make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Presidential candidates' tax cut proposals

WILMINGTON -- Whether you're a big business owner or a middle income wage earner, tax cuts are enticing. The three major presidential candidates all propose tax cuts, whether they be new or already in place. Certified financial planner Ross Marino gave a break-down of the candidates' proposals. "For John McCain, he plans on extending the Bush tax cuts, so he doesn't really bring out a lot of new tax cuts for individuals," he said. McCain also plans to reduce the corporate tax rate from 35 to 25 percent, which is something Marino said has a good history. He said, "From an economic standpoint, when you put more money in the pockets of businesses, that money does tend to flow through to business employees, they hire more jobs, they invest more money, so that is stimulitive. It's not immediate and a lot of voters like to see, 'what are you going to do for me right now?', but from a long-term perspective, lowering the corporate tax rate has worked well in the past." Hillary Clinton's biggest tax cuts relate to health care. Marino said, "While many may remember the universal health care that was talked about ages ago, most of what we see in her platform now is tax credits to help people get insurance on their own or for businesses to get those same people insurance." Marino said Clinton offers something other candidates don't - an account to help save for retirement called the American Retirement Account. "It's a type of national savings account where each family can save up to five thousand dollars." Marino said this shows Clinton is trying to stimulate savings for the future as a supplement for social security, not a replacement. According to Marino, Barack Obama offers a unique tax cut not offered by the other candidates - no taxes for seniors making less than fifty thousand dollars. He said, "The earned income tax credit will triple under Obama's plan, the childcare tax credit will go up dramatically under Obama's plan. So we see a lot of the cuts he's proposing out there will really benefit people who make less than fifty thousand dollars a year, whether they work and have income or don't have income." Marino said several of Obama's tax cuts target start-up new business owners and lower income people.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.


Presidential Candidates Tax Cut Proposals

Mainstream media continues to censor the news regarding listing ALL THE PRESIDENTIAL CANDIDATES proposals for taxes or anything else for that matter. This isn't a fair election. This is supposed to be America but they act like it's Cuba. We have more than 3 presidential candidates more like 3 Demorcratic candidates, 3 Republican candidates & 1 independent. Be fair & impartial like the news is supposed to be instead of bowing to the money & power who decide to air only 3 candidates. I don't trust Clinton, Obama or McCain or believe that they have the guts to make serious changes with our country, especially taxes, & our Big Brother Bush government.

American Retirement Accounts?

This is a stale, previously rejected idea that the male Clinton floated back in the early Nineties. Even his cronies in Congress thought it was a nutty idea. We already have 401k Retirement Savings at work, Traditional IRA accounts, and Roth IRA accounts. So every single American already HAS a retirement savings account available to them, either at work, as an individual, or both! If people are too stupid to avail themselves of those, then they deserve to eat dog food when they retire. The American Retirement Account will be revenue negative for the treasury, and you can bet how the Democrats will make up for that missing money - by doing away with the Roth IRA, which they despise.

Make sure you cover their tax INCREASE proposals as well

Clinton and Obama have LOTS of tax increases planned. After all, someone has to pay for all the free lunch programs they want to incorporate. Make sure you point out how anyone making more than $30k or so would have to be insane to vote for either of them.

If you want to have a

If you want to have a functioning economy and a well educated and healthy workforce you have to find ways of paying for them. The majority of the tax increases will affect those making over $150K not $30K so get your facts straight and quit bashing those with opposing ideas of what our country can and should be. I think all of us can agree that the last eight years have weakened America's international standing, shrinkened the middel class, and put our nation in the largest debt ever, so the last thing we need as another Republican in office who is going to pander to the rich while the rest of the country falls to pieces.

You are 100% wrong

Both Obama and Clinton signed onto Senate CR 70, passed on March 14th. It calls for a 3% tax increase on the 25%, 28%, and 31% tax brackets once the Bush tax cuts expire. The 25% tax bracket starts at $31,850 for an individual, $63,700 for a couple. Both of them have their sights set on taxing the middle class. Oh, take the time to research why that middle class is shrinking. Specifically, check out how many of them have moved into the upper class BECAUSE of the economy of the last seven years.

Re: You Are 100% Wrong

That must be why 20,000 jobs were lost in April and the average hourly wage edged up only a penny to $17.88, the smallest gain in almost two years. The slim increase in pay, coupled with reduced hours, led to the biggest drop in weekly wages in almost two years. It left average weekly wages up only 3.1% in the last 12 months, less than the 4% rate of inflation in the 12 months ending in March, an indication that paychecks are not keeping up with prices. That's what I found when I researched it.

$17.88 an hour equates to....

$37190.40 per year. Stand by - Obama and Clinton are targeting that income level. BTW, regarding the middle calss moving into the upper class, why not "research it" over the full seven years? Because it wouldn't fit your agenda?

Re: $17.88 an hour equates to...

I was a solid Republician until about 4 years ago. Now that I know both parties are out to drain me, the Democrats are the better choice. At least they will drain the rich too whereas Bush and his cronies wouldn't. Hang on to your wallet, I'd rather see all of go in the hole!

You think the rich are skating by?

Tax figures for CY 2005, straight from the Deaprtment of the Traesury. Who pays taxes? The top 1% of earners pay 39.4% of all personal income taxes collected. The top 5% of earners pay 59.7%% of all personal income taxes collected. The top 10% of earners pay 70.3% of all personal income taxes collected. Meanwhile, the bottom 50% of earners pay only 3% of all personal income taxes collected. Yeah....those stinkin' rich people.....just not pulling their fair share, are they? BTW, I was a Republican until 2006, but finally gave up on Bush's military incompetence and the out-of-control spending by the Republican Congress. Trust me, there's no comparison. The Republicans may be an annoying fungal infection....the Democrats are a bullet through the head.

My objection to Obama and all Liberals in two sentences:

I'll keep my guns, my money, and my Freedom, I've worked hard to earn them. You can keep the Change!


So it is okay for the government to take your money if you work hard and succeed?


It is YOU who might want to go read up on your candidates and educate YOURSELF on exactly who the tax increase would be put on...its NOT at 150K....

They don't know

hildabeast and osama count on the uneducated to vote for them. All they hear is what the government is going to give to me and don't worry about how it is to be paid for.