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.
- ARingMD2B's diary :: ::
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.
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