Obama and taxes

This is for those of you who haven’t got the time to read Obama’s tax plan, but believe he would be disasterous for the average American. I went and looked up the information and will try to put it in an easily understood manner.
The Obama plan will:

  • Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 forworking couples.
  • Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and accumulate wealth.
  • Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.
  • Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their own taxes in less than five minutes without an accountant
  • Further, no family making LESS than $250,000 will see a tax increase. According to the Tax Policy Center, Obama’s plan provides 3 times as much tax relief for the middle class as McCain’s plan.
  • Families making more that $250,000 will pay the same taxes or a little lower tax rates. In fact, NO family will pay higher taxes than they did in the 1990s.

For more answers, go to Obama’s web site and read his plans about everything in their entirety.

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