Obama Alternative Minimum Tax

January 23, 2009 Filed Under: Economy

Short Description: On January 20th, 2009, Barack Obama will be sworn in as the 44th President of the United States. During his campaign, President-elect Obama introduced several tax proposals that would become part of his tax policy. Many of the proposals that were discussed during the campaign have not yet been fully developed by Obama and his advisors. However, now that the election is over, we have highlighted some of these tax proposals in order to give you an indication of what you will likely see as tax policy in the future…

Content Inside:
Below are several of the key business provisions of Obama’s tax proposals:
• Lowering the corporate tax rate for companies that start or expand their operations within the United States.
• Retaining the corporate tax rate of 35%, however potentially broadening the tax base and eliminating special interest loopholes.
• Eliminating capital gains taxes for entrepreneurs and investors in small business and startup companies.
• Permanently extending the research and experimentation credit that is set to expire in 2009.
• Allowing small businesses a new refundable 50% health tax credit on employee health insurance premiums paid by employers.
• Providing businesses a new $3,000 refundable tax credit for each full-time employee hired during 2009 and 2010.
• Enacting a windfall profits tax on oil companies.
• Extending the credit for electricity produced from renewable resources.
• Taxing carried interests as earned income subject to ordinary income tax rates and selfemployment taxes.
• Cracking down on international tax havens by requiring greater disclosure of financial transactions in certain jurisdictions.

obama alternative minimum tax
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