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How the Next President Could Effect Your Taxes

by Jennifer Kirby on June 5, 2008
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One of my financial advisors from Merrill Lynch sent this interesting article on how the two presidential candidates might effect your future pocketbook.

Two Candidates, Two Different Tax Plans

The next president will have much to say about taxes and investments. From the capital gains rate to the corporate tax rate, here’s what to expect after the election.

With the economy ranking No. 1 on voters’ list of concerns, the topic of taxes is coming up with increasing regularity in debates and on the campaign trail. It’s clear that the 44th president will greatly affect future tax policy and, by extension, your pocketbook and investment portfolio.

The parties have very different approaches, as evidenced by their candidates’ positions. Republican presidential candidate John McCain, for instance, proposes making President George W. Bush’s tax cuts permanent. He also wants to make it harder to raise taxes. His Democratic challenger, Barack Obama, is equally vocal about repealing those tax cuts for households earning more than $250,000.

Here’s where the candidates stand on these issues and how their proposed changes might affect you:

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