This is pretty handy, in terms of cutting through the misinformation campaign by the McCain camp in trying to argue that Obama will raise taxes on the middle class: a tax cut calculator.
According to our family data, we will save $1000 on our taxes under Obama's plan, and $645 under McCain's. Plus, I also would be eligible for a 50% tax credit (up to $1000) for retirement savings, and I can withdraw up to 15% of the money in my IRAs/401Ks without penalty in case we run into a budget crunch or some other emergency. The best part is the health plan - under McCain's proposal we would be taxed on our premiums (which are via my wife's employer, and cost well over $10,000) whereas under Obama we see no change. I'm not a big shot like that plumber guy, so these savings are pretty significant to my bottom line.
I would like to see a similar calculator on McCain's website so I can see if the estimate of the savings holds true from the other end or not. However, if the estimate is accurate, then it's likely that the McCain campaign would not want to put a similar calculator on their site as the vast majority (95%) of people would indeed see directly how their taxes would be higher under McCain than Obama.
Obama tax cut calculator
Friday October 17, 2008
Categories: Purple Politics
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About City of Brass
City of Brass by Aziz Poonawalla approaches issues from the perspective of a Muslim of the West. Aziz, a member of the Dawoodi Bohra Muslim community, has been blogging since early 2003. His other major Islamsphere projects include the group weblog Talk Islam and the annual Brass
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You need to wake up and smell the coffee, read between Obama's lines and receive the telegraphed messages he has been sending!!! Obama is nothing more than an eloquent and motivational speaker and, after hearing him every time, seems like I've just been to a pep rally. You need to watch his mannerisms and put 2+2 together on your own, clearly Obama's 2+2 equals something entirely different than 4! Obama's ego, agenda and self-serving statements (much like what you may tell your significant other, what you think they want to hear rather than the truth) and purposes will not only cost you and most other middle income families a whole load of extra expense, but his values are inconsistent with that of America. Furthermore, there are huge gaps in his stories regarding his relationship with all of the criminals and/or religion of which this Country was founded on. Hopefully you will start doing some homework, thinking things through on your own and without the aid of someone looking for a job as the Pres., and deeply consider ALL aspects before Nov. 4th.
Bill Clinton ran in 1992 on the promise of a tax cut for the middle class, then three weeks after the election he disclosed that he would be raising taxes instead. Those who believed Clinton during his campaign are likely to believe Obama today. Candidates say what they believe will get them elected, and their policies once in office may or may not match the campaign rhetoric. I certainly believe Obama will follow through on his promise to raise taxes for upper-income earners; I am less than confident about his tax-cut-for-the-middle-class pledge.
Tax cut..It is about time someone took notice of the class that carries the US... Middle class America makes the rich and helps the poor... No complaints from me... But cutting taxes to enable the middle class to continue to grow, helping the poor become middle class and the middle class to become rich.... I'm all for it!... Just don't take anymore money from the middle class we can not afford it... I just pray the American people will not let this political campaign turn into violence, because it is starting to turn into just that... That definitely would be bad for economy....
anyone who believes that the "2nd grade equivalent" of a tax calculator gives any kind of accurate comparison, shouldn't be allowed to vote!
This calculator uses gross income and dependents and takes nothing else into account. It is a simple calculation that is in no way going to reflect true tax savings.
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