Tuesday, May 06, 2008

WHERE THEY STAND ON CAPITAL GAINS TAXES

The wingnuts are trying to convince people that the Democrats will raise taxes on everyone, including the middle class. This isn't true but that's all you'll get from FAUX News or Fats Limbaugh. (BTW, Fats has a vested interest in keeping the capital gains tax low and so do many other radio gasbags.)

Here's a synopis of each candidates position, from the NY Times:

BARACK OBAMA

REPEAL THE BUSH TAX CUTS FOR HOUSEHOLDS EARNING MORE THAN $250,000

Cut taxes by $80 billion a year for workers, homeowners and retirees. Give credits to working families; eliminate income taxes for elderly workers making $50,000 or less. Keep estate tax. Raise capital gains taxes to as much as 28 percent.
MORE INFORMATION
Plan to Strengthen the Economy (barackobama.com)

HILLARY CLINTON

REPEAL THE BUSH TAX CUTS FOR HOUSEHOLDS EARNING MORE THAN $250,000

Extend middle-class cuts ($1,000 child tax credit, marriage penalty relief). Offer new cuts for health and child care, college and retirement. Freeze estate taxes at 2009 levels. Favors alternative minimum tax change but not repeal. Voted to keep capital gains tax cuts.
MORE INFORMATION
Strengthening the Middle Class (hillaryclinton.com)

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