Comparing Tax Plans: Obama vs McCain

[AYHJA]

Average tax bill assessments:

Under Obama

19K and under: -$567
$19K-$38K: -892
38-66K: -$1,042
66-112K: -$1,290
227-603: +$12
603+: +$115,974

Under McCain

19K and under: -$19
$19K-$38K: -113
38-66K: -319
66-112K: -$1,009
227-603: -$7,871
603+: -$45,361

Source:The Tax Policy Center

[raum]

this is unfortunately unreliable. The taxpolicy center is notorious for being flawed in their projections. mainly because they are trying to calculate debt and not factoring in additional cuts in funding.

Currently, their estimations show both candidates will leave the country in additional trillions of dollars in debt.

FOR THE RECORD - ONE PENNY IN INCOME TAX IS TOO MUCH.

You should not have to pay the govt. for permission to get your earned income.

You should pay taxes based on your movement of currency into the economy, not into your personal wealth. Sales tax and property tax is the only constitutional tax.

[AYHJA]

I too think you should only have to pay tax on what you spend, not what you make, but hey, it is what it is...

Also, I think it goes w/o saying the numbers I posted are projects and while not completely accurate, they are based on the plans themselves, ideally..."Read my lips," so to speak...

The taxpolicy center is notorious for being flawed in their projections.

Got a better source..? Lets check it out...

[raum]

Nothing is as simple as how much people will get or not. too many factors are in play, and not just about income tax. for example, the previous source said nothing about AMT (alternative minimum tax) which would greatly throw off obama's numbers, and mentioned nothing about the fact that McCain has proposed a choice of a new simple way to file, eliminating alot of complexity, but Obama has actually promoted mailing many Americans prepared tax forms for their own analysis and approval, and proposes double tax credit for parents who are responsible. They also ignored impact that Obama wants to Eliminate capital gains taxes on start-up and small businesses (a great idea!). That would greatly add to taxable income for those same business, but reduce other taxes and allow for better investment of small business owners.

http://www.taxfoundation.org/candidates08/

Tax Foundation is completely neutral centrist and credible organization that just wants tax transparency and responsiblity.

[AYHJA]

You know, I'd love to know why there are taxes on what we make AND what we spend, as opposed to what we spend...And as much shit as I hear about income tax; why no politician has ever made the notion that he wants to eliminate it only adds to that....I wonder if a decent model of such a system exists...

[raum]

You know, I'd love to know why there are taxes on what we make AND what we spend, as opposed to what we spend...And as much shit as I hear about income tax; why no politician has ever made the notion that he wants to eliminate it only adds to that....I wonder if a decent model of such a system exists...

Ron Paul presented just such a plan, that if we spend conservatively on federal levels would have left us with a surplus in THREE YEARS.