Presidential Candidates and Taxes: 2nd Half
One of my first posts was on the presidential candidates and their implications on your tax bill. Although most have remained consistent, it is time for an update. Most importantly, its time to add John McCain to my list. At the time, he just wasn’t a front runner.
This is a difficult post to do. First off, most candidates are not upfront about what they want to do tax-wise. However, I do have to tip my hat to Obama and Romney; their sites were quite easy to find tax stances. Below are the basics of each candidates tax policies:
Senator Obama has several tax issues he is shooting for. His “Making Work Pay” credits will provide large refundable credits (receiving credit even if you owe no taxes) to working families. He wants to institute a Universal Mortgage Credit that will allow you to deduct mortgage interest even if you don’t itemize. In addition, he would like to expand the earned income credit (another refundable credit) for low income workers and eliminate taxes for seniors making under $50,000. Of course, Obama rings the same bell as every other candidate when it comes to relieving the burden of filing income taxes.
Hillary’s main tax stance is lowering taxes for the middle class. This includes extending the Earned Income Credit and Child Tax Credit. In addition to lowering taxes for middle class, Hillary is going to look to make college more affordable by providing greater tax credits for higher education.
McCain voted against the Bush tax cuts. However, his website states he vows to reduce
government spending and lower taxes. He touts enforcing fiscal responsibility on the government as well as making filing tax returns simple and quick. His economic stimulus plan includes lowering corporate rates and allowing accelerated depreciation for capital assets.
Romney wants to make the Bush tax cuts permanent. In addition, Romney proposes allowing a deduction for all of one’s savings throughout the year, in essence, allowing you to save tax free. The tax free savings also includes rolling back income taxes for all income brackets. Governor Romney also wishes to lower the corporate tax rate in a hope to stimulate the economy and increase jobs.
As long as I have been conscience of politics, politicians have lived off of two basic slogans: Lower Taxes and Increase Services, no matter the party. Unfortunately, those two mantras are in battle with each other. I tried to stay away from speculating the services these candidates want to offer and their tax implications. Instead, I looked for specific tax code strategies they have stated.
I hope this broad overview has helped you understand the tax stances of our 4 leading presidential candidates. Although all four agree (but would never say that in public) on many tax issues (lowering for middle class, making filing easier), they do differ on other parts. If you have questions or comments please feel free to voice your opinion in our comment section.
And remember, if you live in a Super Tuesday state, go vote this Tuesday and take part in the worlds greatest democracy.
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You should chen out the good doctor’s economic policy as well as his stance on taxes.
i can understand leaving ron paul out (although it pains me) … but no Huckabee? He actually took some states on super tuesday.
Blactooth – the good doctor has some interesting idea’s. unfortantly we will never reach the type of federalism he aspires for without starting the colonies all over agian.
Dan – Huckabee is still in the race yes. But he is more of an underdog than the Giants! even with a couple wins.