Your tax homework for tonight’s debate

September 26, 2008

Tonight’s first debate between Barack Obama and John McCain is on!

Since both candidates are in Oxford, Miss., getting ready, I thought you might want to prepare, too.

True, tonight’s event is supposed to be about foreign policy, but you can be sure that economic issues will come up in the wake of the bailout plan that’s still being hashed out in Washington, D.C.

The Tax Policy Group of Deloitte Tax LLP has put together a nifty document detailing the two candidate’s plans. As I mentioned in this previous post, the Illinois Democrat and Arizona Republican are making the usual election-year calls for tax relief. And generally, most Americans would benefit from either.

But, as is always the case with taxes, the words "generally" and "most" means some folks will fare better than the others.

Deloitte epxerts also note that the looming expiration of Dubya’s tax
cuts, mounting federal budget deficits and demographic pressures
put on Social Security and Medicare programs
will compel the next president to address taxes earlier rather than later in his first term.

The Wall Street Journal put together the table below based on the Deloitte computations. You can get a bigger, better look at the table, along with Tom Herman’s story on it, here. Click here to read the source material, Deloitte’s "A Familiar Call for Change."

Dueling_tax_plans

Other debate data: Deloitte also is a font of debate and technological campaign tidbits.

In the first ever televised presidential debate — John Kennedy vs. Richard Nixon in 1960 — who folks thought won depended upon how they received the debate. Radio listeners judged Nixon the winner; television viewers gave the debate to Kennedy.

Deloitte looks beyond that breakthrough campaign event in Media Technologies: 50 Years of Shaping – Good and Bad – Images, Content and Audience Impressions.

Then the firm takes a look at how the political world has embraced new/social media techniques and what that mean in a larger context in Presidential Campaigns Show Businesses How to Tap Social Networking and New Media Tactics.

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Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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