Oct 21 2008
TAX PLAN, yea, I’m the TAX PLAN
John McCain and Barack Obama have been promoting the merits of their own proposals for revising the tax structure. Here are the estimated savings or additional taxes a household would pay under each of the candidate’s stated plan:
| Household Earnings | Obama’s Plan | McCain’s Plan |
| Less than $18,981 | -$567 | -$21 |
| $18,982 to $37,595 | -$892 | -$118 |
| $37,596 to $66,354 | -$1,118 | -$325 |
| $66,355 to $111,645 | -$1,264 | -$994 |
| $111,645 to $160,972 | -$2,135 | -$2,584 |
| $160,973 to $226,918 | -$2,796 | -$4,437 |
| $226,919 to $603,402 | +$121 | -$8,159 |
| $603,403 and up | +$93,709 | -$48,682 |
Money Magazine has updated this comparison table, but the numbers remain similar.
Obviously, we know that all campaign proposals enjoy a temporary “life” entirely outside of the reality of Congressional Action, specifically the U.S. Constitutional powers accorded the House of Representatives.
With a likelihood of a Congress controlled by Democrats, a McCain tax plan would have ZERO chance of being enacted in any form even remotely resembling what he proposes. The Obama plan, on the other hand, would receive close attention, but even a majority in Congress never guarantees a rubber stamp of approval.
But just LOOK at those numbers! Where do the VAST MAJORITY of U.S. taxpayers (voters) fall within that table?
Do voters look at their self-interest before marking the “X”? Of course they do.
Cause I’m the Tax Man
Yea I’m the Tax Man
–The Beatles
I’m not sure I understand the chart. Though it appears neither plan saves too much.
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Thanks for sharing this tax plan, Obama’s plan tax plan makes a lot more sense to me but McCain keeps on saying to distribute the wealth, how can it be distribute the wealth? The more McCan and Palin says that, the more they sound ignorant to me.