There seems to be quite a bit of confusion about the differences in the proposed tax plans of Barack Obama of John McCain. A recent article in The Washington Post broke down the numbers according to annual salaries.
I will be honest and tell you that my tax burden will go up under Obama's plan. However, losing a few additional thousand dollars a year will not hurt me financially. I am much more concerned about the larger population of tax payers. Plus, if the economy grows under Obama has it has historically done under Democratic presidents, I will recoup that money down the road. (see earlier post)
So, check out the numbers below and decide for yourself which plan makes the most sense for not only you, but for the country.
Obama and McCain Tax Proposals
According to a new analysis by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, Democrat Barack Obama and Republican John McCain are both proposing tax plans that would result in cuts for most American families. Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy. For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million.
(Courtesy: The Washington Post)