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Politics | 10/15/2008 4:17 pm

How Much Money Would Obama's and McCain's Tax Plans Save (or Cost) You?

Photo Essay

Presidential hopefuls Barack Obama and John McCain both say they’ll cut federal taxes if elected — but how much money would each plan put back into (or take out of) your pocket? The Tax Policy Center breaks both proposed policies down in a 59-page report. wowOwow sifted through the nitty-gritty details and pulled out the numbers that matter most. Look through the slideshow to find out, according to your salary range, how much you’d save or end up paying in a McCain or Obama administration.

24 Reader Comments (so far…) Sign In or Register to comment

Patty E
Looks like the party lines are still drawn in cement, doesn’t it? It sure does look like McCain is not on MY side! Darn! He lied again!
By Patty E on 10/15/2008 5:25 pm
Eliza Dodd
Anything that comes out of McCains mouth is a Bold Face Bush LIE !
By Eliza Dodd on 10/15/2008 6:30 pm
EKA -
Hard to tell, We do pretty well, BUT business is SO BAD that we are rapidly falling into a lower bracket, so, we might come out OK. I wish that we made so much that we would have to pay MORE taxes !
By EKA - on 10/15/2008 6:56 pm
Carole Meagher
Guess what? I don’t care if I pay more taxes under Obama! Why? Because in the long run, I am better off if the budget is balanced and we’ve invested in health care, education and infrasturcture. The economy will be stable so I can get a job. Interest rates and capital markets will be stable so I can raise money to start/run a business. I can hire Americans who can read, write and add to grow my business. And, I can know they are able to show up to work because they are healthy. Bush and McSame’s attitudes about the “free market” stop as soon as some bizillionaires on Wall Street insist they need a $700B bailout. And American car companies who never seemed to care that Toyota and Honda were developing hybrids because they were selling so many profitable, gas-guzzling SUVs suddenly get a $35B bailout as well. Free market at its best…
By Carole Meagher on 10/15/2008 10:36 pm
Kryssi K
Word! Obama can TAX ME all he wants if it’s for the greater good! If I can get decent health care and peace of mind out of all of this, I don’t mind an extra whatever-percent being taken outta of my paychecks!!!
By Kryssi K on 10/16/2008 12:34 am
Ro H
Regardless who WINS we are still in a world of mess! It depends on WHO wins how and when we will crawl out from under this huge BUSH! HOPE is the ONLY real answer right now! I feel like we are all beginning to get our hope BACK! Next we’ll get OUR country back! Hallelujah! Hallelujah! Hallelujah! Hal…le…lu…jah!
By Ro H on 10/15/2008 11:02 pm
Marjorie C.
Interesting slide show. Knowing that this site is overwhelmingly for Obama, I would have reason to suspect the figures. However, whether I pay $100 a month in taxes or no taxes, what America needs at this time is expertise and everyone working together to solve the problem so this economy doesn’t slide any further, not a promised tax cut.
By Marjorie C. on 10/16/2008 5:33 am
Donna H
In the words of Justice Oliver Wendell Holmes, “I like paying taxes. With them, I buy civilization.”
By Donna H on 10/16/2008 5:38 am
Marjorie C.
Donna: “I like paying taxes. With them, I buy civilization.” Good quote. When government is handled properly, that is what it buys us… protection, education, freedom to strive in an economy that works for everyone.
By Marjorie C. on 10/16/2008 6:35 am
Susan Stebbins
“I like paying taxes. With them, I buy civilization.” Excellent quote, and I heartily agree. What I have always dreamed of is a form we could add to our taxes which would allow us to specify where we wanted them to go. I’d fund national health care, early childhood education, and after school care for kids. I’m sure someone would fund defense, right?
By Susan Stebbins on 10/16/2008 7:24 am
Marjorie C.
Susan, I’d want my taxes to go to human services. All the things you mentioned plus some form of Social Security. Defense? Although I realize it is of utmost importance, I’d let someone else fund it.
By Marjorie C. on 10/16/2008 11:16 am
Sherrie Crews
What most people in those higher brackets seeing those numbers don’t take into consideration is that the reason they’re going to be paying that much more than the are now is because Bush gave them such a much bigger tax cut than he did the “Joe six pack” families Pain likes to spout about. I’d like to see a comparison between Obama’s proposals and the Clinton tax structure.
By Sherrie Crews on 10/16/2008 7:44 am
Misty Gibbs
We don’t mind paying higher taxes if they are put to GOOD use! So far, this has not been the case (war, etc) - let’s not even talk about what is going on in California! Our view is to make the decisions that are right for our childrens future, not the short-term. Misty with My Inspiration Lounge http://www.myinspirationlounge.com
By Misty Gibbs on 10/16/2008 11:14 am
B. Nyce
Just a reminder… Thou shalt not call one another derogatory names Thou shalt not make personal attacks on other readers or contributors Thou shalt not write anything libelous Thou shalt not ever make threats against another reader or contributor Thou shalt not use racist language Thou shalt not use violent language Thou shalt not swear excessively Thou shalt not have more than two identities registered from the same computer Thou shalt not solicit for goods or services Thou shalt not post or forward spam
By B. Nyce on 10/16/2008 8:04 pm
mitzi morris
I believe paying higher taxes to those who have the money to pay them [especially at the top] is a must if we are to remain a society capable of offering our citizens a stable economy and benefits like healthcare that is their right, not a priviledge. We are the only country in the family of large nations that offers no medical benefits to all citizens. I would be happy to pay more taxes to see a better run country with well run programs that benfit us all. In the mess we are in McCain’s idea is to benefit the largest amounts of tax relief to the big corporations whose windfall profits have been bleeding us dry. Our country is in a mess. Without revamping our government programs completely and keep those that work and use oversight to implement them, taxes to the top tier are necessary. Ending the war in Iraq would significantly help. Where did we ever get the idea [GOP] that a country can survive this crisis without taxes that are more representative of responsible distribution and fair to most?
By mitzi morris on 10/16/2008 11:34 am