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Obama vs. McCain Tax Plans: Obama Saves You More

Posted By Jim On 06/12/2008 @ 10:11 am In Personal Finance | 43 Comments

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.

Income McCain
Avg. Tax Bill
Obama
Avg. Tax Bill
Difference
(Obama – McCain)
$2.9M+ -$269,364 +$701,885 +$971,249
$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
< $19k -$19 -$567 -$548



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.

Of course, this is all in good fun, nice campaign fodder, but until things get signed then nothing is set in stone (how did Pelosi’s first 100 days go [3]… forget the first 100 hours [4]).

Here it is in beautiful chart form (courtesy of ChartJunk [5]):

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 [6] [CNNMoney]
90% of Americans will pay less income tax under Obama than McCain [7] [DailyKos]
The economy: McCain vs. Obama [8] [CNN Money]


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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/obama-vs-mccain-tax-plans-obama-saves-you-more.html

[3] Pelosi’s first 100 days go: http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2007/03/29/MNG5LOTVET1.DTL

[4] first 100 hours: http://www.washingtonpost.com/wp-dyn/content/article/2006/10/06/AR2006100600056.html

[5] ChartJunk: http://chartjunk.karmanaut.com/taxplans/

[6] What they’ll do to your tax bill: http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/index.htm?cnn=yes

[7] 90% of Americans will pay less income tax under Obama than McCain: http://www.dailykos.com/storyonly/2008/6/11/141710/932/876/534084

[8] The economy: McCain vs. Obama: http://money.cnn.com/2008/06/04/news/economy/mccain_obama_econplans/index.htm?postversion=2008060708

Thank you for reading!