Tax Cut Facts.org Shows Obama’s Plan is Most Beneficial
Published on October 24, 2008 by Dallas VonKillbot · 19 CommentsA new website called Tax Cut Facts, a branch of Barack Obama.com, has introduced a new tax cut program to calculate which canidate will really be saving you money. Reports show that under President Senator Obama, 95% of Americans will be saving money. In addition, Obama will be applying credited money to help students and families of students pay for college.
“Barack Obama and Joe Biden will cut taxes for 95% of working families, and provide at least three times as much tax relief for middle class families as John McCain and Sarah Palin. The Obama/Biden plan provides $1,000 of tax relief for workers and new tax benefits to help families pay for college, childcare and save for retirement.”
Taxcutfacts.org also quotes various types of news sources explaining what the media has been saying about the Obama Tax Cut plan.
“Obama is not proposing to raise taxes for most Americans. To the contrary, he would triple the earned-income tax credit for low-wage earners, increasing work incentives at the bottom. He would cut taxes on people in the middle — indeed, he would do so more aggressively than McCain would.” [Sebatian Mallaby, Washington Post, 9/8/08]
Rea Hederman Jr., a senior policy analyst at the conservative Heritage Foundation “said the middle class would likely pay less under Mr. Obama’s plan than Mr. McCain’s.” [NY Sun, 8/15/08]
Obama’s tax calculator is “a very simple gadget that’s the most useful thing I’ve seen on any political website in a while.†[Forbes.com, 10/08]
After noodling with it, it’s pretty clear that unless you’re banking over $250,000 a year, you’re going to be getting either a break or no effect on your current taxes. I can understand where high-income people are coming from, with not being able to afford gold toilets and all, but realize that if you are making over $250k a year after this horrid recession you’re really sitting nicely. We have people out there who are straining not to lose their homes, and high-income earners are bitching about their wallets hurting. Fucking pathetic.
Check the site out, and take it with a grain of salt (considering it’s source).
Tax Cut Facts.org Shows Obama's Plan is Most Beneficial ,Tags: election '08, joe biden, John McCain, Obama, sarah palin, tax cut facts, tax cuts
Readers Comments (19)
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What is conspicuously left out is how much your taxes will increase at a higher income level – all the site says is that you will probably not get a tax cut. Well, how much are they going to go up? Rest assured, that supposed $250k tipping point will go down, especially if the deomcrats get in. With a democratic president and congress, they will be salivating at the income redistribution potential.
Greg,
While I DID in fact point out that there would be an increase for $250k and higher wage earners, that still doesn’t reflect 95% of the population. At this point, with a massive recession on hands, this tax cut proposition will benefit the overwhelming majority. But you would rather just think about yourself, right? I thought the Republicans were ones to boast ‘helping the working man’.
I know what my tax “relief” will be under the current tax plan (Bush). I also know how much will be taken away by the democratic lead congress by not extending the Bush tax credits. The Obama “cuts” do not make up for the tax increase by not extending the tax credits. Obama and the dems have made it very clear that the Bush tax credits will be gone. That will mean a tax INCREASE for me even though I am WELL within the definition of middle class and boardering on lower class. By the way I am a teacher with 16 yrs wih a master’s degree… The Obama site also showed me not getting any tax relief at all from McCain! – that is completely false based on my projected taxes for 08 and beyond using the current tax system.
Anyway, I don’t think anybody needs a tax increase, regardless of their circumstances. I’d simply like to see somebody spend less than they are given in Washington. (ha!)
Mark,
Although my projections seem a bit off from yours, I will definitely agree with you on your last statement. Washington’s spending is way out of hand. For one I blame a majority of it on Gov. contracting flaws with the war.
Gov. spending has been out of control for years (long before the war in Iraq/Afganistan) and the gravy train from both parties has been growing our debt with little benefit to the American people for these “needed” government programs and agencies. Until REAL election reform takes place with regard to soft monies and the like — the gravy train grows and the debt rises — which really effects us more than the difference between the candidates tax plans — It is the spending plans I am most concerned about.
If I am correct – I came accross a figure showing that the net increase on earnings above $250,000 would be 3.4% – Personally, I’m ok with that. I wont be affected by the increase and infact I stand to benefit from a credit – by who ever wins. Obama – I will be getting about $1000 and McCain about $950 – Taxes arent my main concern this election. My main concern is the direction our country is headed in.
The whole argument about taxing the rich is a bit ridiculous. The top 5% of income earners pay about 75% of all income taxes. Now stop getting emotional and think about that….. 75% of all taxes are paid by 5%. Yes that means that they (and not me by the way) have a lot of money, in some cases an obscene amount, but it is their money, not yours or the governments. I get tired of people, especially the democrats, thinking that it is the governments money. How much more should the top 5% pay? Do you want them to pay all of the taxes? If you answer yes, why? Why should taxes be raised and redistributed to those with lower paying jobs? Look at it this way, why don’t you give your neighbor $100 a week. Really, just cut out the middle man (big government) and go ahead and give them $100 a week. You’re probably not going to do that, but the government will do it for you. Instead, you should be looking to the government to cut spending your money on stupid activities. Give the president a line item veto to cut the pork. The govenment should also be working to promote better, higher paying jobs so those at lower income levels can get better paying jobs. Also, if you have a low paying job, why? Are you skilled enough to get a better paying job? No, then get training. Do you have the right education? No, then get it. We all make decisions in life that take us down different paths. If you make bad decisions, (no school, no training, etc.) and find out years later you don’t make much as a result, do you expect the government in essence to pay you? While I am for helping those who are temporarily “down on their luck”, I am not for continuous long term hand outs. And finally, how does someone making $300k a year (no, not me unfortunately) stop you from making a decent living? Many of those making large amounts do so because they should. They are usually those who went to college for many years, with many resulting college debts and significant time spent. If you are going to respond to any of this, please don’t cherry pick, respond to everything.
Bush gave us a noticeble and real tax cut
a rebate check, remember?…..
and now another rebate check…
we forget all that
now Obama will give some pennies……..and many will lose their job!
that is what they will get for voting a fraud
Obama and friends are no longer using the $250K number. According to Howard Dean on KDKA radio in Pittsburgh today, if you are making less the $150K, you will get a break on your taxes. It seems like they are already starting to move the upper boundary of the “middle class”. There are a lot of small businesses that employ a few people that will now be taxed at a higher rate. Their options to stay in business will be to cut costs which in all likelyhood will mean cutting employees. So how does this plan improve the economy?
for my fellow american brothers and sisters, you need to stop pulling straws. look at the past 8 years, there are people out there making huge amounts of money at our expense. the ones i’m concerned about are the ones sitting behind desks raping the taxpayers. by all means if you have a legitimate business keep your money, but if you’re the ones putting dollars in your pocket while your employees suffer for wage increases or descent health insurance “i say go to china”. there are far too many americans lining their pockets at our expense. if you’re not here to help, get out! as i said before look at the last 8 yrs. senator obama will make a change and at this point, any change from bush and mcCain is better than we have now.
Obama = Nancy’s Puppet.
Taxes will go up.
People will forget.
Then the stupid sheep will blame it on Bush.
I think the biggest reason we are in this mess is that the interest rates were dropped then raised too quickly. People just needed time to adjust.
This is no a tax break No matter what
amount I keyed in. 20,30,40,50… the same figure
came up $500. It’s a stimulus package, like Bush
sent us and is only done to decieve us into thinking
we are getting something, we may not even get
Don’t let the power of the internet and on lone info
sway you…use your brain and make a good choice.
n/a
katisaeverlilyalfredo
chicken
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Anyone who thinks their taxes will go down is an idiot. Either candidate will raise some taxes. The real issue is what taxes will be increased, and more importantly, what will the money really be used for? Based on historical performance, democrats raise taxes more than republicans, and they tend to spend more on social programs – they subscribe to the philosophy of giving people fish instead of teaching people how to fish. Republicans in general will give you a fishing pole, while the democrats will dole out the fish as they see fit.
After reading the article by Dallas, I am even more convinced as to the ‘economic ignorance’ that exists in the country today. To somehow think that $250,000 is somehow a magical number is whats really ‘pathetic.’ there are just way too many variables to consider when looking at the financial environment of what a family makes. To think that just because a family may make $250,000 they can some how afford ‘gold toilets’ is one of the most ignorant economic statements I’ve ever read. A family may live comfortably in the Midwest on that amount of money, but i tell you it is not much in California. My family grosses less than $100,000/yr but I also have 4 kids, a small 2 bedroom house and wife works fulltime job. Only complaining I’m doing is being called ‘selfish’ because I don’t want the government taking more of my money. When you ‘punish’ hard work with higher taxes, you remove the incentive to work harder. Look out, here comes Obama’s nanny state. But with everyone being treated like ignorant babies, who’s going to pay the nanny?