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Name:
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Lady
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Subject:
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Social Security
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Date:
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9/16/2008 5:29:34 PM
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This is to those that have not made up their mind about whom you will vote for in the upcoming election! Some of you will vote for McCain (no matter what) and some of you will vote for Obama (no matter what). If you're in these groups, stop reading now.
But if your mind is still open, I'd like you to consider this.
I watched both the Democratic and Republican conventions. One of the often repeated assertions during the Republican convention was that taxes would rise under Obama. I did some investigating and this is what I found (published by the non-partisan Tax Policy Center of the Brookings Institute). The Republicans are incorrect, unless your income is over $227,000.00. The table below shows you how your taxes will change under both McCain and Obama. In other words, if your income is between $66,000 and $112,000, you'd pay $281.00 less if Obama is President. If your income happens to be somewhere between $38,000 and $66,00, you'd pay $723.00 less a year under Obama. It's pretty easy to see that McCain really does favor tax breaks for the wealthy and Obama favors them for the middle class. Let me encourage you to look at your income on this table and see the change that will occur.
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
Obama would increase the top income tax bracket from 35 percent to 39.6 percent. So there’s no argument that for the wealthiest Americans, the taxman cometh under Obama’s plan. But there would be no change in tax rates for families with an adjusted gross income of less than $250,000. Translation: most Americans. Obama also would increase capital gains and dividend taxes rates from 15 percent to 20 percent for those who make over $250,000. Obama also proposes a $1,000 tax credit on income for working families ($500 for singles), to offset payroll taxes.
There are a host of stories and editorials from major newspapers and political Web sites that conclude Obama’s plan would result in a tax cut for most middle class Americans. There’s even an opinion piece in the Wall Street Journal that concludes, “Overall, Sen. Obama’s middle-class tax cuts are larger than his partial rollbacks for families earning over $250,000, making the proposal as a whole a net tax cut and reducing revenues to less than 18.2% of GDP -- the level of taxes that prevailed under President Reagan.”
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