McCain: The average taxpayer in every income group would see a lower tax bill, but high-income taxpayers would benefit more than everyone else.
Obama: High-income taxpayers would pay more in taxes, while everyone else's tax bill would be reduced. Those who benefit the most - in terms of reducing their taxes as a percentage of after-tax income - are in the lowest income groups.
So, it looks like 98% of Americans would benefit with Obama in the White house, while 2% would benefit with McCain.
Anonymous2008-06-12T16:58:37Z
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You missed one important part, They'll both raise taxes on the middle and lower class.
The guy who stated capital gains above is mistaken. There are not that many paying capital gains because it only affects the stock market and real estate.
In the stock market, you have to exceed a certain amount of profit a year to have to pay capital gains. Most IRA's, mutual funds, etc., do not meet the guidelines.
In real estate, it has to be a non-principal residence that you have not lived in for 2 of the last 5 years, i.e. investments.
So, you are correct. Let me ask this though: Which plan will benefit more people AND give the government more funds to reduce the national debt? I'd say Obama's again.
I don't understand your math. If everybody sees a lower tax bill, that's 100%, not 2%. There's a difference unless the focus of your life is jealousy. The other big difference is that when Democrats start talking about "the wealthiest," they routinely define down the definition before the bill gets through the House, and the people who get soaked are not only the wealthy but also a good chunk of the middle class, who through taxation find it isn't worth working harder or making more investments because there's no marginal return. Why work more if the extra income goes to Uncle Sam instead of to the individual?
Well, let's put it this way; I prefer the taxes I pay now as opposed to making them higher...my tax refund is more than doubled under this adminstration, my take home pay is greater with the same amount of deductions and the same pay rate, and I make less than $22,000 a year. How does making me pay more in taxes benefit me again?