Change, will provide healthcare to the uninsured. The plan will provide financial assistance for families sending a child to college or looking to save and accumulate wealth. It also addrses the need for simplification of the application process for financial aid.
His well thought plan will benefit small businesses by eliminating their capital gains taxes. It calls for cutting corporate taxes for firms that invest and create jobs in the United States. Tax rewards will be given to businesses that spend money on innovation and new technologies.
A major concern of Barack Obama and most Americans is the complex tax system. Obama's plan will dramatically simplify taxes by consolidating existing tax credits, His tax simplification section will enable more than 40 million to do their own taxes in less than five minutes without an accountant.
Tax Relief For Middle Class Families will include:- $1,000 Tax Credit for 95% of Americans
- A refundable $4,000 American Opportunity Tax Credit
- Universal 10% Mortgage Interest Tax Credit
- Eliminate Income Taxes for Seniors Making Less than $50,000
- Provide Health Care Credits
- Expand the Earned Income Tax Credit
- Give Tax Credits for Clean Vehicle
- Simplify the tax reporting System
Barack Obama and Joe Biden's "Blueprint for Change" addresses over 25 topics and issues that Americans deem important.
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