McCain v Obama - Tax Plans

McCain v Obama - Tax Plans

Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes

There is an entire article on CNN.com about this, but I have to be honest I didn't read it. I just saw the chart.

MCCAIN OBAMA
Income Avg. tax bill Avg. tax bill
Over $2.9M -$577,148 +$699,872
$603K and up -$109,214 +$121,689
$227K-$603K -$15,877 +$942
$161K-$227K -$6,322 -$2,796
$112K-$161K -$3,736 -$2,135
$66K-$112K -$1,487 -$1,264
$38K-$66K -$608 -$1,118
$19K-$38K -$259 -$892
Under $19K -$65 -$567

Now the formatting is bad, but you can see that McCain lowers the taxes on everyone. Obama raises it MASSIVELY for the wealthy. But here is the thing...

McCain lowers taxes more than Obama on everyone making 66K or more. A household income of 66k. so two people making 30K a year.

If a work week has 40 hours, and there are 50 working weeks in a year. (allowing for 2 vacation weeks and holidays), that means there are 2000 hours. Divide 30K by 2000. SO basically if someone makes $15/hour or more, they are better off with McCain.

So, what exactly does Barack say he helps everyone under 250K? He does, but McCain does it better according to this chart.

Find the full article here: http://money.cnn.com/2008/10/29/news/economy/candidates_tax_plans/index.htm?cnn=yes

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  • FL · Member since 2008 · 15 posts · 1 vote
    17y

    good post

  • Homeowner · Boise, ID · Member since 2008 · 13 posts · 0 votes
    17y

    Thanks for sharing the post. If McCain made more sense to me on other issues he might get my vote but I am still sticking with Obama.

  • Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
    17y

    Well at least you are out voting Matt. That is the key. Don't forget that Senate races are just as important if not more important.

    My suggestion, vote every incumbent out. They have lost touch!

  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    17y

    Unfortunately, this chart doesn't represent reality FOR EITHER CANDIDATE. Obama will allow the Bush tax cuts to end, resulting in a large tax increase for many.

    Both candidates favor a cap and trade system which will result in an increase in gasoline of about $2 per gallon.

    Obama has said that his plan will "bankrupt" our coal industry! So, how much will your electric bill go up when we can't use coal to generate electricity! (This is truly insane if you ask me).

    Tax plans, the little bit that the benevolent candidates are giving to the little people (you and me) will pale in comparison to all the increases these socialists are planning! Hang on your wallets - the socialists are coming!

    Mike

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