Posted by: wantpeacework4justice | September 24, 2008

On Taxes

I, among many others, are deeply concerned with the billion dollar bailouts occurring in Washington right now.  In my real estate law practice, I am constantly amazed by what mortgage companies get away with, and from the inception of my practice have believed that mortgage compnies should be regulated.  McCain has consistently voted for deregulation of the financial institutions that are now tanking and giving huge corporations huge tax breaks.

Read the facts of McPain’s tax plan versus Obama’s below. 
Obama Vs. McCain on Taxes
By David Knowles
Sep 16th 2008 6:44PM

McCain’s plan heavily favors the rich, and gives less back, in terms of percentage of income, to the poor. Obama’s plan hits the very rich, freezes taxes for families making as much as $603,402, and generally gives back a greater percentage based on descending income.

While it is true that McCain’s plan gives tax breaks to every income bracket, Obama’s is actually weighted so that it targets more Americans with bigger tax breaks. Why? Because 60% of American households earn less than $66,354, and that’s where Obama concentrates his highest percentage of tax relief.

McCain’s biggest break, a 4.4% drop in terms of percentage of income, is given to the top 1% of Americans.

Perhaps this is why Alan Greenspan said that McCain’s tax plan is a disaster.

Here’s how the numbers break down in terms of household income:

If you earn over $2.87 million a year:

McCain wants to cut your taxes by 4.4%
Obama wants to raise your taxes by 11.5%

If you earn between $603,403 and $2.87 million:

McCain wants to cut your taxes by 3.4%
Obama wants to raise your taxes by 8.4%

If you earn between $226,982 and $603,402:

McCain wants to cut your taxes by 3.1%
Obama wants to keep your taxes exactly the same.

If you earn between $111,646 and $160,972:

McCain wants to cut your taxes by 3%
Obama wants to cut your taxes by 1.9%

If you earn between $66,335 and $111,645:

McCain wants to cut your taxes by 1.4%
Obama wants to cut your taxes by 1.8%

If you earn between $37,596 and $66,354:

McCain wants to cut your taxes by 0.7%
Obama wants to cut your taxes by 2.4%

If you earn between $18,982 and $37,595:

McCain wants to cut your taxes by 0.5%
Obama wants to cut your taxes by 3.6%

If you earn less than $18,981 (God bless you):

McCain wants to cut your taxes by 0.2%
Obama wants to cut your taxes by 5.5%

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Responses

  1. I am a single person making $3,000,000 taxable income per year. According to the IRS 2007 Federal Tax Rate Schedule, I would pay $101,469.25 plus 35% of the amount over 349,700. This would be $1,029.074.25 paid to the government in Federal Taxes.
    With Obama’s plan of increasing this tax by 11.5%, I would then pay $1,374,074.25.
    With McCain’s tax reduction plan, I would pay $897,074.25.
    I understand and agree with higher taxes on higher incomes, but why do I need to pay the government almost half of my taxable income? That’s not including state tax.

  2. I agree with you… I don’t necessarily like the huge increase to the higher tax brackets – 11% is ridiculous… but, I was thinking of the majority of the Americans… I don’t like how there are less deductions for the lower income brackets under McCain’s plan; and do like that Obama’s tax reductions increase in the lower income brackets.


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