My vote is already decided, but I was really happy to find this clear article from Forbes on the economic policies of the two presidential candidates. It’s a good read with some quotes from Obama’s main economic advisor, but I’ve summarized the highlights below:
Corporate Taxes
- John McCain has proposed lowering the maximum corporate tax rate from 35 to 25%.
- Obama has also proposed to lower the corporate tax rate, though he hasn’t announced how sharply. Also, he’ll go about it in a different way. His plan is to clean up the tax code which taxes company differently based on various factors (whether or not the company is financed through debt or equity for example).
On the National Debt
- Obama’s plans will send the national debt to 3.4 Trillion by 2018.
- John McCain will send the national debt to 5 Trillion by 2018.
Tax Increases & Reforms
- Obama is proposing a payroll tax surcharge on people earning more than $250,000 annually, a dividend tax rate of between 20-28%, an income tax exclusion for seniors making less than $50,000, and an increase in the maximum capital gains taxes from 15 to 25%
- John McCain: no new taxes, (maybe?)
Oh, and I couldn't resist: Paris Hilton's response to the McCain attack ad on Obama.
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