90% of Americans will pay less income tax under Obama than McCain
Today, CNN posted an article online summarizing the Tax Policy center’s report comparing John McCain and Barack Obama’s proposed tax plans. It is available here. The numbers are remarkable, but CNN failes to notice the obvious punchline: more than 85% of Americans will pay less in taxes under Obama than McCain.
Data tables below the fold.
Here is a table showing the change in your tax bill in 2009 vs 2008 if McCain or Obama’s policies are fully implemented:
McCain Obama
Income Avg. tax bill Avg. tax bill Difference
(O-McC)
Over $2.9M -$269,364 +$701,885 +$971,249
$603K and up -$45,361 +$115,974 +$161,335
$227K-$603K -$7,871 +$12 +$7,883
$161K-$227K -$4,380 -$2,789 +$1,591
$112K-$161K -$2,614 -$2,204 $410
$66K-$112K -$1,009 -$1,290 -$281
$38K-$66K -$319 -$1,042 -$723
$19K-$38K -$113 -$892 -$779
Under $19K -$19 -$567 -$548
Source:Tax Policy Center
From the table, we can see that if you make less than $112,000 a year, then you will pay less in taxes under Obama’s policies compared to McCain’s. According to the IRS, 89% of Americans report less than $100,000 in adjusted gross income (2005).
Perhaps it’s worth showing this table to your undecided and Republican friends to let them know just how much they stand to lose under a McCain presidency.
Comment
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Oh, this is getting forwarded to everyone in my address book. Wow!
— Sam L. · Jun 11, 10:50 PM · #
Very important article, but can you please fix the formatting?
— Philo · Jun 12, 03:44 AM · #
“Today, CNN posted […] It is available here. “
No, it’s not.
— anon · Jun 12, 04:10 AM · #
http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/?postversion=2008061113
— anonymous · Jun 12, 05:59 AM · #
this is a good reason for people like me to vote AGAINST Obama. Although the alternatives aren’t any better.
— anonymous · Jun 12, 06:41 AM · #
VOTE OABAMA
this would help mortgage repayments.
— hate MCAIN · Jun 12, 07:04 AM · #
I’ll be taxed more under Obama but I it is worth it for the long term health of my family.
— well off · Jun 12, 07:08 AM · #
So, where is he going to get all that money to pay for all his socialist programs?
Also, you should post the link to your sources.
— Ryan · Jun 12, 07:11 AM · #
This is what’s sad about so many people that think the Republicans are for lower taxes. They’re only for lower taxes on RICH PEOPLE.
It’s sad how many average Joe Americans think that voting for a Republican will lower their taxes when it’s simply not the case.
And Ryan – how will he pay for his socialist programs? By raising taxes on rich people. Duh. It’s called progressive taxation, and it’s a good thing.
— Musical Man · Jun 12, 08:00 AM · #
What the crap do those numbers mean? Why are you posting absolute numbers for a range of incomes? Why don’t you do some real research, figure out the percentages now vs. then, tally the averages for each income bracket, and then see how much each plan raises? Try doing some real calcs instead of being a typical lazy blogger.
fyi, most of my “republican friends” make enough money that they would vote for Mccain if money was their only motivator.
— your mom · Jun 12, 08:07 AM · #
Is 112K a year really RICH.
— i don't feel rich · Jun 12, 08:17 AM · #
Yes 112K a year is reach. If the IRS reports 89% of people making less than that, then it is rich.
Also, they are not socialist programs. I think you need to look up the true definition of socialist. Socialism has to do with empowering workers, not providing health care. Those are called social programs. There is a big difference.
— lvleph · Jun 12, 08:29 AM · #
Well.
Maybe I don’t feel rich b/c this is 2005 data.
According to this inflation calculator
I need to make 123K a year in order to qualify as rich in 2008.
http://www.halfhill.com/inflation.html
I myself don’t make 112K but I’m close enough to it to say that it doesn’t feel rich. Not these days.
— i don't feel rich · Jun 12, 09:32 AM · #
CNN is a liberal news network. And honestly, in my opinion I think there should be an across the board flat tax. Why should the poor, who have not EARNED their money have to pay less than the people who have earned their money?
Especially when often the poor use more government services than the rich? Its socialism and theft. Robin Hood was not a hero, he was a thief.
— The Off Topic · Jun 12, 09:44 AM · #
i don’t feel rich,
Well, then live within your means like the rest of us. Those that don’t even make 30k a year find a way to get by, most likely just barely, but they do find a way.
— Aggression · Jun 12, 10:02 AM · #
all of you assholes, stop takin my freekin money. earn it yourselves
— tired of it · Jun 12, 11:56 AM · #
I’m a web developer and barely hit 36k a year…if i’m lucky.
— sirjorge · Jun 12, 12:19 PM · #
You will pay more taxes under Obama — but only if you make more than $112k per year. Everyone else will actually pay less.
— bulgarian solicitor · Jun 12, 12:25 PM · #
@ The Off Topic
You do realize that income tax is called income tax because it taxes the income that you EARN right?
Someone who works for seven dollars an hour earns it, and they probably work harder for their seven then Bill Gates did for most of his millions.
A flat tax is just downright retarded, first of all there’s no flat tax you could charge that could be applicable to everybody and still support things like national defense.
— hypatia · Jun 12, 12:26 PM · #
33% of all wage earners do NOT pay ANY taxes. So how can 85% of the wage earners pay less taxes under Obama? The max could only be 66%. What am I missing?
— check the stats · Jun 12, 03:34 PM · #
Obama is a Muslim give that some thought. His mother and father were memebers of the Communist Party and took little Obama to the same meetings. He is not supportative of our Military nor our way of life in America as we know it.
In Chicago they call him “Little Hitler in Black” it is doubtful he will carry his own home state. You can say all you want about McCain as I don’t like him either but he is the lessor of the two evils. Remember, Evil comes in sheeps clothing.
Optic Word: MUSLIM remember that when you head to the polls America. We are at war in the middle east with MUSLIMs…at least McCain is a Christian.
Oh yea, neither has ever run a successful business wouldn’t you have been better putting Ron Paul in and getting ride of the Internal Revenue <Ripoff> Service.
— In the Know · Jun 12, 10:28 PM · #
You fascist republicans are so damn outright ignorant of the real life problems of people you probably still believe the american “way of life” means anything good anymore…. get your heads from out of the hole you got them in, and open your eyes, even if only once in your lives.
CC
— ConcernedCitizen · Jun 13, 01:22 AM · #
It’s sad that the top 5% of the wealthy pay 95% of our taxes. We should have to pay an equally proportional amount to a billionaire and in my opinion, if you can’t move yourself up into the higher tax brackets you should be penalized. As a matter of fact, the less you make, the more you should have to pay in taxes as a percentage of income. Why do we penalize successful people? It has nothing to do with Republican or Democrat; this has to do with lower class america thinking they’re entitled to the middle and upper class’ success.
— SJW · Jun 13, 09:21 AM · #
SJW,
You’re joking, right?
I sure hope you’re not insisting that poorer people be penalized for their inability to make more money. Would I be correct?
I don’t believe wealthy people should be forced to give up a considerable amount of their wealth just because there are people that are less fortunate, but it only makes sense to tax those than can progressively afford to pay the tax more than those that can’t.
Either way, there is no such thing as a perfect solution, and there’s always going to be one group or another that’s unhappy with how things are done… in any economic/political system.
Such is life I guess.
— Operator-C · Jun 13, 04:34 PM · #
People who make 200k or more a year is less then 1% of the population. those are the people WHO SHOULD NOT be considered the majority. They trick rednecks and idiots into voting for republicans so they can get their 5% tax breaks. (5% tax break on 20 million is how much?)
If you make 200k a year or less and you vote republican, your voting for another bush in office so be prepared for a depression or worse. When it happens, you have only your idiot selves to blame.
I also said we’d go into recession when bush was in office and said we’d see $4 a gallon gasoline, I was laughed at.
Screw you ignorant hicks. Fix this crap, vote democrat you retards… Unless you plan to move to canada or mexico. Another republican policy will send our country down the same route soviet russia went. Good luck idiots!
— Uh Good? · Jun 13, 08:13 PM · #
Unfortunately, the Right (and I was one of them) has been so brainwashed by its leaders that they think:
1) Poverty is a lifestyle choice, but businesses can’t be blamed for putting profits ahead of responsibility — their hands are tied by their shareholders.
2) Government should be small, and the military budget should be big.
3) Never trust the government — but trust everything the Republicans do.
4) Liberalism == Socialism == Communism == Totalitarianism. (You could fill a small library with books on why this is ignorant.)
5) Poor people need to learn that life isn’t fair, but by golly taxes better be.
— James M. Jensen II · Jun 14, 11:06 PM · #
http://money.cnn.com/2008/06/11/news/economy
/candidates_taxproposals_tpc/?postversion=
2008061111
above is the cnn article mentioned but not cited above.
basically what it boils down to is that McCain’s plan would allow the lowest income group to see their post tax income rise by 1% ($19-$319). whereas those in the highest income brackets would see their post tax income rise by 3.4% (upwards of $40,000).
on the other hand Obama’s plan would allow the lowest income group to see their post tax income rise between 2.4% and 5.5% ($567-$1,042). those in the highest income groups would see their post tax income decline by 8.7% (about $116,000).
so in other words McCain (republicans) favors the rich and Obama (democrats) favors the poor… it really is that simple
— Daniel Palo · Jun 15, 03:28 AM · #
SJW, you sir win the retard award. Do you really think that because someone is poor they enjoy it or don;t wish they were more successful. It’s not like this would give them the amount of money a rich person would have. It must be very easy for you went mommy and daddy make a lot of money and you don’t have to worry about money… untill they unhook you and you have to learn to make it yourself, but they will probably send you to a nice college to go into business. So enjoy your lucky life :).
— Duff · Jun 15, 11:01 AM · #
Well, if you really want to know, I grew up on a farm in the Midwest where my parents have made an after-tax income that has never even put them above a 15% tax bracket. I put MYSELF through college because I was smart enough to realize that kids from poor families actually get MORE federal money to go to school. It is complete bull when someone says they can’t go to college. Unless you get a 10 on your ACTs, there is no reason that you can’t get a higher education and make something of yourself. I actually have had to move myself up in the world becuase I will have to support my parents in retirement. There’s unfortunate circumstances in life that can hinder success, but there are far more excuses made and people who blame their lack of success on someone who is successful. Everyone wishes they are more successful. The thing with wishing, though: you can wish in one hand and $h@t in the other and see which hand fills up first.
— SJW · Jun 16, 07:00 AM · #
It ain’t going to make a whole lot of difference who wins the white house. I would rather vote for “none of the above’. Besides that, with Pelosie and Reid controlling Congress the whole thing will be a huge mess and nothing will get done. There is nothing wrong with Democrats and Republicans that couldn’t be cured by throwing all of them out of office and starting over. What we need is a party that cares about people! Not the party, not big business, not unions, not lobbyists, just the people.
— old shakey · Jun 16, 08:46 AM · #
McCain is a devil worshipper. Give that some thought.
His mother and father were members of the KKK and took little Obama to the same meetings. He is not supportative of our country nor our way of life in America as we know it.
They call him “Little Old Hitler” it is doubtful he will carry his own home state. Remember, Evil comes in sheeps clothing, and McCain wears wool quite a bit.
Optic Word: Republican. Remember that when you head to the polls America. We are at war in the middle east because of Republicans…At least Obama is a Democrat.
— McCain is a Nazi · Jun 16, 12:44 PM · #
I’m sorry this one’s hard to believe.
— Obama Lies · Jun 16, 08:10 PM · #
You know what? One of these days, all of the sniveling people on here that despise successful people will be saddened when their favorite charities go away. The rich already pay a disproportionate amount of taxes…if it continues to increase, there will be no need for them to have itemized tax deductions. So…there goes all the charitable donations down the drain and poor people will REALLY suffer then.
Personally, I make less than $112K a year and I have paid less taxes the past 7 years then I did under Clinton.
If Obama has his way…15 million people are going to get free Healthcare. Who’s paying for that? I pay $1000 a month premiums now!!!
And if Democrats have their way…we’ll also be paying services for 15 million illegal immigrants.
Let’s think of everything….not just look at some numbers in a CNN report.
— Just a Thinker · Jun 24, 12:52 PM · #
Poverty IS A LIFESTYLE of choice.
you make choice when you are young sometimes. anyone can get all A’s. Get a full ride and be set for life.
they CHOOSE to do something else. Life is a result of those choices. some people are just lucky and able to get by making a few bad ones, others walk a much finer line.
Its not fair to make someone who is less likely to use the resources of the system, pay more for the system.
— Off Topic · Jun 24, 02:41 PM · #
Okay. Everyone on here who thinks being poor is a choice is a completely moron, but let’s assume that they’re right and that everyone could get straight A’s and sail through college. Where are all of our new college graduates going to work? Do you have any idea how many cashiers at walmart went to college and have degrees? Very few people who go to college get jobs in their chosen fields. Who’s left to work all of the low wage jobs? I’ll tell you.. all of those smart, straight A kids who have college degrees. There will always be poor and rich because there has to be someone to fill every role in society.. good paying or bad.
Of course, the fact is that no, not everyone can get straight A’s. It’s not just a matter of trying or being smart enough (and let’s face it.. some people aren’t.. but that’s not their fault). You try going through what some people who are truly in poverty go through. There’s intense psychological and emotional damage which does indeed make it more difficult, or almost impossible, to have 4.0 GPA’s in school. If you believe otherwise then you are a cold, heartless piece of shit. with no humanity in you whatsoever.
Wonder what I make? 60K a year and when we do make over 112K then we will be HAPPY to pay higher taxes because why do we need all of that money? Why do I need an extra car or a 5 bedroom house when there are people who make 12K a year and fight their whole lives to provide for their families? We’ll be happy to pay it because we’ve been there. And because it’s the right thing to do. You can judge a country’s greatness by how they treat their poorest citizens.
— Heather · Jul 2, 12:03 PM · #