General > Climbing NOT (Bitch & moan, Politics)

obama tax plan

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justgoforit:
this is socialism???

http://www.barackobama.com/taxes/

Eliminating Capital Gains Taxes for Entrepreneurs and Investors in Small Business. Barack Obama
understands that small businesses are the engines of our economy, and he will eliminate all capital gains taxes on investments in small and start up firms.

o Cutting Corporate Tax Rates for Firms that Create Jobs in America. Barack Obama will repeal tax
breaks and loopholes that reward corporations that retain their earnings overseas, and will use those savings to lower corporate tax rates for companies that expand or start operations in the United States.

o Offering a Small Business Healthcare Tax Credit: To help small businesses compete in the global
economy while still providing quality health insurance, Barack Obama will offer a new refundable 50
percent health tax credit on employee premiums paid by employers. His comprehensive healthcare plan will relieve health costs for all firms by bringing down national healthcare costs by $2,500 per family, annually.

o Making the R&D Tax Credit Permanent. Barack Obama will make the Research and Development tax
credit permanent so that firms can rely on it when making decisions to invest in domestic R&D over multiyear timeframes.

Ordinary Income: The top two income tax brackets would return to their 1990,s levels of 36% and
39.6%. All other tax brackets would remain as they are today. Obama would also restore the 1990,s
levels for the personal exemption and itemized deduction phaseouts (known as PEP and Pease).
Obama would work with the Treasury Department to adjust the thresholds of these rates slightly to
ensure that no married couple making less than $250,000 (or single making less than $200,000) was
affected by these changes.

o Capital Gains: Families with incomes below $250,000 will continue to pay the capital gains rates
that they pay today. For those in the top two income tax brackets – likewise adjusted to affect only
families over $250,000 – Obama will create a new top capital gains rate of 20 percent. Obama,s 20%
rate is equal is the lowest rate that existed in the 1990s and the rate that President Bush proposed in
2001. It is almost a third lower than the rate that President Reagan signed into law in 1986.vii

o Dividends: The top dividends rate for people making over $250,000 would be set at 20 percent.
Dividends will not return to being taxed at ordinary income tax rates. Obama,s 20 percent rate on
dividends will be 39 percent lower than the rate President Bush proposed in 2001, and would be
lower than all but 5 of the last 92 years we have been taxing dividends.viii

o Estate Tax: The estate tax would be effectively repealed for 99.7 percent of estates. For the
remaining 0.3% of estates over $7 million per couple, Obama will retain a rate of 45%. This policy
would cut the number of estates covered by the tax by 84 percent relative to 2000.ix

o Average Tax Rates Below the 1990s: Overall, the top 1 percent of households – people with an
average income of $1.6 million per year – would see their average federal income and payroll tax
rate increase from 21 percent today to 24 percent, less than the 25 percent these households would
have paid under the tax laws of the late 1990s.

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