A Taxing Question: Obama or McCain?

By CJP | July 25, 2008

So what’s your tax bill going to look like under President McCain or President Obama? We can’t tell you what your local taxes will look like, but we CAN tell you what the these two are planning for personal income taxes:

If you make: Your Average Cut/ Increase is:

Above $2.87 M- McCain: Cut $269,364 / Obama: Increase $701,885

$603,403 to $2.87M- McCain: Cut $45,361 / Obama: Increase $115,974

$226,983 to $603,402- McCain: Cut $7,871/ Obama: Increase for $250K, Cut for $250 -

$160,973 to $226,981- McCain: Cut $4,380 / Obama: $2,789

$111,646 to $226,981- McCain: Cut $2,614 / Obama: Cut $2,204

$66,355 to $111,645- McCain: Cut $1,009 / Obama: Cut $1,290

$37,596 to $111,645- McCain: Cut $319 / Obama: Cut $1,042

$18,982 to $37,595- McCain: Cut $113 / Obama: Cut $567

Up to $18,981- McCain: Cut $19 / Obama: Cut $567

Other things to factor in:

• A (likely) Democratic Congress has to approve any income tax cuts/ increase;
• Economists say BOTH tax plans will increase the federal deficit;
• There are other tax cuts out there: McCain wants to dump the gas tax for the summer; Obama wants seniors making less than $50K to pay no income taxes; both use tax credits to finance health care and education programs.
• Read more about the candidates’ plans in the CJP taxes/ economy chart.
• This info is from the awesome bi-partisan numbers nerds at the Tax Policy Center.

Our heads hurt- Tax class is dismissed!

Topics: Economy, Issues, The Democrats, The Republicans

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