If you do anything else today (and you live in the United States), make sure you find your polling location and vote. While the outcome of today’s presidential election may seem like a foregone conclusion, keep in mind that there are many other important issues and races that are in need of your vote.

I will be placing my vote later this afternoon.

Many news outlets have instated hotlines that can be contacted if you experience any problems voting. This year, not only are traditional telephone operators ready to receive your calls, but individuals are monitoring email and Twitter as well.

CNN includes a map to show which states are lodging the most polling complaints. To submit a complaint (42,500 complaints have been received so far), call 877-GOCNN-08 or share your story online.

NPR also offers an interactive map showing the country’s hot spots for polling complaints. To report a problem to NPR, send a text message to 66937 and begin the message with #votereport. Include your zip code, and a brief description of the problem. You can also post a message via Twitter with #votereport within the message.

The nonpartisan Tax Policy Center released a report yesterday that explains in detail the effect that a McCain presidency and an Obama presidency would have on the tax bill for American households. The data are stratified by income range and reflect a wide difference in stated policy between the two candidates.

In addition to making the 2001 and 2003 tax cuts permanent, McCain says he would double the exemption for dependents, lower the corporate tax rate, make expensing rules more generous for small businesses and lessen the bite of the estate tax and Alternative Minimum tax.

The net result: compared with their tax bill today, taxpayers on average would see their tax bill cut by nearly $1,200. That means their after-tax income would rise by 2%...

Obama’s plan would keep the 2001 and 2003 tax cuts in place for everyone except those making more than roughly $250,000, and he would increase the capital gains tax. Obama would also introduce new tax breaks for lower and middle-income groups…

The net result: compared with their tax bill today, taxpayers on average would see their tax bill cut by nearly $160 under Obama’s plan. That means their after-tax income would rise by 0.3%.

It’s also worth noting that McCain’s plan calls for the biggest percentage (that is, most meaningful) tax decrease for the highest earners while Obama’s allows the lowest income earners to receive the biggest break.

This table from the Tax Policy Center study illustrates how after-tax income will change in 2009 if either of the candidate’s tax policies are enacted. A lower after-tax income indicates higher effective tax rates due to a variety of proposed changes to the tax code.

A chart provided by CNN Money defines the income ranges more succinctly and provides hard numbers. I fall in the middle, and would hypothetically see a decrease in my tax bill amounting anywhere from about $1,000 to $2,600 depending on how much I earn and who ends up in office.

This speculation is interesting but mostly academic. These figures are not absolutes for three reasons. First, we’re dealing with politicians, so their proposals might change as they hammer out details, talk to advisers, and determine what strategy will get them into office. Second, their opinions may change once the winning nominee is sworn in to office. Third, any policy changes have to find their way through Congress first, where compromises must be negotiated before anything gets done.

So take these predictions and studies with a grain of salt.

A Preliminary Analysis of the 2008 Presidential Candidates’ Tax Plans [pdf], Tax Policy Center, June 11, 2008.
What They’ll Do To Your Tax Bill, Jeanne Sahadi, CNN Money, June 11, 2008.

I started taking a look at the proposals for revision of the income tax code being tossed around by the latest presidential candidates yesterday. The Democrats are in favor of continuing the Bush administration’s tax cuts, but only for certain individuals. They also support a number of tax cuts that I’ll write about in the future.

Meanwhile, here are the Republicans’ thoughts on income tax.

Rudolph Giuliani wants to make the Bush tax cuts permanent and lower tax rates for corporations. He may consider lowering the marginal tax rates for individuals as well.

Mitt Romney, like Rudy, would write the existing tax cuts for individuals in stone and lower corporate taxes. He would like to drop the taxes on interest, dividends and capital gains for taxpayers with an income under $200,000.

John McCain would like to make the Bush tax cuts permanent and further simplify the tax code. McCain is considering removal of the Alternative Minimum Tax, which was originally designed to keep higher income individuals from avoiding a significant portion of what would otherwise be their tax bill. Thanks to inflation, more and more middle class individuals are caught paying the Alternative Minimum.

Fred Thompson would also like to keep the Bush tax cuts on the books and remove the Alternative Minimum Tax. He wants to lower corporate taxes and eliminate the estate tax. Thompson has also suggested giving tax payers a choice between typical tax rates and a somewhat “flat tax.”

Mike Huckabee wants to do away with the income tax and replace the system with a higher sales tax of 30%. Theoretically, the government would send checks to all taxpayers each month to reimburse them for a portion of these taxes to ensure that those who must spend close to their entire income aren’t unfairly burdened.

Your income taxes: What the candidates want [CNN Money]

Now that we’ve looked inside the financial reports of the major candidates for President of the United States, let’s take a look at the Democrats’ plans for reworking the income tax system if elected. They are as one would predict, very similar.

Hillary Clinton wants to eliminate the “Bush tax cuts” for those earning more than $250,000 (and provide fewer opportunities for deductions) while preserving the cuts for everyone else. She wants to limit tax-free compensation for high-income earners to help pay for health insurance. She would like to raise the rate for the “carried interest” tax, a loophole that lets some fund manage claim their income is a capital gain.

Barack Obama would eliminate income tax for seniors earning less than $50,000, and like Clinton, would let the Bush tax cuts expire for those earning more than $250,000. Obama will also raise the tax rate for carried interest.

John Edwards would let the Bush tax cuts expire for those earning more than $200,000 and categorize fund managers’ pay as regular income, not carried interest.

Your income taxes: What the candidates want [CNN Money]