Obama Tax Cut Calculator

Data courtesy of AlchemyToday http://ObamaTaxCut.com/ ^ | 10/25/08

[paulycy]

This is the result of an OBAMA tax cut estimator on line. I just used the calculator and mailed this result to my three single, voting-aged children:

How much will Barack Obama cut your taxes?

Despite the facts laid out in the presidential candidates' published tax policies, half of Americans still believe that Barack Obama will raise their taxes.

Barack Obama would cut my taxes by: $468.76
John McCain would cut my taxes by: $760.34
Barack Obama would cut my taxes by: $-291.58000000000004 more than John McCain.

Except that on line 3, the number is negative, meaning that, clearly, McCain saves us just about three hundred dollars a year over Obama's plan.

It always pays to actually do the math. Thanks to the Obama supporters for this calculator.

[paulycy]

It seems to me that a Married/One Wage Earner, 2 child deductions and income between $35,000 and $50,000 would include *lots* of middle-class, single-mother (or other head of household) households that Obama says he represents, not to mention traditional families or those with a disabled spouse.

[Principled]

two earners here - i pay less under mac too...by about $800

[Smokin' Joe]

They estimate that your taxes in 2009 will change by -$3,332.40 under Barack Obama and -$4,446.41 under John McCain.

But they want me to e-mail about what a good deal Obambambama is going to give me....

Sheesh.

[biggiepaul]

Single earner, 3-5 kids

save $1500more with Mac

[igoramus08]

It is also misleading, to claim 95% will get tax cuts, because this is temporary and under Obama everyone will have tax increases in 2011 when the Bush tax cuts expire.

[DManA]

The premise of the exercise - that you would keep your job under Barry - is faulty.

[bjc]

I agree. I ran the same set of numbers. The break-even for Married/One Earner appears to be $40000. At that point there is no difference between the two.

Isn’t this pretty much a verbal contract? Can one sue Obama personally if he wins and does not deliver?

[Alex Murphy]

Has anyone noticed that the headline ad at drudgereport.com is for the Obama tax calculator?

[DManA]

I entered single, no kids $10,000. My “tax cut” would be $757.40. When a pure gift is labeled tax cut you know that The English language is just another tool to manipulate people.

[paulycy]

I didn’t. (Great minds???? ;-)

[Dick Holmes]

Here's what I got:

Your Obama Tax Cut: $1,422.73

This is $791.59 more than the $631.14 cut you will get from McCain.

[Alex Murphy]

It always pays to actually do the math.

A tax cut, without telling you the amount that it's being cut from, is meaningless. Case in point: I just used the calculator. Obama is promising me a tax cut roughly equal to the amount that I actually paid in federal taxes for each of the last three years! I wonder how much he's planning on taxing me, that he can afford to give me such a generous tax cut?

Alternately, it's possible the calculator doesn't account for the usual 1040 "long form" deductions, such as charitable giving, mortgage interest, dependents, child tax credits, capital gains/ losses, etc.

[BenLurkin]

Bump

[Brown Deer]

AMERICANS FOR TAX REFORM CALLS OBAMA “TAX CALCULATOR” INACCURATE AND MISLEADING

Obama “tax calculator” a deliberate attempt to deceive voters

The calculator has several major errors/misleading statements, including:

• The forgotten tax hike.  By its own admission, the tax calculator ignores the unprecedented imposition of Social Security payroll taxes on small business profits exceeding $250,000 (where two-thirds of small business profits exist). This is despite the fact that Obama told Charlie Gibson on October 8th that he wants to keep the Social Security tax rate “the same” for these small business owners. This would result in a top small business tax rate of 54.9 percent—the highest level since the Carter Administration.
• Small business tax hike.  It tells those earning $250,000 or more that, “You will probably not get a tax cut” under an Obama Administration. Considering the Obama tax hike will result in a marginal tax rate approaching 50 percent on two-thirds of small business profits (which resides in these households), one might call this a bit of an understatement.
• Spending, not tax cuts.  Most of the “tax cuts” Obama claims credit for is in fact spending.  “Refundable tax credits” means that if you zero out your income tax liability, the government gives you a welfare check.  This isn’t an income tax cut—it’s spending. According to the Tax Foundation, one-third of households don’t have an income tax liability.  It’s impossible to cut their income taxes, despite what this “calculator” says
• Bait and switch.  Everyone is told that they may be eligible for refundable credits including a college credit, a retirement savings credit, etc.  However, these credits phase out on quite modest levels of income, thus deceiving voter.

[paulycy]

Sorry, I misread your post about an "ad" on Drudge.

FWIW I see nothing on Drudge about the tax calculator website and I got the link from a third party blog neither drudge nor the original.

[Gordon Greene]

That $250,000 limit thing is shot to crap with these figures. Obama understands class warfare to the extent that he knows self-sufficient folks will be less likely to even try his Obama tax cut site... most of the people visiting will be people making $35,000 a year or less.

Notice that McCain’s cut is the same for the same size household with the same amount of money with one or two earners, but Obama actually PAYS you to leave home and work, leaving the kids in the government’s care!!!

THIS IS PART OF HIS PLAN!!!

He’s nothing but a tool playin’ to a bunch of fools (which is what you are if you vote for Obama)!

$50,000.00 married - 3 dependents
Obama - One Earner - $468.76
Two Earner -$970.76

McCain - One Earner - $952.34
Two Earner -$952.34

$35,000.00 married - 3 dependents
Obama - One Earner -$1,537.06
Two Earner -$2,030.06

McCain - One Earner -$579
Two Earner-$579.79

[davidlachnicht]

SINGLE + 5 CHILDREN + $50,000 =
Obama cut = $613.76
McCain cut = $1,121.34

[Gordon Greene]

The same ad is not up all the time on Drudge... I’ve seen it on there.

[davidlachnicht]

MARRIED SINGLE-INCOME 2 KIDS $2MILLION/YR

The results are in...

You probably will not get an Obama Tax Cut. This calculation is not perfect, and Obama has recently promised not to raise taxes for anyone making less than $250,000 per year.
...They estimate that your taxes in 2009 will change by
+$136,232.25 under Barack Obama and
-$33,706.45 under John McCain.

[GreyMountainReagan]

I don’t usually shout, but:

OBAMA WILL NOT CUT ANYBODY’S TAXES.

[patton]

They estimate that your taxes in 2009 will change by -$5,326.76 under Barack Obama and -$6,773.82 under John McCain.

[therut]

If people will sell their FREEDOM for such a smalll amount of money is a sad state of affairs in this world. No amount of money could buy my soul. But there have always been those among the patriots and honest folks who will be like swine following each other over the cliff. People just do not learn.

[hotshu]

The calculator does not seem to include the net tax increase on anyone earning more than the current cap ($102K for ‘08, probably $107K for ‘09) on Social Security taxes (which 0bama wants to eliminate).

This will be paid on Gross wages, not AGI. So if your ‘09 gross is 150K, your increase and your employer’s increase will be $2666, $5332 if you’re self employed. The numbers for $200K gross are $5766 ($11,532 self employed). For the “magical” $250K gross, you get to be “patriotic” to the tune of $8,866, or $17,732 for the patriotic self employed.

This whole “spreadin’ the wealth around” BS is basically a scheme to eliminate payroll taxes without calling it that.

[MediaMole]

Obama’s calculations must include some sort of across the board tax credit, since I’m getting the exact same $480 reduction everyone else mentions. It doesn’t change as income increases.

A tax cut should reduce taxes by a percentage of income.

A tax credit is not a tax cut, it is just “free money from Washington.” I don’t want the feds to give me money they took from other taxpayers, I just want to keep what I earned.

[Houghton M.]

Do the figures given here include the effects of letting the Bush tax cuts expire? Won’t that, in effect, wipe out much of Obama’s purported middle-class “tax cuts”?

[codercpc]

When you send this out to all your friends, first ask them to name ONE TIME that Obama has ever voted for a tax cut! Then ask them why they think he will do so now.

[Gordon Greene]

...Lemmings.

[DPMD]

I’ll bet you that “extra money” you save under the Obama tax plan that the plan doesn’t survive the post-election, pre-inauguration period. Once they get a “closer look at the budget numbers,” a la Clinton 1992, it’s all toast.

So, keep your calculator, and your tax plan, and shove them up your Obama.

[bailmeout]

[Straight Vermonter]

That assumes they wait until 2011. They can revert back (i.e. raise taxes) any time they want.

[CaliforniaCon]

I agree with you — tax ramifications aside, I cannot under any circumstances vote for someone who associates with the likes of Wright, the racist black “preacher,” terrorists Bill Ayers and Bernardine Dohrn and cohorts, ACORN, and all the rest. There are so many layers to the Obama onion that we may never uncover them all. Endorsements from the terrorists around the world don’t help much either.

Taxes are an important issue but all our basic freedoms come more to mind for me.

[GoLightly]

My actual income is around zero. Zero's calculator doesn't have a zero, so I had to go with that $10,000 as close enough. Is my check on its way yet? LOL

I was looking at some video of him talking about fixing the imbalance in the Social Security account. He said that raising the earnings cap made the most sense. A post on DU said the proposed cap raise was $17K, so he plans to knick those making just over $100K with an increase of over 12% (the employer splits that is nonsense). The new tax comes out to over $2K & as far as I know, he doesn't have anything to offset it. Guess those folks aren't part of the 95%.

[GoLightly]

Do the figures given here include the effects of letting the Bush tax cuts expire? Won’t that, in effect, wipe out much of Obama’s purported middle-class “tax cuts”?

He'd have to admit that the middle class got a rate cut under the Bush first. Think he'd ever do that?

[wrhssaxensemble]

This is probably not the place to type it but I have been wondering for a few years now about the constitutionality of the progressive income tax. Im not taking this from a political viewpoint but how is it constitutional?

and the Equal Protection Clause of the 14th amendment reads:
“No state shall make or enforce any law which shall ... deny to any person within its jurisdiction the equal protection of the laws”

Wouldn’t progressive tax rates be unequal protection under the tax laws?

Presumably the argument is based on the 16th Amendment saying that “ The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”

But why is it held that “without apportionment among the several States, and without regard to any census or enumeration” applies to progressive rates when it would seem from the text that it simply means it will applied to individuals within the states instead of broadly across the states ?

I know tax laws are generally treated under a rational basis standard but is that the only reason progressive taxation is deemed constitutional? If so, what possible rational basis could there be behind it?

[Alex Murphy]

Has anyone noticed that the headline ad at drudgereport.com is for the Obama tax calculator?

It's part of a cycle of political ads. I managed to catch it again a few minutes ago, and took a screengrab...

[PureSolace]

It all comes down to kids. :) I have no kids, so Obama showers me with more money.