|
|
 |
|
|
 |
Taxes
Barack Obama will create jobs and jump start the economy by providing needed tax cuts for 95 percent of Virginia's working families and small businesses. He will not raise any taxes on any family making less than $250,000. In fact, the Obama plan provides three times as much tax relief for middle class families as the McCain plan.
Working Families:Obama will cut taxes on more than 95% of Virginia families – those families making less than $250,000. He will create a Making Work Pay tax credit of up to $500 per individual or $1,000 per family, which will benefit 150 million people nationwide and completely eliminate taxes for 10 million Americans. It would cut taxes for more than 4 million Virginians.Seniors:Obama will eliminate taxes for all seniors making less than $50,000. He would cut taxes for 7 million seniors and eliminate taxes for 27 million seniors nationwide. In Virginia, he would provide an immediate tax cut averaging $1400 to 108,000 Virginia seniors and 600,000 Virginia seniors making less than $50,000 will not pay any income taxes. |
|
Share Barack's plan with a friend
Small Business:Obama will also reduce the tax burdens on small businesses by eliminating all capital gains taxes on small and start-up businesses to encourage innovation and job creation. To address the skyrocketing cost of health care, he would also offer a new Small Business Health Tax Credit to help small businesses provide quality health care to their employees. It would provide a refundable credit of up to 50% on premiums paid by small businesses on behalf of their employees.Education:Obama will help make college affordable by providing a $4,000 American Opportunity Tax Credit that would cover almost two-thirds of the cost of an in-state public college or university in Virginia. The tax credit would be available at the time of enrollment. In exchange, the student must commit to 100 hours of community service per year.Housing:Obama will create a 10% universal mortgage credit to provide tax relief to middle class homeowners who do not receive the existing mortgage interest tax deduction because they do not itemize their taxes. The tax credit will help ensure that middle-class Americans get the financial assistance they need to purchase or keep their own home. This credit will provide an average of $500 to 10 million homeowners, including almost 200,000 in Virginia, the majority of whom earn less than $50,000 per year.Rural:Obama will provide a capital gains tax break for landowners selling to beginning family farmers, and a first-time buyers tax credit for new farmers. These incentives will make it easier for new farmers to afford their first farm. He will also support entrepreneurship and spur job growth by establishing a small business and micro-enterprise initiative for rural America. The program will provide training and technical assistance for rural small business, and provide a 20% tax credit on up to $50,000 of investment in small owner-operated businesses. |
|