These days, common knowledge suggest that any Republican will cut taxes, any Democrat will raise them. And this election year is no different. Sen. John McCain has said that there will be no new taxes, only tax cuts, under a McCain presidency. Obama, on the other hand, says that he will only raise taxes on those making the most amount of money–those who benefit most from our economy should also invest the most back in, his logic goes.
But how much of this is talk and how much might actually result in more cash in your pocket? Luckily for us all, the Washington Post has put together an easy-to-read chart that tells you exactly what each candidate’s proposed plan means for your wallet. The information in this chart comes from a recent analysis of the Tax Policy Center, a project from the Urban Institute and the Brookings Institution.
It’s not hard to see that both candidates have been honest and clear about their proposals. What may come as a surprise is that, while McCain cuts more taxes across the board, Obama gives the highest tax cuts to those making the least, and raises taxes only of people making more than $600,000/year.
I don’t know about you, but I can’t even imagine what $600,000 looks like, let alone having that as my annual beer-drinking budget. But what about you?
How do tax proposals affect your vote?
[Image sources: WashingtonPost.com; WashingtonIndependent.com]
Allay Patel Gangolia says:
Wed, 30th Jul 2008 3:40 pm
It comes to no surprise that the majority of uneducated Americans vote democratic. It’s because they’re morons!
Have fun forking over 40% of your income to help pay for Emanuel’s $40,000 dollar procedure because he fell asleep behind the wheel and needs a new limb.
Honestly, social programs DO NOT MAKE SENSE. Ron Paul for president!
huskercub says:
Wed, 30th Jul 2008 3:43 pm
Obama is going to tax the rich people. The last time I checked poor people and people on welfare do not create new jobs in their businesses. In order to get investment in this country and create new businesses which in turn will create new jobs, you need to cut taxes.
Also what is the incentive to become rich?? If I work hard and make lots of money, Obama is just going to take it away from me. When you take away the incentive for people to become wealthy, then you take away their chance to better their lives. The last time I checked, this country believed in capitalism and not socialism.
Ernie Bert says:
Wed, 30th Jul 2008 4:04 pm
Why do Republican minded people not know that for a 100 years Republican administrations have all increased the national debt? I guess it’s lack of education
Allay Patel Gangolia says:
Wed, 30th Jul 2008 5:46 pm
Free market economics has nothing to do with budget spending you fucking idiot. George Bush is a radical neo-conservative, not a true republican. It’s those who choose to tax like a republican and who still support social programs / unnecessary wars that drive out countries debt up.
And since you are convinced that our government has chosen poorly as to where our taxes go, WHY THE HELL WOULD YOU TRUST THEM with an even greater portion of our dollars? The chart above doesn’t even come close to detailing Obama’s true intentions. If a socialized medicine is introduced, EVERYONE’S taxes goes WAY up. Rich, poor, broke, black, white. We’ll all pay close to 40% for others.
Kayla says:
Thu, 31st Jul 2008 2:59 am
The only reason you don’t hear anything negative about Obama is because the media treats him like he’s the second coming of Christ. He barely ever has to answer any questions about the issues..if you ask many people (especially young people) what he STANDS for…what are his issues..they’ll say he’s “for change.” Yeah well, change what? Sadly, many people don’t know. If they did, I think they might give a second thought to voting for him.
However, if he is elected, even if he is the worst president EVER..he won’t be to blame. George Bush will be blamed for everything that goes wrong in the Obama administration.
J clark says:
Thu, 31st Jul 2008 9:42 am
The “messiah” has made it clear he’s raising taxes. Money should be the least of our concerns no matter where you go your going to be taxed to death, its the rest of his socialist ideas that is the real threat.
crunchy says:
Thu, 31st Jul 2008 1:07 pm
I think it’s necessary to increase taxes on the rich. There is no reason why the money should continue to be taken from the poor and circulated amongst the rich. Everyone complains about recessions and national debt, but no one wants to put the money forward to help resolve these issues.
amanda says:
Thu, 31st Jul 2008 1:29 pm
So what crunchy, the rich should be punished for being rich? Do you know that the top 5% (it might even be less) pay something like 95% of taxes. The numbers not be exactly right, but it’s around there. So what, should we increase it so they’re paying 100%?? Give me a break.
huskercub says:
Fri, 1st Aug 2008 12:32 pm
Money isn’t taken from the poor. The poor do not pay taxes. If they have a job and pay in any payroll taxes, they probably get that back and more in their income tax refund. Taking from the rich and giving to the poor is Communism. If you like that, move to Cuba or China. BTW, they are not too keen on that Freedom of Speech thing in those countries.
As long as Congress continues to overspend, then we will have a National Debt. As long as gas prices are high, we will have a recession. If you want the recession to end, then ask Mr. Obama to vote on off-shore drilling, allowing coal to oil plants to be built, allow drilling in Anwar and lower taxes. The Democrats in the House and the Senate will not allow off-shore drilling to come to a vote before the election, because they don’t want Obama to have to vote on it and they don’t want to piss off the left wing extremist.
PS-How come when income taxes are lower, we get an increase in tax revenue? When taxes are raised, the tax revenue for the United States goes down. Think about it.
Iflyfast says:
Tue, 5th Aug 2008 1:25 pm
huskercub is correct. Why would anyone want to work hard an become rich when Obama’s plan just takes it away? My wife and I make less than $100k a year combined. Are we rich? No. Do we make enough to live? Yes. Last time I checked, you REWARD for being successful in what you do. Making the SUCCESSFUL (with the exception of Lottery winners, because, well, they have just been successful at guessing numbers) pay an additional 11.5%? WTF? How many of you out there know that right now, the top 1% of earners in the U.S. pay 40% of the tax dollars, and this is before Obama wants to RAISE the capital gains tax from the current 15% to 45%. What kind of crap is that? I saved up $2500 and invested it in a company’s stock in 2001 at $2.38 a share. Today, that stock is worth over $64,700. To me, that was a smart investment. Why should I have to give back almost half of it? I shouldn’t. Obama is a socialist, in fact, borderline Marxist. Universial health care? Sure, ask Canada, England, and France how that is working out for them. IT ISN’T. Sorry folks, but electing him is the first of many steps to us becoming a socialist country.
neurolux says:
Tue, 5th Aug 2008 2:09 pm
Republicans lower the taxes on the rich. The rich then repay us by moving jobs overseas. Thanks a lot, bastards!
C. E. G. says:
Tue, 5th Aug 2008 2:31 pm
This is an erroneous interpretation of federal income tax rates based on the premise that Senator McCain favors extending the temporary tax cuts instituted by the Bush administration in 2001 and 2003, while Senator Obama does not. However, both senators said they would favor extending those tax cuts; the difference is that Senator Obama said he would not favor extending the tax cuts for households with incomes of $250,000 or more per year. Taxpayers in the brackets covered by these tables would likely see a greater reduction in taxes under Senator Obama’s proposals than under Senator McCain’s, an outcome reflected in the Tax Policy Center’s estimate of how the average tax bill could change in 2009 under each candidate’s proposals:
MCCAIN OBAMA
Income Avg. tax bill Avg. tax bill
Over $2.9M -$269,364 +$701,885
$603K and up -$45,361 +$115,974
$227K-$603K -$7,871 +$12
$161K-$227K -$4,380 -$2,789
$112K-$161K -$2,614 -$2,204
$66K-$112K -$1,009 -$1,290
$38K-$66K -$319 -$1,042
$19K-$38K -$113 -$892
Under $19K -$19 -$567
So you’re better off (from a federal income tax standpoint) with Obama if you make <227k per year, whether jointly or singly.
However since my wife and I make around 300k, I still agree with the article: McCain’s tax policy is better.
udontknowdu says:
Tue, 5th Aug 2008 3:47 pm
We can look all we want at what they say while running.The important thing is what they do when they get in. I read some of your arguments and most of you are only concerned about yourselves. Step out of your own little worlds and take freakin look around you. Lets face if someone is repoting 603k plus what are they hiding from the goverment anyway, what are they lying about in there write offs. The problem is the whole damn country is self seeking and corupt,and in most cases the richer the more corupt. GET OVER YOURSELVES
wolverine96 says:
Wed, 6th Aug 2008 4:03 pm
Obama’s plan raises the current tax rate only on the wealthiest 2% of earners (actually, it takes them back to pre-Bush levels). Those dollars are used to make up for the tax break given to the lowest 95% of wage earners (a few people end up with no change).
By contrast, McCain’s proposal lowers taxes for everybody – that’s great, except that it doesn’t indicate how he plans to make up for the funds which are no longer in the tax base. The theory is that all that money now “saved” by the uber-wealthy will get pumped into the system in the hopes that it will “trickle down” to the common folk.
Guess what, people? Reagan tried this years ago and it DIDN’T WORK. And it still doesn’t. The wealthiest among us keep the vast majority of it for themselves (hey I would too). But the point is that you and I are not getting any appreciable benefit from it.
As for the question about “what is my reward for being successful?”, that’s the dumbest question out there. So what if you are taxed at a higher rate, you still end up with more – probably much more. Would you be happier if you were living below the poverty line and didn’t have to pay ANY taxes? Of course not! Ask anyone who “has not”, and they will tell you in a heartbeat that they would gladly make more money even if it meant giving some back to the IRS.
udontknowdu says:
Fri, 8th Aug 2008 12:17 pm
Thank you wolverine 96 finally some one with some since
sayne says:
Sat, 9th Aug 2008 11:30 am
The rich, the rich, the rich, the rich. None of you are rich and none of you will be rich. So why are you getting all wet about the rich? The rich have done nothing for you. YOU have made the rich rich. Get it? THEY owe you. The rich thank you by making you work more for less, not offering health care, closing your job and creating one in another country, not hiring you for an undocumented worker . . . The rich can afford to pay higher taxes AND to invest in themselves. Capitalism AND public revenue enhancement CAN work together. Do you really think people will stop wanting to be rich because they have to pay higher taxes? Yeah, right. Stop defending the rich. They are not defending YOU.
The day the rich say “Wow, look at all this profit the workers have made for me. I think I will give half of my profit to my workers (pay and benefits), put a quarter back into the business, and keep a quarter” will be the day I jump on the “Hurray for the rich” bandwagon. That’s the model that will make the country AND capitalism strong.
doug says:
Sat, 16th Aug 2008 3:44 pm
It is simply incorrect to say that the poor do not pay taxes. It is similarly incorrect to say that increasing taxes on the (already overtaxed) wealthy is going to make matters any better.
The poor do not pay a direct *income* tax, which is probably what most people (e.g. huskercub) are referring to when they say that the poor don’t pay taxes. They still foot the bill for the embedded income, sales, social security, et al. in every on-the-shelf product and every gallon of gasoline they buy. Increasing taxes on the wealthiest Americans doesn’t do a damn thing to change that.
Further, increasing taxes on the wealthy are likely to *hurt* the poor that would otherwise be more likely to have upward mobility in a purely free market. When business-minded individuals have good ideas, they start companies. Starting a company creates new jobs. Creating jobs helps people without them.
PROTIP: starting a company requires capital. If you don’t have enough capital — and if you’re a first-time small business owner, you probably don’t — you have to take out a loan.
Unless you want to ask your bookie for money, you’ll probably get that loan from a bank. Guess where the bank got that money? I guarantee you it wasn’t from a welfare recipient. Putting people on welfare promulgates their reliance on the government. Keeping money in peoples’ pockets encourages self-reliance. Which is better?
k_boom says:
Sat, 16th Aug 2008 6:35 pm
Obama is on record along with most other Dem party leaders saying that he would do away with the Bush tax cuts. My gross income is in the $80k – $85k range and doing away with the Bush tax cuts would double my federal income tax liability by increasing it about $3,000. Bush gave me (solidly middle class) approximately 3.5% of my income back. McCain wants to let me keep it. Obabma wants to take it away again. Stop relying on the faceless analysts and look at your own taxes.
Ryan says:
Mon, 18th Aug 2008 10:46 pm
It’s amazing to see that this is the debate. The debate should be about lower taxes, but significantly better management of it. No, a successful person does not OWE society more because of that success (if you disagree, reference European Socialism… not Communism). The simple reality is that we pay entirely TOO MUCH in “WASTED TAXES” and the politicians know it.
When was the last time you saw either side say anything intelligent about TRUE fiscal resposibility?
wolverine96 says:
Tue, 19th Aug 2008 1:29 pm
k_boom: Your argument is comparing apples to oranges. Obama wants to pull back the income tax cuts Bush gave to the wealthiest 1% or so ONLY. Check out the chart at the top of this page- based on your income (mine too), it clearly indicates that you would fair better than you are right now AND better than you would under the McCain plan.
Better yet, check out the following:
http://www.taxpolicycenter.org/UploadedPDF/411693_CandidateTaxPlans.pdf
This gives a very detailed, unbiased review of the tax proposals (income and other) from both senators. The charts in the back clearly indicate that you have to be in the $225-250K range before you even begin to fair better with McCain’s plan than you would with Obama’s.
Its pretty clear – the McCain tax plan is heavily skewed in favor of the very thin slice at the top of the economic heap.
And Ryan’s point is spot on: better management is certainly needed, and “could” be accomplished under either candidate. The trick is getting Congress to play along…
KMAC says:
Tue, 19th Aug 2008 2:14 pm
I think that we all agree that some governance is a good thing. But government has gone way beyond its original mandate of protecting and preserving the freedoms and rights layed out in the constitution. It has, for some time now, become a service provider for everything from medical care to home loans to retirement plans. In short, the government should pay for wars and national infrastructure but should not underwrite your mortgage, fix little Sally’s teeth or make sure that condo in Boca is a twilite-time-of-life guarentee. It is this expansion that has led to the increasing tax burden. Americans should stop buying into the tax argument, it’s a misdirection brought to you by those that seek to divide us by class, race, gender and whatever else makes us divisible. They do this to divert our focus from the real problem which is the expansion, coruption and waste of the Government Industrial Complex (GIC). So stop arguing about who should pay more taxes, the rich or poor. None of us should have to pay more, much of the GIC should start to be dismantled and we should all pay a hell of a lot less.
rick says:
Wed, 27th Aug 2008 10:32 am
Of course The Washington Post (one of the most liberal newspapers in the world) fails to to tell the truth is that this list is using today’s tax percentages, Obama says he going to appeal Bush’s tax cuts immediately. This alone will cost about $500 a month in taxes to a family that earns only $60,000 a year. Add the rest of his programs and we can kiss another $300 – $500 goodbye. Someone has to pay for all of his give-away socialistic programs. Socialism hasn’t worked anywhere in the world but Obama thinks it’ll work here. Obama about as close to a communist as one can get without carrying a card. He thinks the government knows best how to spend your money.
Glen says:
Fri, 29th Aug 2008 5:11 am
You right wing ignorant sluts.
Yes, yes, yes, yes, YES the rich owe this country and most of the people in it.
And you’re done! It’s over. The lower and middle class masses are coming to CRUSH you greedy bastards.
This country is NOT built by the corporate CEOs and executives, and other uber wealthy out there. This country is built by the PEOPLE! Every dollar is nothing more than a representation of human effort and ingenuity. The more you have the MORE of other people’s effort and ingenuity you are benefiting from; the more you use and rely on the infrastructure built, paid for, and maintained by the government (the people). For EVERY employee that drives to work to help make the executives their huge incomes, a portion of those individuals road use is benefiting those who rely on those employees to put in the effort and ingenuity to make that money for them.
Don’t you morons get it? The higher the income the MORE you are relying on other people to MAKE that money for YOU! The MORE you rely on and benefit from the social structures and infrastructures around you. The MORE you have to be protected with our military (which is overwhelmingly soldiered by the lower and middle classes). The more you OWE to the government to PAY for those social structures and infrastructure (INCLUDING those things that lift up, keep safe and healthy, and advance the lives of the people who are the engines of this nation and economy).
I make $120k a year. If my taxes went up $5000+ a year. I would STILL have a strong incentive to keep working and NOT say “ah fuck it, I’ll just quit or take a low skilled low pay job”. YES, so long as there is ONE MORE DIME to be made, there will be those who are TRULY hardworking and motivated and talented to make that extra dime. And nobody is calling for tax brackets anywhere NEAR that high, nor would I advocate it. Though if your income is 200 million, you may not balk at getting only 20 million of the next 100 million earned. I know I’m not turning my nose up at that extra 20 million netted from a 100 million additional income. Are you?
We live in a SOCIETY. By definition it’s SOCIAL. We are a social species. Like ALL social species we’ve advanced over the eons by working together for the betterment and common cause of our families, our communities, our nations, and our world, which ultimately benefits ourselves. When we work together great things happen.
Let’s face it, you right wingers are simply hyper greedy. You want to take more and more for yourselves, and fail to realize or acknowledge the thousands of people around you who make it possible for you to earn a living; so that you’re not spending your days hunting, gathering, farming, making tools, and just trying to survive by yourself.
Trickle down economics doesn’t work. It’s crap and most economists know that. The economy is driven from the bottom up. NOT the top down. Give more money to the rich and they horde it, or make the gold yacht steering wheel industry boom. They aren’t making new jobs when there is no one with money to demand the goods and services.
Give more money back to the lower and middle classes and THEY will spend it on the goods and services they need and want. This increased demand causes an increased need to create more jobs. More jobs provides more people with incomes to demand even MORE goods and services, which leads to a need for even MORE jobs, and so on…
Well get used to it. Americans have seen several years of complete Republican right wing conservative rule, right wing obstruction, and right wing executive guidance, and it’s seriously diminished our nation. It’s over.
Glen says:
Fri, 29th Aug 2008 5:24 am
Oh and Rick,
Where hasn’t it worked? Most other western industrialized nations are far more ’socialist’ than ours, and the people of those nations have surpassed the United States on pretty much every single measure of social health and advancement. From infant mortality, to life expectancy, to physical and mental health (they’re happier overall), to literacy and education, to crime rates, to poverty rates, to standard of living, to sustainable living, to you name it, most of these countries with ’socialist’ policies are doing better than the United States.
Wake up! You’ve been lied to. And you’re leaders have seriously double and triple mortgaged your and your family’s future to try and make you believe otherwise, and it’s all about to come crashing down.
Dawnief says:
Fri, 29th Aug 2008 7:39 pm
GO GLEN! DEAD ON!!!!
wm says:
Wed, 3rd Sep 2008 8:04 am
How about every American gives 15,000 to the goverment each year or 15% what makes me different from you or the rich. Do you really think its fair for your High School classmate to pay 6000.00 per pay period for taxes or 31 percent of their pay to federal taxes because they make more. Chime in I want to here what makes you think that anything other than a flat tax is fair.
wm says:
Wed, 3rd Sep 2008 8:29 am
Glen you have a pretty good point and 15% of 600000 is a lot more the 15% of 18000 and let’s not forget the corporate or Small Business Taxes those companies pay as well. You state that every dollar is nothing more than a representation of human effort and ingenuity. Why should my human effort and ingenuity be worth 15 to 20 % less?
Elle says:
Wed, 3rd Sep 2008 1:29 pm
I am not fooled by Obama’s tax cuts and increase for the higher brackets. If those are business owners; they’re going to get their money back one way or the other. Guess where from? From the lower income tax payers! I’d be one of them.
Maj Blumpkin says:
Thu, 4th Sep 2008 12:02 pm
I got a plan, how about we impeach Bush now since he is a war criminal and end the war that would save the country 10 billion a month. Last I heard OJ and Bush had the same thought process. OJ was searching for the killer; and I guess he is on a golf course some place becasue OJ spends most of his time on the golf course. Bush and his buddies are still looking for those WMD’S I would try the golf course. Oh yeah he already checked the golf course on one of his 187 vacation days his first term in office. FYI Mccain is BUSH II!!!!! VOTE FOR PEDRO!!!!!
wolverine96 says:
Thu, 4th Sep 2008 12:34 pm
Glen – you’ve hit the nail on the head.
wm – the flat tax concept sounds good in theory, but in practice it actually shifts the burden substantially to the lower and middle tax brackets. this is why people whio are in favor of it tend to be the richest already, or are at a point in their lives where their need to spend is greatly reduced.
for example imagine two people with incomes of $200K and $40K respectively. say that each of these people spends comparable amounts on everyday items like food, utilities, cell phones, health care costs, etc. by “simplifying” everything to a flat tax model, the person making $40K is effectively being taxed at a rate 5 TIMES HIGHER than the person with the $200K incme (who, incidentally, can afford the additional tax rate much more easily anyway). the specious argument will be made that the more affluent will “do their share” by spending more, and consequently paying a greater tax burden. that may be true, but only to a very limited point.
elle – the way that the business owners will try to get that revenue from you will either be by raising prices (and running the risk of losing sales to cometitors) or by increasing their productivity to keep the relative costs low (not exactly a bad practice). in any case, YOU get to make the choice whether to spend or not.
Mark says:
Wed, 10th Sep 2008 1:49 am
For those of you who are saying how corrupt and selfish millionaires are with their money I suggest reading the “Millionaire Next Door”. This book will open your eyes to how millionaires really think. Also the money that “rich” people have isn’t stored in the back of their closets in a safe. They invest it, thus providing jobs. They also give away the highest percentage of their income away(out of all income brackets) to support charities, educational institutions, and medical research.
Amer says:
Sat, 4th Oct 2008 3:55 am
Bravo Glen, bravo. Way to call out the people posting on here that don’t even earn close to the people they are defending.
Demeyerk says:
Thu, 16th Oct 2008 8:39 am
I make less than 20K I live pay check to pay check if my income taxes, food prices, gas prices, and utility cost rise, and no wage increase where does that leave me, all the years I have been working I have been making less and less while I make other people rich you do the math.
Demeyerk says:
Thu, 16th Oct 2008 8:41 am
Plus I don’t have health care cause my employer rather keep the money I make them to themselves
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