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National Press Releases
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PRESS RELEASE FROM AMERICANS FOR TAX REFORM
Contact: John Kartch (
jkartch@atr.org or 202-785-0266)
[View Printable Adobe Acrobat File]
Tax Day Tax Matrix
Every April 15th, working Americans struggle to pay their taxes to the IRS.
This November, taxpayers who vote will choose between two different visions of future April 15th’s. A vote for Senator McCain is a vote to keep tax rates low and prevent Democrat tax hikes. A vote for either Hillary Clinton or Barack Obama means a tax hike of over $2000 for the average family.
Which April 15th would you rather have?
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Current Law |
McCain |
Hill-Bama |
Top Tax Rate |
35% |
35% |
39.6% |
Lowest Tax Rate |
10% |
10% |
15% |
Capital Gains Rate |
15% |
15% |
20% |
Dividends Rate |
15% |
15% |
39.6% |
Death Tax |
0% by 2010
(Repealed) |
15%/$10 million |
55%/$1 million |
Marriage Penalty |
None Under
$150,000 |
None Under $150,000 |
Full from Dollar One |
Child Tax Credit |
$1000 |
$1000 |
$500 |
AMT Rate |
28% |
0% (Repealed) |
28% |
Self-Employment Rate |
37.9% |
37.9% |
54.9% |
Corporate Income Tax |
35% |
25% |
35% |
Business Infrastructure |
Long and Complex Depreciation |
Full Expensing |
Long and Complex Depreciation |
The first $5 million ($10 million for a surviving spouse) of an estate would be death tax-exempt
The “marriage penalty” refers to a married couple paying a higher amount of combined income tax than if they each filed taxes as single
The “alternative minimum tax” (AMT) requires taxpayers to calculate their taxes two ways, and pay whichever method results in a higher tax owed
Self-employed taxpayers pay both ordinary income tax and self-employment tax (Social Security and Medicare)
The U.S. corporate income tax is currently the second-highest in the developed world. The average European corporate income tax rate is about 25%
It takes larger businesses several years to deduct machinery and equipment, even though they purchase the business asset in year one (e.g. a computer must be slowly-deducted over six calendar years)
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Americans for Tax Reform is a non-partisan
coalition of taxpayers and taxpayer groups who oppose any and all federal
and state tax increases. For
more information, or to arrange an interview with Mr. Norquist please contact John Kartch at (202)785-0266 or by email at
jkartch@atr.org.
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