Election Issues Affecting Women 2008: Taxes

Posted on | September 21, 2008 | No Comments

McCain

Married couple filing jointly should pay the same taxes as if they were an unmarried couple filing separately.
Says he would double the child deduction from $3,500 to $7,000.
Slightly Increase Child Care Tax Credit Deductions.
Provide tax credits for businesses that provide child care for their employees.
Voted YES on eliminating marriage penalty -Bill HR.4810 ; vote number 2000-215 on Jul 18, 2000
“I think we’ve got to eliminate the marriage penalty, the earnings test, raise the 15% tax bracket, put a level of $5 million on the inheritance tax. But this tax code is 44,000 pages long. It’s an abomination. It’s a cornucopia of good deals for the special interests and it’s a nightmare for American citizens.” -Phoenix Arizona GOP Debate Dec 7, 1999

Obama

Obama worked with Senator Olympia Snowe (R-WA) to introduce legislation lowering the Child Tax Credit’s income limit so that 600,000 more families can benefit. The Child Tax Credit allows parents to receive $1,000 per child and has been an important financial resource for working families.
Proposes to increase the child and dependent care tax credit.
Provide tax credits for businesses that provide child care for their employees.
Supports eliminating marriage penalty and extending child tax credit. Proposes a “making work pay” tax credit of up to $500 per person, or $1,000 per working family.
Says he would 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 child care expenses.