Your Tax Bill (Obama v. McCain)
This weekend I found myself defending Obama’s tax plan against McCain’s with a couple friends. In a nutshell I stated it wouldn’t be beneficial to vote for McCain (with your wallet foremost on your mind) unless you were making over 250k/year. Well, this morning I read a CNN Money report updated this past June concluding that my assessment was/is pretty accurate. However the 250k/year is actually closer to 150k/year (trust me, no one in the crowd was making even close to that). However, real disparities don’t come into account until around the 250k mark.
Here’s the breakdown:
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
Table courtesy of CNN Money
If money is so important to you, don’t you think it would be beneficial to research the candidates prior to assuming the Republican is always going to be better on your pocket book?
Here’s a second source pretty much reiterating CNN Money numbers.
And a third source…
Thanks for putting this chart up. When the candidates speak of taxes, most people just concern themselves with who is going to “raise” them; in other words, they’re mostly just echo chambers for their own party without knowing who exactly is going to be taxed at a higher level, proportionately speaking. Showing the numbers, however, displays exactly who the opposing tax cuts target. Believe me, I can use the extra several hundred bucks.
i put up a bulletin about this on myspace with the Obama tax cut calculator link (google it), & Sergio Cilli of Sergios White Hot Top Five on Current reposted it. i was pretty flattered.
Thanks Kim, here’s a direct link:
ObamaTaxCut.com
If this rings true, I’m looking at an extra $980.92/year! F*&k yeah!
Interesting post. However, I think there is a typo.
You wrote, “In brief, each individual for the group in question stands to gain an average of $723/year if they vote for Obama over McCain.”
Isn’t this the opposite?
And of course, the money that they “saved” by voting for McCain will come in handy when their social security and medicaid is cancelled.
Ohhh…the negative means that it is a tax return.
I can read charts, I swear.
That’s a top notch lawyer right there, folks.