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Promises about Taxes on The Obameter
Increase capital gains and dividends taxes from 15 to 20 percent for those making more than $250,000 (couples) or $200,000 (single)
"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."
Will extend aspects of the Bush tax cuts such as child credit expansions and changes to marriage bonuses and penalties.
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 of countries that do not share information returns with the United States.
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.
Adopt the economic substance doctrine, a policy that states that tax changes must have significant economic justification, as a federal law.
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 refundable tax credit equal to 10 percent of mortgage interest for nonitemizers, up to a maximum credit of $800.
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.
Automatic enrollment in 401(k) plans for workers whose employers offer retirement plans.
Require employers who do not offer retirement plans to offer their workers access to automatic IRAs and contribute via payroll deduction.
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.
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 those making less than $250,000 (couples) or $200,000 (single)
Repeal the Bush tax cuts for those making more than $250,000 (couples) or $200,000 (single)