How Much Would You Pay in Taxes? (From Parade.com/Intel)
Sens. Barack Obama and John McCain both say they’ll cut federal taxes if elected. Here’s what their proposals would mean for you.
----------------------------------- Obama--------------------- McCain
If you make:-------------------you'll save.....-------------you'll save.....
less than $19,000----------------$567------------------------$21
$19,000-$37,600------------------$892------------------------$118
$37,600-$66,400------------------$1118----------------------$325
$66,400-$111,600-----------------$1264----------------------$994
$111,600-$161,000----------------$2135----------------------$2584
$161,000-$227,000----------------$2796-------------- -------$4437
If you are among
the top 5% of earners--------you'll pay out.....-------you'd save....
$227,000-$603,000------------------$121----------------------$8159
$603,400-$2.87 million------------$93,709-------------------$48,862
more than $2.87 million----------$542,882-------- --------$290,708
*Source: Tax Policy Center. Numbers have been rounded. For complete details, go to TaxPolicyCenter.org. If your annual salary is less than $112,000, you’d pay less in taxes under Obama’s plan; if your salary is higher, McCain would cut your taxes more. “While the aggregate tax cut is bigger for McCain, a larger number of voters get more money under Obama,” says Alan Viard, a tax-policy expert at the conservative American Enterprise Institute. “Obama is choosing to emphasize tax cuts for the middle class, whereas McCain’s strategy is to keep rates lower at the top as a way to facilitate long-run growth.” For example, a person with an income of $1 million could see his taxes increase under Obama by as much as $94,000, whereas under McCain’s plan he could save about $48,000. — Rebecca Davis O'Brien
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4 comments:
This site will calculate what taxes you will pay based on who wins the election and your current economic status:
http://www.electiontaxes.com/
Of course, all taxes have to be agreed upon by Congress as well, so this really isn't super accurate, but it is kind-of fun!
I haven't had a chance to fill out the form yet, but it looks interesting. It's one thing to see a range on a list, but quite another to see a closer estimate of how it will effect you directly. Of course, tax plans from both parties were probably decided on months ago, before any of this financial mess. Will they still be the same come January? Doubtful...
I would be lying if I said I wouldn't be stoked if I got more back in taxes. But, I think both candidates are lying through their teeth saying that in this economy and with government spending as high as it is, they will honestly get the tax proposals through that they want. I would almost rather get back less in my tax refund (or nothing at all) if it meant our govt got out of debt with countries like China, Russia, etc.
I find it funny that the Republicans think by giving the rich higher tax cuts it will trickle down and help us. I would rather have the tax cut now and take my chances. But, I agree with you guys, I will believe it when I see it.
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