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| Monday, November 03, 2008 |
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Obama Tax Cut Summary
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 We've been over it here before, but it bears repeating that Barack Obama is not going to raise your taxes. He's going to lower them, if you make less than $250,000 a year, which is the vast majority of Americans and 100% of my readership, I'll be bold enough to guess. So let's go over, again, what he calls these credits, and what he says they will do. These are taken right from Obama's Blueprint for Change, readily available on his Web site. American Opportunity Tax Credit- Will make tuition at community colleges "completely free."
- Covers 2/3 of tuition at the nation's public colleges and universities.
- Amounts to $4,000 dollars.
Child and Dependent Care Tax Credit- Low-income families can receive up to a 50% credit for their child care expenses.
Making Work Pay Tax Credit- Credits $500 per person, or $1,000 per working family. "The Making Work Pay tax cut will completely eliminate income taxes for 10 million Americans," his pamphlet says.
Universal Mortgage Tax Credit- Will provide a 10% tax credit to homeowners, averaging $500 back in the pockets of 10 million homeowners.
Production Tax Credit- The Blueprint for America says, "Obama will also extend the Production Tax Credit, a credit used successfully by American farmers and investors to increase renewable energy production and create new local jobs."
Research and Development Tax Credit- "Barack Obama believes we need to double federal funding for basic research and make the research and development tax credit permanent to help create high-paying, secure jobs."
Retooling Tax Credits- His plan will provide retooling tax credits and loan guarantees for domestic auto pants and parts manufacturers, so that they can build new fuel-efficient cars rather than overseas companies.
Patriot Employer Act of 2007- "Barack Obama introduced the Patriot Employer Act of 2007 to provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military."
Sounds good to me. How about you? |
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Posted by Art | 8:30 AM EST |
4 comments
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4
Comments:
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Oh, wait...tax dollars.
Will those tax credits go to folks who actually pay taxes...or is that a freebie to low-income folks? What do you suppose they'll do with that ninety bucks a month?
Y'know, you're really something. You've lost the election, and yet you're still bit-- no, wait a minute.
Sorry. It looks like people from Australia to Tokyo to Grant Park are thrilled with Barack Obama's election. I even see Obama converts on the Sean Hannity chat forums! Perhaps you will enjoy my upcoming two-part series, "Changes," beginning tomorrow.
"Within the...United States tax system(s), a tax credit is a recognition of partial payment already made towards taxes due."
However there is the "refundable" tax credit, and the "non-refundable." The "refundable" tax credit means you can actually get a credit larger than what you pay into the system. A non-refundable means you only get a credit against what you've actually paid in. So I wonder what category these fall into?
Good question.
Anyhow, I don't know where you're getting $90 a month. $4,000 divided by 56 weeks would be $71.43 a week. From what I remember reading in his pamphlet this would become available when you were actually registering for school, so there must be safeguards to make sure it doesn't go towards pizza and porn. (Those are covered by his American Pride Pizza and Porn Tax Credit, pg. 47.)
Also from Wikipedia:
"Conservatives or libertarians, who generally favor tax cuts, often criticize refundable tax credits, saying that they are actually subsidies disguised as tax cuts. In other words, they are spending in the form of direct transfers from the treasury to individuals."