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In our August issue of Tax Times, we published "Obama vs. McCain: How Will Their Proposed Tax Policies Affect You?" Below is an update of the Obama and McCain plans you should know about.
Obama Plan Other tax-related proposals would:
4
Give U.S.
businesses a new tax credit for each new employee hired over the
next two years
4
Suspend
rules requiring investors to begin to sell off their IRA and 401(k)
accounts at age 70-1/2 McCain also proposed to increase the amount of capital losses that can be deducted from ordinary income in tax years 2008 and 2009, from $3,000 to $15,000. "We should ... not penalize Americans who are forced to sell investments in today's tough markets," McCain asserted. He also proposed to reduce the federal business tax rate from 35 percent to 25 percent and called for the elimination of all taxes on unemployment benefits, saying the U.S. government should not impose a tax burden on those who can least afford it. The
Somerset Tax Team will continue analyzing the proposed tax policy
information as it evolves and the election nears. We will keep you
informed with matters that may impact you. Please don't hesitate to
contact us if you would like to discuss this topic at any time.
Tax Times is provided by Somerset CPAs for our clients and other interested persons upon request. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review. For additional information on the issues discussed, please contact your Somerset advisor or a member of our Tax Team. This document is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.
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Somerset CPAs, P.C. |
