Informed Comment

Thoughts on the Middle East, History, and Religion

Juan Cole is President of the Global Americana Institute

Thursday, August 28, 2008

Your Obama Tax Cut

Calculate your Obama tax cut.

"Barack Obama will cut taxes for over 95% of American families (even though more than half of American think he'll raise their taxes)"

posted by Juan Cole @ 8/28/2008 03:02:00 PM

14 Comments:

At 8:25 PM, Anonymous Anonymous said...

Yes, fine, but why not have a second calculation showing what McCain's plan would give?

The contrast would be illuminating to most people who visited the site.

 
At 9:03 PM, Anonymous Anonymous said...

This site is not accurate. It says that a married/w children couple making only $10,000 a year will get a $490.40 tax cut under Obama.
But anyone making only that much is already under their deduction status and don't pay any taxes at all! So how can you cut taxes out of nothing?

 
At 10:02 PM, Anonymous Anonymous said...

I saw a chart that showed McCain's, it's was 100% of people but the highest tax cut 4.4 went to the richest 2.6 million or more, and sloped down so the poorest got 0.2% - 0.5% up to 37k , as usual. Link has the chart

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

 
At 10:04 PM, Anonymous Anonymous said...

See link for chart, the richest get the biggest cut (4.4%) and the poorest get a fraction of a percent

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

 
At 11:32 PM, Anonymous Anonymous said...

Thanks for the link Prof. Cole -- anyone who wants to directly see the amount they'd get from Obama and McCain can use this site:
http://alchemytoday.com/willobamaraisemytaxes.html

 
At 12:24 AM, Anonymous Anonymous said...

Well, being retired on fixed income, it says we would probably NOT get a tax cut with Obama.
I'd like a link to the other site.
Question how biased this site is since it is Obamataxcut.com. I guessing it would be slanted.

 
At 12:54 AM, Anonymous Anonymous said...

So when you use Zach's site, taxes are always lower under the McCain plan except when earning less than 35,000, which would mean you aren't paying any taxes anyway, so a cut to that group is meaningless. The bottom line seems to be that you will pay less tax under McCain regardless of your income.

 
At 1:47 AM, Anonymous Anonymous said...

Ahh, but there are lots of other taxes besides income tax that Obama would implement if elected... so how much would you REALLY be paying in taxes?....

Proposed changes in taxes after 2008 General election:
CAPITAL GAINS TAX
MCCAIN
0% on home sales up to $500,000 per home (couples); McCain does not propose any change in existing home sales income tax.


OBAMA
28% on profit from ALL home sales


How does this affect you?
If you sell your home and make a profit, you will pay 28% of your gain on taxes.
If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.


DIVIDEND TAX
MCCAIN 15% (no change)


OBAMA 39.6%


How will this affect you?
If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president.
The experts predict that 'higher tax rates on dividends and capital gains would crash the stock market yet do absolutely nothing to cut the deficit.


INCOME TAX


MCCAIN (no changes)
Single making 30K - tax $4,500
Single making 50K - tax $12,500
Single making 75K - tax $18,750

Married making 60K - tax $9,000
Married making 75K - tax $18,750
Married making 125K - tax $31,250


OBAMA
(reversion to pre-Bush tax cuts)
Single making 30K - tax $8,400
Single making 50K - tax $14,000
Single making 75K - tax $23,250

Married making 60K - tax $16,800
Married making 75K - tax $21,000
Married making 125K - tax $38,750
Under Obama your taxes will more than double!


How does this affect you?

No explanation needed. This is pretty straight forward.


INHERITANCE TAX


MCCAIN 0% (No change, Bush repealed this tax)


OBAMA Restore the inheritance tax


How does this affect you?
Many families have lost businesses, farms and ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their
assets to loved ones, may only lose them due to these taxes.


NEW TAXES BEING PROPOSED BY OBAMA


* New government taxes proposed on homes that are more than
2400 square feet


* New gasoline taxes (as if gas weren't high enough already)


* New taxes on natural resources consumption (heating gas, water,
electricity)


* New taxes on retirement accounts and last but not least....


* New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!

 
At 1:51 AM, Anonymous Anonymous said...

I am an accountant and I prepare taxes for a living and I can tell you right now that this usless little calculator is so simplfied it is nothing more than a propaganda tool. Anyone who puts ANY weight behind the results of this should not be voting this november.

This is one more instance where the law and the government has made things soo complicated people can't possibly understand it.

It just proves we need LESS government and less TAX LAWS.

I think that should be the issue. I don't need McCain or Obama to save me from myself. I want them to save me from the government.

 
At 12:48 PM, Anonymous Anonymous said...

The number of ill- or misinformed criticisms of my site from self-proclaimed tax professionals is alarming. I'm the first to admit it's a simplified calculation and say as much on the page.

Furthermore, it does take cap gains proposals into account -- this is an analysis done by the Tax Policy Center and it's inclusive of all forms of income. Of all people, I'd expect tax pros to be a bit more measured in their response and actually look into something before reflexively lashing out at it just because they're predisposed to disagree.

80% of Americans will pay less tax under Obama than under McCain; 95% of Americans will see some tax cut under Obama. If you want to dispute that, take it up with the Tax Policy Center -- not me.

 
At 2:26 AM, Anonymous Anonymous said...

I think if your going to reference information on your blog as factual and correct (or at least realistic), then you are making the claim.

It seems a little un-truthful to present information then hide behind someone else when it is clearly shown to be inaccurate.

Maybe we should call you George W Bush and you can claim the CIA told you these numbers were right.

Just because the "Tax Policy Center" says it's true doesn't mean it is. Even though you want to beleive them.

 
At 5:24 PM, Anonymous Anonymous said...

Richard said
Bunch of irresponsible
Babies,
Citizenship is at all time low in this county.
These rates are nothing compared to the 60s
pay your damn bills so your
kids don't have to?
disgraceful

 
At 9:14 AM, Blogger jim said...

Folks, the whole Obama tax thing is bogus. Look around.

http://www.snopes.com/politics/obama/taxes.asp
http://fightthesmears.com/articles/9/obamaandtaxes
http://www.factcheck.org/askfactcheck/would_obama_tax_my_profits_if_i.html

We really need to spend more time reading books and newspapers and less time swallowing every stupid pseudo-factoid that comes down the pike, eh?

 
At 3:23 PM, Blogger Vi Suvius said...

But McCain plans on Taxing health benefits as well! WTF! Isn't health insurance expensive enough in this country? Millions of Americans don't have health insurance because the cost is prohibitive.


Here's what I found online:

"Actually, considered as a whole, McCain’s plan will raise taxes on millions of workers for two reasons. First, his plan would tax workers’ health benefits, which are largely tax-free today. Although he also creates a new tax credit for insurance premiums, many workers will pay more in taxes on their insurance then they get from the new credit.

Second, the value of McCain’s credit will erode quickly. While health care premiums are expected to grow by 7 percent a year, McCain’s credit will increase by only about 2 percent a year. In contrast, current tax benefits keep up with rising premiums. "

from http://wonkroom.thinkprogress.org/2008/08/14/mccain%E2%80%99s-plan-to-tax-health-insurance/

 

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