for eMaxHealth
As the presidential election nears to conclusion many Americans are using various tax calculators trying to understand the real and hard facts of how many a family or an individual may save in taxes under Barack Obama's or John McCain's health care or tax cut plans.
Barack Obama has made the job of those Americans easier by creating what is called and Obama Tax Calculator. Simply put your financial numbers into the tax calculator and see the results of how many you or your family can safe under Barack Obama's tax plan.
Aaron and Mary in their blog share their experience after using Obama Tax Calculator below:
"Merri and I put in our numbers for our family to see what “Tax Savings” would look like compared to what we’re paying now and to see what the savings would be in an Obama vs. McCain plan. We’d save $1800.00 (or more) in taxes and a $4000.00 credit for Merri being in college with Obama’s plan. Not to mention the child credits may even get better."
Taxcut.barackobama.com reads that "Barack Obama and Joe Biden will cut taxes for 95% of working families, and provide at least three times as much tax relief for middle class families as John McCain and Sarah Palin. The Obama/Biden plan provides $1,000 of tax relief for workers and new tax benefits to help families pay for college, childcare and save for retirement."
However, now let's see where the candidates stand on their tax cut plans. NorthJersy.com has calculated and put together the following:
Income taxes
McCain: Permanently extend tax brackets lowered in 2001 and due to expire after 2010. Phase in increase in dependent exemptions. Reduce to 10 percent tax on first $50,000 in withdrawals from IRAs in 2008. Suspend rules requiring distributions from IRAs at age 70 1/2. Replace employer-provided health benefits exclusion with refundable credit of $2,500 for individuals and $5,000 for couples.
Obama: Extend lower 2001 tax brackets for individuals making less than $200,000 and couples less than $250,000, and above the current 35 percent bracket reintroduce 36 percent and 39.6 percent brackets on upper wage earners that existed before 2001. New refundable credit for workers of up to $500 for individuals and $1,000 for couples. Refundable tuition credit of up to $4,000 a year. Eliminate taxation of unemployment insurance. Make child and dependent care tax credit refundable and equal to 50 percent of child care expenses less than $6,000. Mortgage credit up to $800 for non-itemizers.
Alternative minimum taxMcCain: Make current exemption levels permanent and index to inflation, then begin to increase exemption by 5 percent a year starting in 2013.
Obama: Make current exemption levels permanent.
Capital gainsMcCain: Reduce rate on long-term capital gains to 7.5 percent in 2009 and 2010. Increase amount of capital gains that can be deducted against ordinary income to $15,000 in 2008 and 2009.
Obama: Increase maximum capital gains rate to 20 percent for individuals making more than $200,000 and couples more than $250,000.
Estate taxMcCain: 15 percent on estates worth $5 million or more (0 below that level)
Obama: 45 percent on estates worth $3.5 million or more (0 below that level)
Business taxesMcCain: Reduce maximum corporate tax rate from 35 percent to 25 percent over seven years. Unspecified elimination of loopholes to broaden corporate tax base. Eliminate oil and gas loopholes. Bar taxes on Internet service.
Obama: Limit deductibility of top executive pay. Tax carried interest as ordinary income, not capital gains. Eliminate oil and gas loopholes and impose windfall profits tax. Crack down on companies sheltering income in offshore subsidiaries. Require employers to provide health insurance or pay percentage of payroll to support national coverage. Give small businesses health-care tax credit of up to 50 percent of employer-paid premiums.
Obama Tax Calculator shows only his plan, but an independent tax organization Tax Policy Center has listed 32 different changes for Obama and 19 for McCain, which therefore; will make a simple calculation of winners and losers impossible.
Obama’s tax calculator is “a very simple gadget that’s the most useful thing I’ve seen on any political website in a while.” [Forbes.com, 10/08]
See Obama tax calculator here.
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Comments
#1 Obama Tax cut
For everyone that really think Obama is the great savior of the US, think again. Incremental conditioning is the key to dumbing down society and taking our money. I can’t decide if people are just dumb, unfair or both. The Obama CULT talks about him as being a united and not a divider. What he is doing with his attack of the rich is classic Class Warfare. How can anyone who pays 15% taxes think that it is a good policy to make people who pay 30+% taxes to pay 39+% taxes, so they can pay 10%. I am a small business owner that would benefit from an Obama tax cut, that is if I ever got it that is. But that is not even the issue, the fact is that based on just principle it is wrong for someone to pay triple in taxes so I can pay less. There is another option for lower taxes, its called spending less. But Dems don’t believe Lower the middle class tax and keep the rich at their already high percent. What is going to kill this economy is punishing the people who fuel this economy. The middle class is the vehicle and the rich are fuel. Take out the fuel and the ride is really going to come to a stop. I own a design supply company. The rich hire a design, the designer buys my product, I in turn by a Home, a Ford Explorer, two Harley and groceries and trips. The Ford and Harley workers and all other industries workers benefit from my purchases. Lastly not to go on and on, something I learned very quickly owning my own business, businesses don’t pay taxes they just increase the cost of the goods that the working class buy. So when you Obama lovers are drooling over your government redistributed, rich to middle class, tax cut. Remember what bread, cars, gas, and all those items you love cost in 2008, then add up the difference and see if those nickel, dimes and dollars add up to more than that sham tax cut.
#2 Tax Cut
you want the tax calculator? Go to www.barackobama.com/taxcut Or something like that. I just went there and found that I would save $500 compared to McCain's $340. I make just alittle over $20,000. Money talks and bulls walks. Anonymous
#3 we need change
people where have u been the last eight years .i am a working mother and wife . my husband hurt his back and can't work no more, he worked his whole life 2 jobs 1 of them 23 years and guess what it was a good paying job it left the country. the second 1 was alright but we made it now he can't work no more i am barely making ends meat and either pay bills or put food on the table for my children .and put gas in the car to get to work . well who's going to pay for schooling that way? not me i can't afford it even when i was working 2 jobs with fibermyalgia and lupus i still was struggling . but my children need me to .i don't get any help from welfare i do it on my own .even if u go to school to get master or bacholor your not guarented a job not many places are hiring.
#4 Welfare Money
What do the majority of people on welfare do with the money they receive from the government?
They pay rent, buy food, clothing, and other necessities that goes into the pockets of merchants.
Merchants pay city, state and federal taxes for themselves and FICA and Medicare taxes for themselves and
their employees. So it would seem that the welfare money does assist people personally but mostly merchants and landlords who get their welfare money. So, how bad is Welfare? What comes around goes around. There are Welfare cheats but the States do investigate and punish many thieves.
There are many people who work under the table and don't pay taxes on a portion of their earnings.
Good Americans!? Independent contractors, I wonder if Joe the Plumber is in that category. I am not accusing him of not paying taxes just using him as an example since Mcain has used him as his poster boy and has the belief that Joe the Plumber is the typical american worker trying to earn enough to purchase his own plumbing or other business.
Are we really a Judeo/Christian country? It was my understanding that the one of the teachings of all or most organized religions was charity.
#5 Spelling!
To anonymous, your message sent 10/31/08, at 3;10:
You should be voting democratic, since you didn't do well in spelling.
Another Anonymous speaking.
#6 No Bama
First, you should learn to spell. Second, you should read the Bible, just a bit more! You clearly, no nothing about the Muslim faith, hint: Abraham and Isaac. Third, even if Obama was a Muslim, there is a little thing in our Constitution about the separation of church and state, which means that religious preference has nothing to do with an individual's ability to represent their constituency (don't even get me started on the, "Defense of Marriage, bills proposed! The word 'marriage' should be removed from all legal, and government terminology, as it is clearly a religious sacrament, one that I wholey, and holy, I believe in, married for 22 years in the Catholic Church, though, in terms of our government, it's nothing more than a legal contract! And in my opinion again violates the separation of church and state doctrine! But, I'm not a Supreme Court Justice. So, what exactly are you defending? Assets?) among other American values (remember 8th grade history?); by the way, the fact is, Obama is a Christian, not that has anything to do with his qualifications to be president. Lastly, it amazes me the extent to which those who have responded on this site, appear to be "Christians," yet they harp on the Old Testament! Get a clue, the New Testament, should be your focus. OK, judge not lest ye be judged, I sincerely apologize, but really! Wasn't that what Christ was all about? Brothers keeper, etc., etc.! The progressive tax structure has been in place for many decades prior to George W. Bush; I believe it was the Teddy Roosevelt era. In 2010, Bush's "temporary" tax cuts to those making $250,000 a year or more is set to expire, so technically, Obama is not going to raise anybody's taxes! Bush, proposed, and in a Republican dominated Congress, passed this measure to stimulate the economy! How's that worked out for everyone!? Please forgive my rant! Clearly, I can't be too intelligent, as I reached this site by mistake; as I'm sure many others of you have, trying to test out the tax calculator. Fortunately, for me anyway, I've actually seen more than one tax plan comparison between Obama and McCain, so I'll go to bed now, knowing that I don't need to depend on this one site to get my answers!
#7 No Bama
I say that because if you are a true christian and know the beliefs of a Muslium you know what I'm talking bout. Facts are facts. When the rich spend money everyone spends money. When the rich get taxed and stop spending then everyone hurts. Most everything Busch has done needs to go through the House and the Senet, which is controled by those sorry Democrates. Which I might tell you was in control of for the past 4 years. How can you vote for someone that doesn't honor the American Flag or hold his hand over his heart during the Pledge of Allegiance.(sad days are coming) Everyone one should know that for every high there is a low. We have beeen on world wind of highs the last few years(autos, real estate, stock market,etc....) and for every high there must be a low. A system of checks and balences. Most of you dumbies sit back and watch to news and think that what you are hearing is the gospel. WRONG!!!!! The news tells you what they want you to hear. Its not the news of old times. As far as a bunch of Mexican coming over and takeing jobs. Well at least they are working to better themselves. Send the sorry ass Americans that should be working that are not and send them to Mexico. I work in the Hood so they call it and see sorry ass people that should and could be out working. They ride the Walfare system and social sec. system and want more. GET OUT AND WORK!!!!!! The sad thing is that if NoBama don't get elected it will be the biggest racial war ever. The Blacks will say it is racism and Al Sharpton and the NAACP( which is worst than the KKK will ever be) will hold rallies and riots all over the US.
#8 Spelling
I doubt you live in the HOOD, your mis-spelling is indicative of a racist trying to convince people
that you are Afro-American and want to persuade people to vote for the GOP. Get a life!
Also Anonymous!
#9 Amazing!!!!
You go Anonymous! All decent folks need to stand up for each other. I must say that you're very intelligent and told Tim more than he needed to read!!!
#10 tax calculator
WENT TO THE CALCULATOR AND NOTHING HAPPENED .. THE THING JUST SPINS , RELA NICE TAX BREAK ,, NOTHING AS USUAL.. WHAT THEY TELL US IS USELESS, CONGRESS RUNS THINGS AND THEY ARE NOT GIVING ANYONE A BREAK..
JEFF