Mccain vs. Obama on Taxes
October 9, 2008
McCain vs. Obama on Taxes
I thought it a good opportunity to attempt an objective, non-political analysis of what could happen to the tax code upon the election of either John McCain or Barack Obama.
Frankly, there's WAY too much to write on this issue, so I've tried to keep it short and sweet. Plus, these are shark-infested waters, and so I'll say again: we're not taking a position officially, just trying to cut through all the clutter out there for you!
According to the Tax Policy Center, Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years,. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households. I've included a some examples of how YOU may be affected.
In numbers that may matter to you...
- Single mother, $15,000 income, one child: $17 tax cut from McCain, $500 tax cut from Obama
- Married couple, $50,00 income from two earners, no kids: $36 tax cut from McCain, $1,000 tax cut from Obama
- Married couple, $75,000 income from sole earner, two kids: $800 tax cut from McCain, $500 tax cut from Obama
- Married couple, $200,000 income from two earners, one child. $7,000 tax cut from McCain, $5,000 tax cut from Obama
- Married couple, $2,000,000 income from sole earner, one child: $30,000 tax cut from McCain, $135,000 tax increase from Obama
- Unmarried senior, $35,000 income: $250 tax cut from McCain, $3,000 tax cut from Obama (wiping out her tax bill)
- Unmarried senior, $75,000 income: $600 tax cut from McCain, $600 tax increase from Obama
- Married seniors, $10,000 income: $170 tax cut from McCain, $150 tax increase from Obama
Bottom line: it's going to be a wild and wooly election for the tax code! Cast your vote carefully. It's NOT only about your wallet, but the wallet of our very nation that's on the line!
If you have any questions about your tax situation please feel free to give our office a call at 517-437-4646 or send me an email at email@example.com.