Post details: Taxes: Obama vs McCain
June 20, 2008
01:01:37 am, Categories: Taxes: Obama vs McCain
Warning: This has nothing to do with normal Flattire material
After my parents went to bed, I started perusing my google reader feeds. One of them led me to an article on how McCain and Obama's tax plans impact your wallet. It was a little too much of a rehash though, so I went to their source. This finally led me to the original report where I finally found out the information I was looking for, which was how the plans affected ME.
I'm a numbers kind of guy, so I threw together a spreadsheet to compare the plans on a purely money in my pocket basis. If you want to use the spreadsheet, first look up your income in the yellow columns, and then look over to the green and blue columns to see how your taxes will differ. The green (2009) and blue (2012) differ because various tax laws will expire between those years.
Conclusion? If you make up to $65k, Obama's plan gives you more money. Between $65k and $160k there's not much difference between plans. $160k - $600k and you're going to pay more taxes with Obama's plan vs McCain's, and over $600k you're going to pay a LOT more taxes.
A few things to remember of course is this is just an analysis of their early plans which may be drastically different by the time either becomes law. Also there's a certain fudge factor in the numbers since the original report is based on income distributions (ie middle 20%, top 1%) which don't align with income tax brackets. Oh, and I didn't double check any of my work. And lastly, there are a lot of other issues at stake. Personally I'm rooting for universal health care so I can quit my job and work on my rock band career.
Apparently this is what I do when I visit my parents.
Note: If you read either of the first two links, they both make a mistake saying that under Obama's plan the middle class would get an extra $1402. The original report says $1042.
Comments:
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06/20/08 @ 11:00 Permalink
06/21/08 @ 00:01 Permalink
06/21/08 @ 00:28 Permalink
06/21/08 @ 17:15 (Oh, and this kind of helps get the "have-nots" to vote for the Democrats, which they rely upon to win, but don't worry about that part b/c it'll only eventually make your eyes & ears bleed when you consider their plans through that lens).
Membership benefits of the "haves" include paying more and more taxes (income, capital gains, FICA) over time and not needing your Social Security retirement money when you retire (b/c it'll be long since given away and you don't need it anyway)... just to name a couple.
As a "have" you are generally encouraged to vote Republican, but frankly even that stinks as an option these days b/c although they'll avoid taxing the heck out of you directly, they'll still spend so much gov money on handouts that help themselves get reelected and trying to police the planet, that they end up driving up the national debt to where it kills the economy you were relying upon to maintain your status as a "have".
Your "have" membership card is in the mail and will arrive shortly. Enjoy.
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06/22/08 @ 16:48 · http://www.flattire.org Gary - 31 year olds are not to use LOL that much. But yes, I am a homebody.
ZY - organizing your old stuff doesn't show that you have too much free time?
Rocker - Obama makes a good deal more than I do, and if he wants to raise his own taxes more than he wants to raise mine I'm ok with that. Oh, and I got my card a long time ago. It's shiny.
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06/22/08 @ 22:40 Leave a comment:
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