Obama vs. McCain on tax policy
Published Thursday, September 11, 2008
I ran across an article today that outlines how the average tax bill could change if either McCain or Obama's tax proposals were fully in place in 2009.
| 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 |
Source: CNN Money, citing The Tax Policy Center
Looks to me like my taxes will be reduced more under Obama than they will under McCain, but if I made more than $603,000, I'd probably want to vote for McCain.
And to be fair, the argument for reducing taxes for those who make $603,000 or more is that this will mean more jobs for those folks lower on the food chain. This is known as 'trickle down economics.' I've never been fully sold on the 'trickle down' model, however.
These are the views of Jeshua Erickson and not the views of the Albert Lea Tribune. Jeshua Erickson is not a Tribune staff writer -- just a lowly blogger.
Comments
And then, there are people who realize that it is a privilege to be able to pay taxes and contribute to the greater good. It is good to have income. Many global citizens have none. Basing your vote on who would most reduce your taxes seems a bit short sighted to me.
Another part of the debate is corporate taxation. The theory is that reducing corporate taxes stimulates industry and creates jobs. It seems to me that the tax breaks are used to give bonuses to corporate officers. I agree with you, Jeshua. I'm still waiting for the Reagan/Bush trickle down to come to me.
I couldn't agree more. Excellent clarification. Taxation is not my primary reason in deciding who do vote for. I'm merely pointing out that McCain actually gives less tax relief than Obama to middle class folks...contrary to what some may assume.
The article omits the fact that if the person is on social security and makes less than $50K gross, they will not pay any federal taxes under OBAMA's plan, but will pay about $4200 under McCain's plan.
Social security recipients are well under the $50K limit, so most elderly people will save on average $2,000.
You might want to take a look at how much those rich guys are paying already. Look at the 600k chart, this looks to be an increase of almost 20%. Many of these people would already be in the highest tax bracket.
Looks like more of the same old, "look at all these great things I am going to give you but someone else is going to pay for" from Senator Obama.
Funny how when taxes go some people have not problem when they up more (as a percentage) for the "rich", but then the same people howl when taxes are cut if the rich get more (as a percentage).
Seeing things makes me think we need to get a flat tax in place, then we all have the same skin in the game. Not sure that will ever happen however, too many people being bought off with other peoples money.
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