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Election Issues Affecting Women 2008: Taxes

21 September 2008 No Comment

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.

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