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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

Rainbow Power
I think old Joe the Plummer should figure his taxes for his supposed new long time coming company. If he really did buy the company, he would be paying 35% under the Bush tax policies. If Obama gets in, he would pay 39%, but he would get a tax break for each employee’s health insurance so he would be paying less than he would have under the Bush tax policies. Did anyone else feel old Joe the Plummer was a plant at the rally when he approached Obama? And a flim crew just happened to be there. He is an admitted McCain supporter. He was interviewed last night and on Good Morning America. He slipped up and admitted he wasn’t in the process of buying anything. He has talked about it but it’s a long time coming. He was asked if his plummer jobs had increased…he he-hawed and said he had a couple today and he hoped to get some more. I sure wouldn’t buy a company if I wasn’t overloaded with jobs. Just wondering if anyone else got the feeling he was a plant so McCain would have something to hang his hat on during the debate. Food for thought.
By Rainbow Power on 10/16/2008 11:45 am
Susan B
Joe the Republican/Plumber is another McCain stunt, and probably rigged. Of course, noble Joe owes a chunk in back taxes, so I can understand why that topic is so front of mind for him. I do like the discourse his query has launched. If we can nail down exactly what Joe really does for a living and for how much, perhaps we can have a solid comparison of a “real” person’s situation under each candidate.
By Susan B on 10/16/2008 6:30 pm
Dana Jae
and this makes all of the McCain stunts so much clearer! So glad that RS came out with this piece: http://www.rollingstone.com/nationalaffairs/index.php/2008/10/03/five-my… And a fine Rolling Stone article on him http://www.rollingstone.com/news/coverstory/make_believe_maverick_the_re…
By Dana Jae on 10/18/2008 7:50 pm
Susan B
Thanks for the links, Dana. I enjoyed them, and harkened back to my youth when “Rolling Stone” was the only publication I cared to read. Today, the GOP is complaining about a NYTimes article about Cindy McC, and I think to myself, “Have they forgotten about the ads they ran smearing Michelle O?” I have political filters just like anyone, but this particular instance seems hypocritical at best. I believe the media needs to leave the underage children of candidates alone, but since when were the wives not fair game for journalists? Mamie E., Jackie K, Eleanor R, Lady Bird J, and on and on … It may be unseemly or crass, but that’s what happens when you decide to play in the big leagues. So McCain campaign, quitchabichin. Great ambition has its price, and this is it.
By Susan B on 10/18/2008 10:42 pm
Dana Jae
Susan, it’s so interesting that you posted this. We’re probably around the same age and I just pointed out to a colleague of mine: Isn’t it interesting that “our media” from our time is now back in the forefront: both Saturday Nite Live and The Rolling Stone. go figure. LOVE It!
By Dana Jae on 10/18/2008 10:55 pm
Susan B
Born in ‘54. You?
By Susan B on 10/18/2008 11:22 pm
Dana Jae
born in ‘62, with older bros born in ‘46, ‘51, and 1955 before me. Yep, same era, for sho!
By Dana Jae on 10/19/2008 5:52 am
Susan B
My guess is you also have teenagers or young adult children. For sho!
By Susan B on 10/19/2008 12:06 pm
Carole Meagher
A recent New Yorker article interviewed working poor white rural voters, asking them why they were for McCain. They answered “lower taxes.” Basically, they believed they were living paycheck to paycheck so even an extra $5 a week would break them (true), and that raising taxes on the wealthy would not solve the deficit (probably true). For these reasons, people like Joe the Plumber genuinely believe that if it weren’t for “high taxes” they would be rich. Or that there is no point in trying to better themselves/situations because the tax burden would be too high and they would end up behind. There is also a belief that a huge portion of the government spending goes to “welfare for people who are too lazy to get a job.” So they work 2 jobs with no healthcare and hope that when the taxes get lowered they will be included. Or that those nice rich people whose taxes got lowered will open up a local factory that will pay them a good wage and benefits.
By Carole Meagher on 10/16/2008 8:50 pm