How McCain and Obama will change your tax bill
[Quote:]
John McCain and Barack Obama have starkly different philosophies about tax policy - how to raise the revenue needed to support government programs, spur growth and ensure economic fairness.
But voters really want to know one thing: How would the presidential candidates’ views trickle down to their tax bills? A report released Wednesday by a nonpartisan policy group in Washington, D.C., takes a big first step toward answering that question.
[..]
“Middle-class families get tax cuts that are three times larger from Obama than from McCain,” Furman said. “And the McCain plan gives nearly one-quarter of its benefits to households making more than $2.8 million annually - the top 0.1%.”
| MCCAIN | OBAMA | |
|---|---|---|
| Income | Avg. tax bill | Avg. tax bill |
| Over $2.9M | -$269,364 | +$701,885 |
| $603K and up | -$45,361 | +$115,974 |
| $227K-$603K | -$7,871 | +$12 |
| $161K-$227K | -$4,380 | -$2,789 |
| $112K-$161K | -$2,614 | -$2,204 |
| $66K-$112K | -$1,009 | -$1,290 |
| $38K-$66K | -$319 | -$1,042 |
| $19K-$38K | -$113 | -$892 |
| Under $19K | -$19 | -$567 |
According to the IRS, 89% of Americans report less than $100,000 in adjusted gross income (2005). Most of them will pay LESS taxes under an Obama administration… the big problem is that you have to show the above numbers.. I don’t have the link any more, but at the time of the 2000 election, 17% of Americans thought they were in the top 1% of incomes . . . Can you imagine how many thought they were in the top 10%?
July 2nd, 2008 at 17:48
How would the national health care Obama plans affect the taxes vs McCains health care.