Increase the capital gains and dividends taxes for higher-income taxpayers
Increase capital gains and dividends taxes from 15 to 20 percent for those making more than $250,000 (couples) or $200,000 (single)
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."
Eliminate capital gains taxes for small businesses and start-ups
"Barack Obama understands that small businesses are the engines of our economy, and he will eliminate all capital gains taxes on investments in small and start-up firms."
Extend child tax credits and marriage-penalty fixes
Will extend aspects of the Bush tax cuts such as child credit expansions and changes to marriage bonuses and penalties.
Expand the earned income tax credit
Expand the earned income tax credit for workers without children and taxpayers with more than three children. Equalize threshholds for married filers and head of household filers.
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
Create an international tax haven watch list
Create an international tax haven watch list of countries that do not share information returns with the United States.
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.
Require economic justification for tax changes
Adopt the economic substance doctrine, a policy that states that tax changes must have significant economic justification, as a federal law.
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.
Make permanent the Research & Development tax credit
The Research & Development tax credit and the renewable energy production tax credit are intended to spur innovation in the private sector, but the tax credits have expiration dates under current law. Obama would make them permanent.
Require automatic enrollment in 401(k) plans
Require automatic enrollment in IRA plans
Require employers who do not offer retirement plans to offer their workers access to automatic IRAs and contribute via payroll deduction.
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."
Create a tax credit of $500 for workers
Enact a Making Work Pay tax credit that would equal 6.2 percent of up to $8,100 of earnings (yielding a maximum credit of approximately $500). Indexed for inflation.
Extend the Bush tax cuts for lower incomes
Repeal the Bush tax cuts for higher incomes
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