Interesting look at the Tax Plans
Posted October 30, 2008
I just checked out the tax calculator found at http://newsdayinteractive.com/community/taxes.php?s=0&t=0 and discovered something very interesting.
Let me run through a couple scenarios for you.
First, let’s figure a couple with 2 kids making about $75,000 a year combined. According to this calculator, the Obama plan would save you roughly $1000 a year in taxes. This equates to getting $83 a month in actual relief. So electing Obama will get you a $1,000 a year pay raise at least until the Democrats allow the current Republican tax cuts to expire. Then you will most likely see this saving go away. So all in all, Obama is going to pay for your cable or satellite bill.
Now, lets see how someone that owns a company and makes a very good living would fare. Lets say a married couple with 3 kids makes roughly $2,000,000 a year. Their tax bill will increase by $109,544. That’s about $9100 a month. Sure, it seems like something “fair”, however if you consider that this guy to improve his business might want to hire a couple people, this is not a good deal. $109,000 would easily help 2-3 families do more than just enjoy cable!
So let me ask you… which would be a better way to stimulate growth in our economy? Pay your cable bill, or create new jobs? The choice is yours… choose well.
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