Taxes
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Taxes
| Sat, 09-06-2008 - 1:17pm |
Found this summary on the Obama Facebook page but I checked out the website and the summary is accurate according to the nonpartisan Tax policy Center.
The nonpartisan Tax Policy Center found that Mr. Obama's plan would amount to a tax cut for 81 percent of all households, or 95.5 percent of those with children. The center calculated that by 2012 the Obama plan would let middle-income taxpayers keep about 5 percent more income on average, or nearly $2,200 a year, while Mr. McCain would give them an average 3 percent break, or about $1,400. The richest 1 percent would pay an average $19,000 more in taxes each year under Mr. Obama's plan but see a tax cut of more than $125,000 under Mr. McCain.






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Of course. I'd be glad to.
Let's assume that your adjusted gross income is: $65,000 and you are married filing jointly.
Now if you had no children and just took the two personal exemptions and the standard deduction this means your total income was $82,500.00 (assuming no pre-tax retirement savings or investment income).
Your tax is: $8772.50 plus 25% of the amount over $63,700 or ($325) for a total tax of: $9097.50.
This means your marginal tax rate is: 14.00%
This is because your total tax of $9097.50 is 14% of your taxable income: $65,000.
For someone whose "taxable income" is $99,000 their marginal rate is:
Single filer: 22% (total tax of $21,824)
Married filing jointly: 17.77% (total tax $17591)
Right! Stay the course, no matter what! Never waiver! It doesn't matter what happens around you, what matters is that you appear strong and unflappable - for the history books.
I've heard Obama speak on his economic plan, and it sounds like he is paying attention, and willing to make adjustments to his plan as necessary. I think what is unique is that he let's us know his thought process. He doesn't just meet with advisors and keep his message the same. He tells people - if conditions worsen, or remain this bad, then plans my have to change. You mentioned yourself that it is what businesses do in tough times. That shows a keen grasp on economic principles, as opposed to just being another soundbite ideologue who spouts off generic phrases like "let the free market work" and "tax and spend liberals". Boy, he's dammed if do and dammed if he don't, aint he.
Now there are things that I would like him to do, like launch an aggressive effort to sell war bonds, so that we can offset some of the costs while finish this thing up. (Bush was too afraid to ask people to sacrifice, which was dumb - people were WILLING to sacrifice after 9/11.) He should also demand that congress look into the dollars allocated to private firms in "direct non-military support" of the war. We know we're getting ripped there.
Thanks for the response.
If you've paid more in taxes under Bush than under Clinton it's because your income increased. Rates are lower under Bush and when you add in the extra credits for kids and whatnot there is no comparison.
http://soundmoneytips.com/article/67787-comparing-clinton-and-bush-on-income-taxes
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delph, you have that backwards.
"marginal" tax rate is the maximum tax on additional dollars of compensation.
Oh really, then why did Clinton admit
MONTANA MOM !
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