OBAMA’S TAX CALCULATOR !!!!

Barack Obama’s tax plan delivers broad-based tax relief to middle class families and cuts taxes for small businesses and companies that create jobs in America, while restoring fairness to our tax code and returning to fiscal responsibility. Coupled with Obama’s commitment to invest in key areas like health, clean energy, innovation and education, his tax plan will help restore bottom-up economic growth that helps create good jobs

in America and empowers all families achieve the American dream. The Obama plan will:

 

1.      Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.

 

2. Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.

 

3. Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of

senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their

own taxes in less than five minutes without an accountant.

 

4. Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families

sending a child to college or looking to save and accumulate wealth.

 

For More Details refer: http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf

 

KEY FACTS

Barack Obama is being smeared by baseless claims that he would dramatically raise marginal tax rates to levels not seen since the 1970s, or impose new taxes on everything from your child’s education fund to your water. These tired attacks are patently false and have been repeatedly debunked by independent fact check organizations. Below are 6 key facts about the Obama tax plan that help set the record straight:

 

1#  The Obama Plan Would Cut Taxes For Middle Class Families By Three Times More Than Senator McCain’s Plan : In past few weeks it has been observed that the McCain campaign has repeated suggested that Obama taxes on middle class families. According to Fact.org, it was claimed completely untrue and the Washington Post Editorial Board claimed it was unacceptably misleading. Infact both the campaigns voted to extend tax benefits for middle class families.

 

2# The Obama Plan Provides Generous Tax Cuts for Almost All American Families – and willnot raise any tax rate on families making less than $250,000 per year, period! : The Obama plan offers 20% lower tax rates in comparison to the rates during President Reagan. Under the Obama plan the existing marginal tax is applied for families making $250,000 and single people $200,000. While offering thousands of dollars in new tax cuts for saving, education, mortgage costs, and childcare, as well as up to $1000 per family to make work pay.

 

3# Under the Obama Plan, No One Will Pay Higher Tax Rates Than They Paid in The 1990s :  Barack Obama has called for repealing a

portion of the tax cuts passed in the last eight years for families making over $250,000. But he would

Landmark Created- India US N-Deal Signed

The U.S. agreement on civil nuclear cooperation permits American businesses to sell nuclear fuel, technology and reactors to India in exchange for safeguards and U.N. inspections at India’s civilian — but not military — nuclear plants. The signing of legislation, which approves U.S.-Indian civilian nuclear cooperation, is the result of three years of work by Indian officials and the Bush administration. The president said the measure would build on the growing ties between the world’s two largest democracies, the United States and India.

“This agreement sends a signal to the world: Nations that follow the path to democracy and responsible behavior will find a friend in the United States of America,” Bush said.

By signing the authorizing legislation, Bush is required to certify that the agreement with India is consistent with U.S. obligations under the treaty, an accord designed to limit the spread of nuclear weapons. He must also certify that it is U.S. policy to cooperate with international efforts to further restrict transfers of technology related to uranium enrichment and the reprocessing of spent nuclear fuel.

Critics in India argue the constraints compromise their country’s right to conduct nuclear tests. Some private U.S. arms control experts say the deal is likely to speed up nuclear arms competition in Asia. Reiterating apprehensions that the deal would entail “huge costs” for India, CPM general secretary Prakash Karat said “the legislation signed by President Bush into law is nothing but a Hyde Act plus law. The clarifications given by Bush about fuel supply assurance and advance consent for reprocessing are not worth anything.” He maintained that the law passed by the US 0043 Congress will dictate implementation of the agreement and Mr Bush’s term ends in four months.

Meanwhile, the Congress hailed the signing of bill into law by Mr Bush and said that the Indian nuclear programme would be intact and future generations will not face power shortage.