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  #1  
Old 10-23-2008, 01:10 AM
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Whistle McCain vs Obama taxes

Proof for those still in doubt.


How Much Would You Pay in Taxes?
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'd save... -------you'd 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're in the top 5% of earners... you'd pay an extra... you'd save...
$227,000-$603,400-----------------$121------------$8159
$603,400-$2.87 million-----------$93,709-----------$48,862
more than $2.87 million----------$542,882----------$290,708


Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.
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  #2  
Old 10-23-2008, 05:20 AM
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I don't think you pay federal income taxes if you make $19,000

So people making near 3M get a 18% tax increase, $603,400 gets a 15.5% increase, $227,000 gets a 0.0005% increase? That seems fair

Not sure why we continue to punish people who are successful. Wonder how long those businesses (because people with that amount of money, generally own a business or play a significant role in one) will stay in the US, will raise their end prices and reallocate their money

And with McCain, 2.8M gets a reduction of 10%, $161K get a reduction of 3%, 0.0086% reduction for $37K.

The difference, based on these numbers from McCain and Obama for the peeps making between 37K---227K would be: $8,376 vs $7,313
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Old 10-23-2008, 09:13 AM
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Quote:
Originally Posted by Wagner
I don't think you pay federal income taxes if you make $19,000

So people making near 3M get a 18% tax increase, $603,400 gets a 15.5% increase, $227,000 gets a 0.0005% increase? That seems fair

Not sure why we continue to punish people who are successful. Wonder how long those businesses (because people with that amount of money, generally own a business or play a significant role in one) will stay in the US, will raise their end prices and reallocate their money

And with McCain, 2.8M gets a reduction of 10%, $161K get a reduction of 3%, 0.0086% reduction for $37K.

The difference, based on these numbers from McCain and Obama for the peeps making between 37K---227K would be: $8,376 vs $7,313
I am not sure your percentages are correct. The data provided by LemansX5 represents avereges for each bracket. For example:
$603K-$2.87M will see an increase of $93K
To calculate the percentage increase = 93K/[(603K+2.87M)/2] = 5.35% not 15%
At least that is how I read it!

Even within these brackets, I would think, the taxes would be progressive. A round 3% increase for those around the 250K and maybe 6-7% for those around the 2.87 M.
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Old 10-24-2008, 09:05 AM
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Quote:
Originally Posted by Wagner

Not sure why we continue to punish people who are successful.
For the past 8 years we haven't...
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Old 10-24-2008, 10:46 AM
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Quote:
Originally Posted by Dannyell
For the past 8 years we haven't...

You sure about that? Open a small business. I paid taxes on a business that hadn't even posted revenue when I started
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We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

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Old 10-24-2008, 11:17 AM
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Quote:
Originally Posted by Wagner
You sure about that? Open a small business. I paid taxes on a business that hadn't even posted revenue when I started
You needed a good accountant back then.
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Old 10-24-2008, 11:25 AM
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Quote:
Originally Posted by LeMansX5
You needed a good accountant back then.
Had one, welcome to Maryland.
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"promote the general welfare, not provide the general welfare"

We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

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Old 10-24-2008, 11:55 AM
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Quote:
Originally Posted by Wagner
You sure about that? Open a small business. I paid taxes on a business that hadn't even posted revenue when I started

Change your accountant dude.
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Old 10-24-2008, 11:57 AM
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Quote:
Originally Posted by MiCkEy
Change your accountant dude.
That was 3 years ago, and nope..he was accurate. See...the little things that batter small business that many people do not see
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Old 10-24-2008, 10:10 AM
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Quote:
Originally Posted by Wagner
I don't think you pay federal income taxes if you make $19,000
I've had a couple bad years over the past decade where I made less than that, and still had to pay taxes, although it was a small amount, around 10% or so. I'm not sure the exact amount for deductions, but I would guess if a family of 4 made $19k, then they would not pay taxes, but for a single adult, you would.

BTW, if you are one of those people who wish things would be like they were back in the good ole days, take a look at what the highest tax brackets used to look like in the 1940s-1970s:

http://en.wikipedia.org/wiki/Income_...ral_income_tax

The top tax bracket, even under Obama's plan, is less than half of what it was in the 1950s.
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