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VoteGopher | Compare McCain and Obama | Taxes and Spending
PRES. OBAMA VS. CAND. OBAMA
PRESIDENT VS. CONGRESS
ECONOMIC
INTERNATIONAL
DOMESTIC
SOCIAL
POLITICAL
CANDIDATE QUALITIES
Issue Homepage - Taxes and Spending   Share 
PRESIDENT OBAMA: ACTIONS IN OFFICE

  • NEW: Released a budget plan to cut the deficit from over $1 trillion to about $500 million by 2013

  • Signed economic stimulus bill containing $301 billion in tax cuts, including a $400 tax cut for any worker making less than $75,000 per year

  • Will raise revenue by allowing the Bush tax cuts on upper-income earners to expire after 2010, keeping the estate tax at 2009 levels, and increasing IRS pursuit of tax shelters and loopholes

  • Will cut spending on the war in Iraq and Medicare Advantage payments to insurance companies
CANDIDATE OBAMA
ELECTION 2008

  • Proposed tax cuts for low- and middle- income earners and many other specific groups, including a $500 tax cut for individual workers

  • Supported income, payroll, and capital gains tax increases for upper-income earners making more than $250K/year, and supported repealing the Bush tax cuts for those upper-income earners

  • Did not pledge to balance the budget, but planned to eliminate some wasteful spending while increasing spending on healthcare, energy, and the military

  • Pledged 5-minute tax filing for all taxpayers who do not itemize
REPUBLICANS
IN CONGRESS

  • Nearly all have pledged to oppose any tax increases

  • Most supported proposal to stimulate the economy by permanently cutting income and capital gains taxes for all taxpayers

  • Most support repealing the estate tax entirely

  • Many support creating a flat tax, and some support the "Fair Tax" proposal to eliminate the current tax code and replace it with a national sales tax

  • The party supported budgets with high federal spending while they controlled Congress, but now condemns Democrats for too much federal spending
DEMOCRATS
IN CONGRESS

  • Supported Pres. Obama's plan to include lower- and middle-class tax cuts in the economic stimulus bill

  • House leaders want to increase income taxes on the wealthiest earners soon, but Senate leaders may want to wait

  • Some supported Pres. Bush's initial plan for large tax cuts, but nearly all opposed his second round of tax cuts in 2003

  • Most oppose repealing the estate tax, though many want to apply it only to the wealthiest estates

  • Most now support budgets with high federal spending, though a group of "Blue Dog Democrats" expresses concern about the federal budget and entitlement issues

MY REPORT CARD
On Taxes and Spending:
+ View My Report Card f logo

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