Rich people, watch out.
The Tax Policy Center broke down the tax policy proposals of your options this November and if you make over $603,000 a year, watch out!
If Barack Obama wins and his plans go through as vaguely outlined, expect your tax bill to go up $115,974. If you make over $2.9M, expect to pay an extra $701,885. Now, if John McCain wins and you make more than $603,000, breathe a sign of relief because you can buy yourself a brand new 2008 Porsche Cayenne with the estimated $45,361 you’ll save. If you make more than $2.9M, buy yourself a new house somewhere with the $269,364 you’d save thanks to McCain.
Of course I jest, because rich people don’t read blogs. They get their people to read blogs and then tell them about it as they are being served tea and crumpets (mmmm crumpets). For rest of us, the 89% that benefit more from Obama’s proposal, our wallets tell us to vote for Obama because his tax policy would result in a greater benefits.
Avg. Tax Bill
Avg. Tax Bill
(Obama – McCain)
|$603k and up||-$45,361||+$115,974||+$161,335|
|$227k – $603k||-$7,871||+$12||+$7,883|
|$161k – $227k||-$4,380||-$2,789||+$1,591|
|$112k – $161k||-$2,614||-$2,204||$410|
|$66k – $112k||-$1,009||-$1,290||-$281|
|$38k – $66k||-$319||-$1,042||-$723|
|$19k – $38k||-$113||-$892||-$779|
Incidentally, over the next ten years, the Tax Policy Center estimates that McCain’s proposal would increase the national debt by $4.5 trillion and and Obama’s could add as much as $3.3 trillion.
Here it is in beautiful chart form (courtesy of ChartJunk):
It does a good job of showing not only the differences in the tax rates but also the number of people affected.
What they’ll do to your tax bill [CNNMoney]
90% of Americans will pay less income tax under Obama than McCain [DailyKos]
The economy: McCain vs. Obama [CNN Money]