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Reactions to Obama’s Tax Plan

by taxnick on August 14, 2008

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%.

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