President Obama

We all know President Obama's message is change. He is very inspiring and charismatic. He's easy on the eyes as well.

Now, what do I know of his plans? What specifically can we expect from him?

From The Kiplinger Tax Letter: "Obama's maximum rates on dividends and gains would jump to near 25% [currently now maxed at 15%] and tax dividends as ordinary income." "Obama opposes full repeal of the AMT." "Obama opposes full repeal of the estate tax but hasn't offered any specifics." "...would close loopholes used by oil and gas firms." "Obama would tax employers that don't offer meaningful health coverage to workers."

We know President McCain has vowed to keep Bush's tax rates. He also vowed to secure the borders even though he very much wants amnesty for most illegals. McCain wants to repeal the AMT. He talks of offering a credit up to $5,000 for healthcare purchases. McCain wants to increase the estate tax exemption to $10 million and a lowering of corporate top rate from 35% to 25%.

I find Huckabee's plan interesting. He would abolish the IRS. His near 30% national sales tax makes sense in that business taxes are built into all that we purchase anyway - income tax, payroll tax, unemployment tax, excise tax. I could go for that if it would mean everyone's retirement accounts (IRA, 401k, etc) would have all those strings released. All funds available without consequence and tax.

It's all very interesting to consider and worry about.

'til later