The Obama campaign has released this detailed tax plan, along with this summary, key facts, and comparison with the McCain tax plan. The tax plan has attracted a lot of attention in the media and blogosphere:
U.S. News & World Report: With Polls Close, Obama Blinks on Taxes, by James Pethokoukis:
This is a pretty big change for Obamanomics.
1. It will increase capital gains and dividend tax rates, to 20%, only for families making over $250,000. Before, Obama was hinting at rates as high as 28% for everyone.
2. On the issue of the Social Security income cap, he’s now considering a plan that would make folks earning over $250,000 pay in the range of 2% to 4% more in total (combined employer and employee) payroll taxes. Previously, there were hints at increases of from 6% to 12%.