Trying to understand any presidential candidate’s tax plan can be a daunting task for many people. But, it’s a key element in helping one choose which candidate to vote for.  So, we decided to create an easy-to-comprehend guide to Obama’s tax plan.  Now, this isn’t the end all, be all definitive guide to everything that is Obama’s plan on taxes, but it will quickly and easily educate you on his major tax related promises.

Get the Economy Going
Obama will impose higher tax rates on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills, with a long-term plan to provide middle-class families with at least $1,000 per year in permanent tax relief.

Tax Relief for Middle Class Americans
1. Obama will provide 150 million workers the tax relief they need by creating a new “Making Work Pay” tax credit of up to $500 per person, or $1,000 per working family. The “Making Work Pay” tax credit will completely eliminate income taxes for 10 million Americans.
2. Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will eliminate income taxes for 7 million seniors and provide them with an average savings of $1,400 each year. Under this plan, 27 million American seniors will also not need to file an income tax return.
3. Obama will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes saving Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.

Trade
Obama believes that companies should not get billions of dollars in tax deductions for moving their operations overseas. He will also fight to ensure that public contracts are awarded to companies that are committed to American workers.

Small Business
Obama will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and the creation of new jobs. He will also support small business owners by providing a $500 “Making Work Pay” tax credit to almost every worker in America, thus reducing the double taxation burden on self-employed small business owners who pay both the employee and the employer side of the payroll tax.

Work/Family
Obama will reform the Child and Dependent Care Tax Credit by making it refundable and allowing low-income families to receive up to a 50 percent credit for their child care expenses.

Learn More
Want to learn more about where Obama stands on the issues?  Click Here.
Or download Obama’s Blue Print For Change

Want to know where John McCain stands on taxes?  Click Here.

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