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I came across this article online and thought I would just simply cut and paste it here, including author and link for copyright. It was found at: www.caliberal.blogspot.com
Interesting.
Both Obama and McCain have tax cuts in store for America; Obama will shift the tax burden so the vast majority of Americans will pay less and the rich closer to their fair share.Obama will let the Bush tax cuts expire (which is not the equivalent of a tax increase unless you live in Bizarro world and reason with Bizarro logic), while McCain wants to continue wasting resouces on handouts for the rich. Here's who much you will save under either Obama or McCain (note that there many other variables you need to take into consideration when making up your mind about tax policy, e.g. a tax cuts may save you $2,000 a year, but eliminate a program that is of greater value to you - such as having better roads to drive on, living in society where the poor don't go homeless, etc...). Keeping in mind that you shouldn't favor a tax policy simply based on how much cash you save, here is the direct effect either Obama's or McCain's tax plan will have on your wallet:
If you make $0 to $20,000 you will save:
$567 under Obama
$19 under McCain
If you make $20,000 to $38,000 (about 40% of American households make less than $38,000) you will save
$892 under Obama
$113 under McCain
If you make $38,000 to $66,000 (note the median household income is $46,000 as of 2007, more than 2-thirds of Americans make less than $66,000), you, along with the vast majority of Americans will save,
$1,042 under Obama
$319 under McCain
If you make $66,000 to $112,000, along with about 87% of Americans who make less than $110,000, you will save
$1,290 under Obama
$1,009 under McCain
If you make $112,000 to $161,000 you will save
$2,204 under Obama
$2,614 under McCain
If make $161,000 to $227,000, putting you in at least the top ca. 6-7% of American households), you will save
$2,780 under Obama
$4,380 under McCain
If are at least among the top 2.5% and make between $227,000 to $603,000 you will pay $19 more under Obama and save $7,781 under McCain
If you are among the 1%, but not 0.1%, i.e. semi-rich (I usually use $1,000,000 per year as the cut-off for what I call "rich"), making $603,000 and $2,900,000 , you will pay $115,974 more under Obama and $45,361 under McCain
Finally, if you are super-rich, making $2,900,000 or more (only about 0.2%-0.1% of Americans do), you will pay $701,885 more under Obama and save $269, 364 under McCain (note that many in this group make far more than $2.9 million - the Fortune 400, for example, had an average income of $214 million in 2007)
Simply put, unless you are among the bottom 99.2%, you will pay less taxes, less so under Obama if you make less than $112,000 and about as much as under McCain if you are in the bottom 94% and make less than $161,000. If you make more than $603,000 you will pay more under Obama, but perhaps you have a concience and favor poverty relief, universal health care and a good education for everyone, and are thus willing to see the Bush tax cuts expire.
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Posted by KateTheShrewd on 2008-09-05 13:33:22 | Rating: | Views: 194
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It makes me sick!
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Posted by anotherdaze
on 2008-09-05 13:41:47
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If you read carefully, you will understand that he is only raising the taxes on about 2.5% of the population back to levels of Clinton, Bush. Sr. era... to a fare rate. That money, the money they should have been paying all along, will be used to make health care more affordable. But also, make no mistake... Obama's health care plan also proposes making Free Market competition open again... that would drive the price down due to compitition. No more MONOPOLIES! on health care providers and drug companies.
Under Obama, my family will actually pay a little bit more than we would under McCain. But ya know what? We're not selfish. We're truly putting COUNTRY FIRST!
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Posted by KateTheShrewd
on 2008-09-05 13:44:39
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Obama will also eliminate the tax loopholes that big business use. He will be raising taxes on business's that export jobs and have windfall profits.. I also don't mind giving a little as long as the countries economy becomes stable. If this happens then prosperity will come later. Remember, under the last Democratic administration the budget was balanced and there was a surplus.
BobBrug
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Posted by bobbrug
on 2008-09-05 14:11:16
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Ha. What a crock of shit. All Obama is going to do is make the wealthy people here pay to feed and shelter the poor. So all the people that made something of theirselves and worked for what they have, get it taken away to give to the poor.
Republicans arent about making the rich richer and the poor poorer. They are about giving you the opportunity to make something of yourself and keep the money you deserve!
I could care less if Obama is going to save me $567 and McCain will only save me $19. Because I work hard and refuse to live my life at the bottom of the barrell. So when I bust my ass to make it to the top and have a lot of money, I damn sure dont want to give it to the people at the bottom of the barrell because if I made it up, so can you. Grow up, work hard and get YOURSELF out of where you are, dont depend on the government.
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Posted by AngryAngel
on 2008-09-05 14:16:41
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I don't think anyone is asking for a handout. People are simply asking that the distrabution of taxes taken be fair. To stop the tax breaks and to close the loop holes! For our government to stop riding on the middle class while the rich keep all their protected money! I don't think they want to make the rich pay for the poor.
Also the Great Depression was caused by such a wide gap between incomes and social classes. When the rich were so rich and the poor was so poor they couldn't even buy food. Do the "rich" people understand that when the rest of us are in the dog house nobody will be stimulating the reason for jobs and the economy????? Farmers, truckers, teachers, etc. will impact the rest of our "great nation".
By the way plenty of middle class or even lower class people bust their asses too!
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Posted by anotherdaze
on 2008-09-05 15:06:16
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Right now, the wealthiest .. .oh 2.5% of the country, of which, I belong BTW, have not been taxed fairly since Clinton, Bush Sr. and Reagan before them. We haven't been paying OUR FAIR share under Bush for 8 years. Obama is set out to correct that.
Again, I'll pay a bit more. But, who cares! I will be putting my country first!!!
The middle class of this country has grown up. Does work hard. They don't depend on this government for one damned thing. All they want is to pay proportionally the same amount as the rich. Fairness! Equality. No handouts. What is fair. Yet, under the current republican adminstration, even their best efforts aren't enough to live in this country.
The upper 2.5% Angry Angel, is... for a matter of FACT, keeping more money than they deserve. :)
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Posted by KateTheShrewd
on 2008-09-05 16:12:14
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umm.. AngryAngel, I would have to say that you are...Evil.
yeah, that would have to be the proper term...
Evil with a large dose of misguided self-defeating selfishness...oh, and maybe some clueless stirred in too.
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Posted by Shannon
on 2008-09-05 17:56:06
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whew...ok, i've taken a moment and now apolgize for my judgemental attack on you...
I still find you position to be incredibly destructive, to yourself and others.
I hope you are able to appreciate that there are many, many people who do not strive to make millions every year, that have chosen the careers that keep our communities running, who want to live a good life with thier families. Lives more full of family connection than finacial gain, and more full of community involvement then creditors or debt.
The Republican tax code would be sentencing these incredibly hard working people, who are the back bone of this nation, to a life of financial repression.
All simply because, as you seem to feel, they are "not motivated" enough to only seek finacial reward in this life time??
I pray for you, my friend, I pray for you.
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Posted by Shannon
on 2008-09-05 18:19:28
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Angryangel tells it like it is good for him or her. Those that don't like it are the ones going along for the ride. They let the those (Republicans or Democrats) who work hard and make the most of their opportunities pay for those that are happy to sit home, watch TV, get their free health insurance and cash their government check.
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Posted by ThisandThat
on 2008-09-05 20:45:11
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Its obama's inexperience talking to come-up with 161-227000 No because if you are living in california, specially in northern california with the housing price, gas cost and day care expenses one family making more than 170,000 can hardly survive, median housing price in sanfrancisco bay area is 700,000, and this are the people who bought the tech boom, and working on alternative energy right now, by punishing them with higher taxes for some fool who doesn't want to work is totally absurd. independent family where both parents are working and making more than 200,000 is sure intelligent that contributing to new technology and education.
Most of the independent business owner running small businesses makes around that, they have to contribute in social security, health insurance on their own and by coming up with this no they will be discourage to keep it running will cost all the worker working for them on an average 5-7 employee. and 85% of american business is this small independent business owner. He will kill the motivation for anybody to go in small business as there will be no reward for them.
Independent like me will be watching obama very closely on tax issue he needs to get together is fact. When govt. start working as collector to collect money from rich and middle class and start doing charity it kills innovation and ultimately democracy itself.
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Posted by jayjay
on 2008-09-06 18:50:58
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GO OBAMA!!
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Posted by MosiKwabena
on 2008-09-07 00:38:20
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