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Obama’s Tax Plan

More interesting read for you all, consider it home work for the week, month, whatever..

A review of Obama’s Tax Plan – Yes, obviously the writer of this article is pro Obama, but he is using studies from the Tax Policy Center. The Center is made up of nationally recognized experts in tax, budget, and social policy who have served at the highest levels of government. The Tax Policy Center ran simulations using Obama’s plan and McCain’s tax plan. The writer of the article simply took that information and evaluated it, for us non-accountant types.

I think the result of those simulations by Tax Policy Center is very telling and is what separates Obama’s plan from McCain’s plan. It’s very very simple, despite the lies that John McCain has been trying to tell the American Public, People making less than 100K will receive a much larger tax cut under Obama’s plan.

  1. Pre-tax income less than $10k: Obama tax cut is $487, McCain’s is $14.
  2. Pre-tax income $10-20k: Obama tax cut is $709, McCain’s is $26.
  3. Pre-tax income $20-30k: Obama tax cut is $896, McCain’s is $89.
  4. Pre-tax income $30-40k: Obama tax cut is $1,039, McCain’s is $178.
  5. Pre-tax income $40-50k: Obama tax cut is $1,124, McCain’s is $232.
  6. Pre-tax income $50-75k: Obama tax cut is $952, McCain’s is $336.
  7. Pre-tax income $75-100k: Obama tax cut is $779, McCain’s is $483.
  8. Pre-tax income $100-200k: Obama tax cut is $407, McCain’s is $847.

The simulations also showed another big difference between the two candidates. John McCain is a continuation of Bush’s policies. He advocates cutting taxes for the rich while Obama wants the rich to pay a larger share of the burden.

  1. Pre-tax $200-500k: Obama raises taxes $3,546, McCain cuts $1,892.
  2. Pre-tax $500-1mil: Obama raises taxes $30,499, McCain cuts $6,825.
  3. Pre-tax $1mil+: Obama raises taxes $262,371, McCain cuts $58,632.

The choice is clear when it comes to tax plans, unless you make $1mil+. If you are for giving the rich more money, vote McCain. If you believe in tax relief for the low and middle class, vote Obama. The choice is yours.

This entry was posted on August 15, 2008 at 3:02 pm and is filed under Eric with tags , , . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Obama’s Tax Plan”

  1. sam Says:
    October 15, 2008 at 12:47 pm

    When you lay the comparisons out like this, it’s quite clear that Obama’s tax plan cuts more taxes for the middle class. But what you fail to talk about is the ramifications of Obama’s higher taxes on businesses. Using your numbers, if a company is making $1 million a year, you can bet that this company employs many workers. But in these terrible economic times, if this company’s taxes are being raised $262,371, you can bet that the employer will have to make some spending cuts and layoffs. So please tell me, what good is Obama’s tax cuts to a middle class guy if the middle class guy loses his job and therfore, has NO INCOME to get a tax cut for? With McCain’s plan, yes the middle class may get smaller tax cuts, but they are still tax CUTS, and more importantly, the middle class will still be able to hold on to their jobs because their employers aren’t being raped with higher taxes.

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