A 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 â€œa very simple gadget that’s the most useful thing I’ve seen on any political website in a while.â€ [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).