89% of Americans will pay less income tax under Obama than McCain
CNN posted an article online summarizing the Tax Policy center's report comparing John McCain and Barack Obama's proposed tax plans. It is available here. The numbers are remarkable, but CNN failes to notice the obvious punchline: 89% of Americans will pay less in taxes under Obama than McCain.
Data tables below the fold. Here is a table showing the change in your tax bill in 2009 vs 2008 if McCain or Obama's policies are fully implemented:
| McCain | Obama | ||
| Income | Avg. tax bill | Avg. tax bill | Difference (O-McC) |
| Over $2.9M | -$269,364 | +$701,885 | +$971,249 |
| $603K and up | -$45,361 | +$115,974 | +$161,335 |
| $227K-$603K | -$7,871 | +$12 | +$7,883 |
| $161K-$227K | -$4,380 | -$2,789 | +$1,591 |
| $112K-$161K | -$2,614 | -$2,204 | $410 |
| $66K-$112K | -$1,009 | -$1,290 | -$281 |
| $38K-$66K | -$319 | -$1,042 | -$723 |
| $19K-$38K | -$113 | -$892 | -$779 |
| Under $19K | -$19 | -$567 | -$548 |
Source: Tax Policy Center
From the table, we can see that if you make less than $112,000 a year, then you will pay less in taxes under Obama's policies compared to McCain's. According to the IRS, 89% of Americans report less than $100,000 in adjusted gross income (2005).
Perhaps it's worth showing this table to your undecided and Republican friends to let them know just how much they stand to lose under a McCain presidency.
It's also worth noticing that under Ron Paul nobody would pay the income tax, but I guess you all like to pay huge amount of taxes to international bankers who suck from your sweat and don't produce any good, right?
Source: dk
2 comments so far:
Steve says: Taxes
No matter how someone looks at it, it all depends on if the elected President can get his plan to pass or any part of it. He is not a dictator and cannot just say it will happen and then it happens.
Also, anyone can say anything to get elected.
katie says: So much with the high rated
So much with the high rated rumors about higher Obama taxes. I never really was good on math but I was good on logics and I can understand in certain situations why taxes are high. Complaining about the situation is not constructive, you can always find options to make things better, tax relief could be one of them.
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