McCain vs. Obama on Taxes (Great info!)
Top Tax Rate
McCain would keep the top tax rate on earned income at the current 35%. Obama would raise it to 39.6%.
Lowest Tax Rate
Currently — and under a McCain Administration — the lowest tax rate on earned income would remain at 10%. Under Obama, the lowest rate would increase by half — 50%. Clearly, people at this tax level are not the much-maligned “rich people.”
Capital Gains Rate
For taxes on capital gains from the sale of a house or your other assets, McCain would keep the rate the same. Obama would raise it from 15% to 20%.
On dividends from stocks or mutual funds you own, McCain would keep the tax rate the same. Obama would more than double it.
Current: 0% by 2010 (Repealed)
McCain: 15%/$10 million
Obama: 55%/$1 million
Under McCain, the first $5 million ($10 million for a surviving spouse) of Inheritance (Death) tax on an estate would be death tax-exempt McCain would tax at a rate of 15% on estates worth over $10 million. Obama would tax at a whopping 55% on estates over just ONE million dollars.
Current: None Under $150,000
McCain: None Under $150,000
Obama: Full Penalty from Dollar One
The “marriage penalty” refers to a married couple paying a higher amount of combined income tax than if they each filed taxes as single. McCain wants no marriage penalty for couple making less than $150,000. Obama wants the penalty to start with the first dollar they earn.
Child Tax Credit
Basically, Obama would cut the current child tax credit in half. McCain would let it remain the same.
AMT Rate [Alternative Minimum Tax]
McCain: 0% (Repealed)
The “alternative minimum tax” (AMT) requires taxpayers to calculate their taxes two ways, and pay whichever method results in a higher tax owed. McCain would do away with the ATM
(MORE AT THE LINK.)