City of Brass

City of Brass

Obama tax cut calculator

posted by Aziz Poonawalla

This is pretty handy, in terms of cutting through the misinformation campaign by the McCain camp in trying to argue that Obama will raise taxes on the middle class: a tax cut calculator.

According to our family data, we will save $1000 on our taxes under Obama’s plan, and $645 under McCain’s. Plus, I also would be eligible for a 50% tax credit (up to $1000) for retirement savings, and I can withdraw up to 15% of the money in my IRAs/401Ks without penalty in case we run into a budget crunch or some other emergency. The best part is the health plan – under McCain’s proposal we would be taxed on our premiums (which are via my wife’s employer, and cost well over $10,000) whereas under Obama we see no change. I’m not a big shot like that plumber guy, so these savings are pretty significant to my bottom line.

I would like to see a similar calculator on McCain’s website so I can see if the estimate of the savings holds true from the other end or not. However, if the estimate is accurate, then it’s likely that the McCain campaign would not want to put a similar calculator on their site as the vast majority (95%) of people would indeed see directly how their taxes would be higher under McCain than Obama.

  • Jay

    I think it’s possible that 95% will be lower under Obama.
    But are you still paying your share? Are you carrying your weight?
    Do you feel good and honest that you are not stealing from your neighbors?

  • WhyiOtta

    I wonder if your magic calculator is adjusted for the Bush tax cut expiration, which will raise your taxes sure as the sun comes up, although Barry won’t have done a thing?

  • Diane

    The working middle class, the ones that have had to make changes to their budget to just pay for gas to get to work have been paying more than their share for a long long time. The ones that have been stealing from their neighbors live on wall street, the AIG’s that after the bail out treated themselves to a beautiful spa weekend. I could use a spa weekend but it is way beyond MY budget!

  • Angelia

    Is there anyone in the USA, that really believe that there want be new taxes if by chance McCain get in office?
    Do you think he has a clue of what the real working people go though?
    Taxes are not going away; no matter who is in office; so we may as well save in what ever way we can and know God is the ultimate president.

  • Jay

    The bailout was written and voted on by a Democrat congress. The crisis that caused the need for the bailout was caused by the Democrat controlled banking committe to fail to reform the regulation of the F/Ms even after repeated calles for regualtion.
    Obama will merely empower more bad behavior by this group.
    I agree that McCain is not much better. But this class warfare must stop.
    Is the object here for each of us to shirk our responsibility and let someone else pay? Is that the new American Way?
    Let someone ELSE pay for the healthcare
    Let someone ELSE pay for our education
    Let someone ELSE pay for every single thing in the country.
    Pretending that it’s “US” because “WE” pay taxes is a sad joke, and hearing Obama call for people to pay less and less of their own way is a sad state of affairs.
    I do not question the results of his tax plan, I question the morality of it.

  • Kaysguy

    If your premiums are $10000/yr, under the McCain plan, you save a lot of money unless you are in a 50% or greater tax bracket (and no one is). Let’s say you are in the 30-40% bracket (which is high). You would pay $3-4000 in taxes, but receive a CREDIT (significantly, not a DEDUCTION) of $5000, therefore, you would receive 1-2000 back, reducing your overall medical premium cost to $8-9000.

  • Joan

    You need to wake up and smell the coffee, read between Obama’s lines and receive the telegraphed messages he has been sending!!! Obama is nothing more than an eloquent and motivational speaker and, after hearing him every time, seems like I’ve just been to a pep rally. You need to watch his mannerisms and put 2+2 together on your own, clearly Obama’s 2+2 equals something entirely different than 4! Obama’s ego, agenda and self-serving statements (much like what you may tell your significant other, what you think they want to hear rather than the truth) and purposes will not only cost you and most other middle income families a whole load of extra expense, but his values are inconsistent with that of America. Furthermore, there are huge gaps in his stories regarding his relationship with all of the criminals and/or religion of which this Country was founded on. Hopefully you will start doing some homework, thinking things through on your own and without the aid of someone looking for a job as the Pres., and deeply consider ALL aspects before Nov. 4th.

  • Jon B

    Bill Clinton ran in 1992 on the promise of a tax cut for the middle class, then three weeks after the election he disclosed that he would be raising taxes instead. Those who believed Clinton during his campaign are likely to believe Obama today. Candidates say what they believe will get them elected, and their policies once in office may or may not match the campaign rhetoric. I certainly believe Obama will follow through on his promise to raise taxes for upper-income earners; I am less than confident about his tax-cut-for-the-middle-class pledge.

  • Y’nne

    Tax cut..It is about time someone took notice of the class that carries the US… Middle class America makes the rich and helps the poor… No complaints from me… But cutting taxes to enable the middle class to continue to grow, helping the poor become middle class and the middle class to become rich…. I’m all for it!… Just don’t take anymore money from the middle class we can not afford it… I just pray the American people will not let this political campaign turn into violence, because it is starting to turn into just that… That definitely would be bad for economy….

  • Joyce Barthelemy

    anyone who believes that the “2nd grade equivalent” of a tax calculator gives any kind of accurate comparison, shouldn’t be allowed to vote!

  • CJ

    This calculator uses gross income and dependents and takes nothing else into account. It is a simple calculation that is in no way going to reflect true tax savings.

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