Tuesday, September 16th, 2014

Promise Broken rulings on The Obameter

Eliminate all oil and gas tax loopholes

"Eliminating special tax breaks for oil and gas companies: including repealing special expensing rules, foreign tax credit benefits, and manufacturing deductions for oil and gas firms."

Expand the child and dependent care credit

Expand and make refundable the child and dependent care credit.

Require publicly traded financial partnerships to pay the corporate income tax

Require publicly traded financial partnerships to pay the corporate income tax.

Close loopholes in the corporate tax deductibility of CEO pay

Congress has set rules regarding the tax deductibility of the salaries of CEOs, but forms of non-salary compensation have become popular. Obama would look at revamping definitions of compensation.

Create a foreclosure prevention fund for homeowners

Create a $10 billion fund to help homeowners refinance or sell their homes. "The Fund will not help speculators, people who bought vacation homes or people who falsely represented their incomes."

Provide option for a pre-filled-out tax form

Will direct the Internal Revenue Service to "give taxpayers the option of a pre-filled tax form to verify, sign and return to the IRS or online. This will eliminate the need for Americans to hire expensive tax preparers and to gather information that the federal government already has on file."

Create a mortgage interest tax credit for non-itemizers

Create a refundable tax credit equal to 10 percent of mortgage interest for nonitemizers, up to a maximum credit of $800.

Require automatic enrollment in 401(k) plans

Automatic enrollment in 401(k) plans for workers whose employers offer retirement plans.

Create a retirement savings tax credit for low incomes

A tax credit for retirement savings up to $500 (couples) or $250 (singles). Phases out when incomes exceed $65,000 (couples) or $32,500 (single). Indexed for inflation.

End income tax for seniors making less than $50,000

"Will eliminate all income taxation of seniors making less than $50,000 per year. This will eliminate taxes for 7 million seniors -- saving them an average of $1,400 a year-- and will also mean that 27 million seniors will not need to file an income tax return at all."

End no-bid contracts above $25,000

"Will ensure that federal contracts over $25,000 are competitively bid."

Create a $60 billion bank to fund roads and bridges

"Will address the infrastructure challenge by creating a National Infrastructure Reinvestment Bank to expand and enhance, not supplant, existing federal transportation investments. This independent entity will be directed to invest in our nation's most challenging transportation infrastructure needs. The Bank will receive an infusion of federal money, $60 billion over 10 years, to provide financing to transportation infrastructure projects across the nation. These projects will create up to two million new direct and indirect jobs and stimulate approximately $35 billion per year in new economic activity."

Tax carried interest as ordinary income

Carried interest is a way of compensating executives by giving them ownership stakes, or "interest," in a business. Carried interest is taxed as a capital gain, which has a lower tax rate than ordinary income. Obama proposes taxing carried interest at the same rate as regular income.

Sign the Employee Free Choice Act, making it easier for workers to unionize

"Obama is a cosponsor and strong advocate of the Employee Free Choice Act (EFCA), a bipartisan effort to make the unionization process more transparent and increase penalties on companies that violate employee rights. He will sign EFCA into law as president."

Lift the payroll tax cap on earnings above $250,000

"Barack Obama believes that the first place to look to strengthen Social Security is the payroll tax system. Obama believes that one strong option is increasing the maximum amount of earnings covered by Social Security by lifting the payroll tax cap on only earnings above $250,000."

Forbid companies in bankruptcy from giving executives bonuses

"Protect the jobs and benefits of workers and retirees when corporations file for bankruptcy by telling companies that they cannot issue bonuses for executives during bankruptcy while their workers watch their pensions disappear."

Allow workers to claim more in unpaid wages and benefits in bankruptcy court

"Increase the amount of unpaid wages and benefits workers can claim in bankruptcy court against their employer."

Require full disclosure of company pension investments to employees

"When companies fund their pensions, many do not disclose their investments with the employee's pension dollars. This lack of transparency can make it easier for fund managers to make imprudent or even fraudulent investment decisions. Obama will ensure that all employees who have company pensions receive annual disclosures about their pension fund's investments, including full details about which projects have been invested in, the performance of those investments and appropriate details about probable future investments strategies."

Allow imported prescription drugs

"Allow Americans to buy their medicines from other developed countries if the drugs are safe and prices are lower outside the U.S."

Prevent drug companies from blocking generic drugs

"Prevent drug companies from blocking generic drugs from consumers."