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Tax Issues in the 2008 Election

November 4, 2008
              
Across America, people are going to polls in record numbers to elect a new president. Accounting firm RSM McGladrey has produced a great scorecard detailing the two major party candidates' tax proposals.

But in 23 states, voters will also be deciding on various tax issues, which could have far reaching implications.

Probably the most significant is in Massachusetts, where a measure is on the ballot to get rid of the state's income tax by 2010. If it passes, Massachusetts will become the 10th state without an income tax.

Other big tax proposals are on the ballot in North Dakota, where voters will decide whether to lower the state's corporate tax rate by 15% and the personal income tax rate by 50%. In Oregon, voters will decide whether to lift the cap on the federal income tax deduction they can take on their state income tax return.

Tax Foundation counsel Joseph Henchman has produced an overview of all of the proposals across the country, summarizing pros and cons of each.

Check back soon for results and analysis of their implications!

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