How Much Would You Pay in Taxes?

Tax Policy Center.org ^ | October 12, 2008

[imintrouble]

Senators Obama and John McCain both say they will cut federal taxes if elected. Here is what their current proposals would mean for us... (States not given).

http://Parade.com/intel

October 12, 2008

How Much Would You Pay in Taxes?

*Source: Tax Policy Center. Numbers have been rounded. For complete details, go to TaxPolicyCenter.org.

If your annual salary is less than $112,000, you’d pay less in taxes under Obama’s plan; if your salary is higher, McCain would cut your taxes more. “While the aggregate tax cut is bigger for McCain, a larger number of voters get more money under Obama,” says Alan Viard, a tax-policy expert at the conservative American Enterprise Institute. “Obama is choosing to emphasize tax cuts for the middle class, whereas McCain’s strategy is to keep rates lower at the top as a way to facilitate long-run growth.” For example, a person with an income of $1 million could see his taxes increase under Obama by as much as $94,000, whereas under McCain’s plan he could save about $48,000.

[imintrouble]

The link: http://parade.com/intel has the article more
organized for viewing.

[RayChuang88]

Why cut income taxes when you can kibosh the whole idea with the consumption-based FairTax?

[imintrouble]

Thank you - I was hoping for more constructive ideas than the one I read this morning.

[nhwingut]

The Tax Policy Center is a joint venture of the Urban Institute and Brookings Institution.

Enough said.

[org.whodat]

Could someone tell me how and when the brazillion dollars to wall street bankers gets paid back????

[combat_boots]

Income taxes don’t have to be as high if inflation, cap gains tax, sales tax, sin tax, _______________ tax is. Then there’s interest on credit, loans, fees/hidden fees, and other sundry ways to ‘tax’ folks.

Do we think corporation pricing structures are absorbed by corporations?

[Man50D]

Why cut income taxes when you can kibosh the whole idea with the consumption-based FairTax?

Exactly! The income tax code is beyond repair! It's time to replace it with a consumption tax that will abolish the IRS and give people the freeodm of choosing how much and how often they are taxed without fear of the government intruding into every aspect of their lives. The solution is before Congress and is known as the Fair Tax Act(HR25/S1025). Fair Tax ping!

[Read2Know]

"Why cut income taxes when you can kibosh the whole idea with the consumption-based FairTax?"

Absolutely right! Most other modern economies have switched to the consumption tax model. What are we waiting for?

[anniegetyourgun]

Listen up - it doesn't matter what Obama says he'll do because he lies. If he gets into the White House he'll exempt his voter base from taxes, and tax producers to the tune of 50% of wages and profits.

[pnh102]

If your annual salary is less than $112,000, you’d pay less in taxes under Obama’s plan ...

I stopped reading at that point. Hussein wants to let the Bush tax cuts expire, which would raise taxes for everyone, including those making less than $112k a year.

[codercpc]

Why does no one ask Obama when he has EVER voted to cut taxes?

These are just words to him right now! I don't care about proposals, I care about results, and the history of the men claiming to "be looking out for me".

I have a relative that constantly tells me that he will be paying me back, yet he has never once actually done so, why would I trust him in the future?

John McCain has been trying to bring this up, yet not one article, or news story mentions that!

He is the typical Democrat, promise everybody everything, but deliver nothing.

[savedbygrace]

Could someone tell me how and when the brazillion dollars to wall street bankers gets paid back????

Stop exaggerating. It's only a gazillion dollars.

[org.whodat]

Just Dang!!!!

LOL

[RayChuang88]

The income tax code is beyond repair!

You're right, considering:

1. We're spending US$565 billion per year in compliance costs and pre-compliance economic decisions.
2. We now have 35,000-plus lobbyists in Washington, DC trying to "warp" the tax code to support their narrow constituencies.
3. The tax code is 60,000-plus pages to totally unwieldy regulations.
4. We have American citizens and financial institutions holding at least US$14 TRILLION in liquid assets outside the USA just to avoid Federal income taxes.

Under FairTax, just bringing back a large fraction of that US$14 trillion under more favorable tax conditions would instantly inject a massive amount of new liquidity into our financial system, stopping the stock market slide almost in a blink of an eye and providing a new liquidity base for loans and lines of credit.

[Hostage]

Why even discuss this nonsense from the dem point? Clinton promised middle class tax cuts and said promptly after his election that he oould not do it. He then raised taxes on everyone.

The democrats think we are dumb and have no memory. Let’s see how many people they can fool again.

[khnyny]

The Fairtax would be one way that the “underground economy” would actually have to pay taxes. Right now, the underground economy doesn’t pay income taxes because they don’t report income. Duh!

[irishtenor]

Fair tax ping.

[MarcB]

Let’s not forget that we WILL be paying more taxes when Obama increases the taxes on business and corporations. Only we will be paying them at the cash register as more embedded taxes.

[RayChuang88]

And even worse, Americans will “offshore” even more money to escape the increased taxes from the IRS, reducing the financial institution liquidity base even further.