Promises about Taxes on The Obameter

Phase out exemptions and deductions for higher earners


Restore the phaseouts of personal exemptions and itemized deductions for those making more than $250,000 (couples) or $200,000 (single), with threshholds indexed for inflation.


>> More

Extend and index the 2007 Alternative Minimum Tax patch


Extend and index the temporary fix to the Alternative Minimum Tax that was passed in 2007


>> More

Freeze the 2009 estate tax law


Freeze the 2009 estate tax law, which exempts the first $3.5 million and has a top rate of 45 percent.


>> More

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.


>> More

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."


>> More

Give tax credits to those who need help to pay health premiums

"Income-based sliding scale tax credits will be provided for people and families who need it."

>> More

Create a small business tax credit to help with health premiums

"Create a new Small Business Health Tax Credit to provide small businesses with a refundable tax credit of up to 50 percent on premiums paid by small businesses on behalf of their employees. To be eligible for the credit, small businesses will have to offer a quality health plan to all of their employees and cover a meaningful share of the cost of employee health premiums."

>> More

Create the American Opportunity Tax Credit to offset college costs

"Will make college affordable for all Americans by creating a new American Opportunity Tax Credit. This universal and fully refundable credit will ensure that the first $4,000 of a college education is completely free for most Americans, and will cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students. Recipients of the credit will be required to conduct 100 hours of community service."

>> More

Support tax deduction for artists


Will "ensure tax fairness for artists" by supporting the Artist-Museum Partnership Act, introduced by Sen. Patrick Leahy, D-Vt. "The Act amends the Internal Revenue Code to allow artists to deduct the fair market value of their work, rather than just the costs of the materials, when they make charitable contributions."


>> More

Give tax incentives to new farmers


Obama "will also provide tax incentives to make it easier for new farmers to afford their first farm. Obama will increase incentives for farmers and private landowners to conduct sustainable agriculture and protect wetlands, grasslands and forests."


>> More

Extend Production Tax Credit to encourage renewable energy

"Will . . . extend the federal Production
Tax Credit (PTC) for 5 years to encourage the production of renewable energy."

>> More

Enact windfall profits tax for oil companies


"Will require oil companies to take a reasonable share of their record-breaking windfall profits and use it to provide direct relief worth $500 for an individual and $1,000 for a married couple. The relief would be delivered as quickly as possible to help families cope with the rising price of gasoline, food and other necessities. The rebates would be fully paid for with five years of a windfall profits tax on record oil company profits."

>> More

Enact tax credit for consumers for plug-in hybrid cars

"We will leverage private sector funding to bring these cars directly to American consumers. We'll give consumers a $7,000 tax credit to buy these vehicles."

>> More

Provide tax credits for automakers to build fuel-efficient cars


"Will provide $4 billion retooling tax credits and loan guarantees for domestic auto plants and parts manufacturers, so that the new fuel-efficient cars can be built in the U.S. by American workers rather than overseas."


>> More

Equalize tax breaks for driving and public transit

"The federal tax code rewards driving to work by allowing employers to provide parking benefits of $205 per month tax free to their employees. The tax code provides employers with commuting benefits for transit, carpooling or vanpooling capped at $105 per month. This gives drivers a nearly 2:1 advantage over transit users. Obama and Biden will reform the tax code to make benefits for driving and public transit or ridesharing equal."

>> More

Create a $3,000 tax credit for companies that add jobs

"During 2009 and 2010, existing businesses will receive a $3,000 refundable tax credit for each additional full-time employee hired."

>> More

Raise the small business investment expensing limit to $250,000 through the end of 2009

Will provide "temporary business tax incentives through 2009. The February 2008 stimulus bill increased maximum Section 179 expenses to $250,000 but this expires in December 2008. This provision will encourage all firms to pursue investment in the coming months, but will particularly benefit small firms which generally have smaller amounts of annual property purchases and so choose to expense the cost of their acquired property."

>> More

Extend unemployment insurance benefits and temporarily suspend taxes on these benefits

"Obama and Biden believe Congress should immediately extend unemployment insurance for an additional 13 weeks to help families that are being hit hardest by this downturn. In addition, they believe we should temporarily suspend taxes on unemployment insurance benefits as a way of giving more relief to families."

>> More

No family making less than $250,000 will see "any form of tax increase."

"I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."

>> More

Extend the American Opportunity Tax Credit


I’ve said I want to extend the college tax credit that my administration created so more families can save up to $10,000 on their tuition over four years.


>> More

Advertisement
How to contact us:

We want to hear your suggestions and comments.

For tips or comments on our Obameter and our GOP-Pledge-O-Meter promise databases, please e-mail the Obameter. If you are commenting on a specific promise, please include the wording of the promise.

For comments about our Truth-O-Meter or Flip-O-Meter items, please e-mail the Truth-O-Meter. We’re especially interested in seeing any chain e-mails you receive that you would like us to check out. If you send us a comment, we'll assume you don't mind us publishing it unless you tell us otherwise.

Browse The Truth-O-MeterTM:
Subscribe: