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Helpful Microcosm of Obama v. McCain on Taxes

We've compared Obama and McCain on taxes before, but if you want a neat summary of how heavily weighted McCain's policies are to the rich, check out the charts at the Wonk Room that illustrate how much the presidential candidates and their families will save under their respective tax plans. Did you know John and Cindy McCain will save $373,000 under the McCain tax plan? Barack and Michelle Obama save just $6,100 under the Obama plan.






Comments

By all means, the conservative right wing can never find any solution other than giving themselves the peoples money.

Posted by: MarthaA on 06/20/08 at 9:34 PM  Respond

Andy:

What kind of chicken are you?

Posted by: MarthaA on 06/21/08 at 9:39 PM  Respond

Okay, Andy, I visited your lame website. So you think MotherJones is the mouthpiece of Big Tobacco? I'm dying of laughter over that idea. Also, your comment amounts to SPAM, as it is completely off-topic and simply points to a website.

Posted by: Gary Kowalski on 06/22/08 at 1:30 PM  Respond

I am an undecided voter looking online for FACTS to help me with my choice. Here, as I have found at virtually every political site, everything is 'fact-ish.' Before I can be appauled at how much Obama or Mccain would save under their respective taxe proposals I would want to know what percentage that is to income.

I like the idea of the President being someone who isn't a white male. But not just for the sake of it. I have a real issue with taxes. And Obama saying he is raising taxes on just the "wealthy." My husband and I earn about $350K gross each year. We own one nice, but certainly nothing extraordinary house in a middle class neighborhood.

I should add I work about 60 hours a week and my husband averages 75.

We both came from working class families and had to borrow money for college and law school and are currently paying down about 150K in student loans. In addition to aggressively saving for our two children's college as they would never qualify for government loans or grants.

We also pay $900 a month for health insurance and that is with a $5,000 out of pocket deductible. We have child care expenses for two children that is not tax deductible for us.
We do not get to claim the tax credit for either of our children, our mortgage interest deduction phases out and we are hit with the ATM.

We drive a 7 year old Acura and a 3 year old Honda Civic. We have managed to save 100K for retirement. But we have no investments other than that 401K and the savings plan for our kids college.

We recognize the obligation to help others when you are lucky enough to be in the position to do so and we set aside and donate several thousand each year to a charity, currently to a group rebuilding from Katrina.

We paid about $100,000 in Federal tax last year. That doesn't include state or propety taxes. I suppose there are investments that would save some of that but we honestly don't have the extra income around for that right now.

Why do I disclose so much personal information? Because while I admit my husband and I are lucky (although I think driven and hard working suit better). We aren't exactly the people who come to mind when Obama talks about the Paris Hilton Heiress taxes.

We pay an awful lot of money to income tax and I don't mind at all when I think about it helping under priveleged kids afford college and have access to nutrition and helathcare.

It does start to feel a little hard to swallow when I hear people talking about taking their stimulus check to the casinos or for vacation (we didn't get a stimulus check, we phased out of that too). Or when I hear that a middle class family of 4 making $75,000 effectively pays no federal income tax.

How is that ok? I'm not at all suggesting they pay what we pay or even the same ratio percentage... but nothing?

And under Obama more middle class families will be given an exemption from the responsibility of funding our government. I understand I will be paying more, the money has to come from somewhere.

But with the truly weathy americans paying less in dividend taxes and middle class on down paying nothing, I'm beginning to feel like the only person left in America paying taxes.

Part of me just wants to quit working and say to heck with it, let the suckers work and pay for everything. I'm tired.

I don't want to base my Presidental choice on taxes, but Obama seems to revel in the idea of "making me pay my fair share" by increasing our tax rate. Maybe I have become hugely disconnected with the world, but I really felt like we were paying more than our fair share already.

I think I need to take a look at one of the third party candidates.

Posted by: Jennifer H. on 07/01/08 at 1:04 PM  Respond

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