Wednesday, October 8, 2008

Obama, McCain, Taxes, Small Business, and You

While we didn't hear much around the words "Main Street" this go around, there was plenty to do with taxes during the second of three debates between Senator Barack Obama and Senator John McCain. There seems to be more blame and misleading statements this election season than any in recent memory. To get a complete rundown of all the "mangled facts" between both candidates, check out this link from Here's an excerpt below:
  • Obama said his health care plan would lower insurance premiums by up to $2,500 a year. Experts we’ve consulted see little evidence such savings would materialize.
  • McCain misstated his own health care plan, saying he’d give a $5,000 tax credit to “every American” His plan actually would provide only $2,500 per individual, or $5,000 for couples and families. He also misstated Obama’s health care plan, claiming it would levy fines on “small businesses” that fail to provide health insurance. Actually, Obama’s plan exempts “small businesses.”
Both candidates had to spend the majority of their alloted time refuting what the other was saying about them, rather than answer the questions. Here a link to a KCBS5 story about each candidate's tax policies and what they mean to small business owners. Below is an excerpt:

First, on taxes: Experts say at least three out of four small businesses pay taxes through the owner's personal income tax. Under a Barack Obama administration, couples who make less than $250,000 will either see taxes stay the same - or drop. For those making more, taxes will go up. Under McCain, there would be no changes to the current tax structure. For the small remaining group of businesses that file corporate taxes, Obama proposes leaving the corporate tax rate at 35 percent. McCain would drop it to 25 percent.
With the results from our recently released 'Presidential Survey' and updates from the MerchantCircle blog, we want to make sure you can make informed decisions this election season and beyond.

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