TaxCorporate TaxObama makes $85bn tax cut vow

Obama makes $85bn tax cut vow

US presidential candidate targets middle-class voters with attractive package of tax pledges, which would see eligible families receive a $1,000 tax credit

Presidential hopeful Barack Obama is hoping to sway a sizeable proportion of
the US electorate with an aggressive set of
tax
cut proposals
.

Obama presented a fiscal package in Washington yesterday that promised to
give citizens earning average wages $85bn (£42.5bn) of tax relief. The primary
feature of Obama’s designs was to grant a $1,000 tax credit to those entitled .

The package of reforms included a mortgage interest relief of $500 on average
for middle-class homeowners and income tax cuts for US citizens earning less
than $50,000 a year.

Another major aspect of the proposals was a simplication of the Internal
Revenue Service’s annual tax form which Obama believed would save the taxpayers
$2bn annually in compliance costs.

Obama said that the cuts aimed at those in the median range of US wage income
would be offset by the closure of offshore tax havens, the withdrawal of tax
loopholes and the raising of capital gains tax from 15% to a possible level of
28 cents in the dollar.

Further reading:

Lib Dems
outline taxes for the rich

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson