Promises about Taxes on The Obameter
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.
Extend and index the temporary fix to the Alternative Minimum Tax that was passed in 2007
Freeze the 2009 estate tax law, which exempts the first $3.5 million and has a top rate of 45 percent.
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.
"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."
"Income-based sliding scale tax credits will be provided for people and families who need it."
"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."
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."
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."
"Will . . . extend the federal Production Tax Credit (PTC) for 5 years to encourage the production of renewable energy."
"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."
"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."
"During 2009 and 2010, existing businesses will receive a $3,000 refundable tax credit for each additional full-time employee hired."
"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."
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.