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.
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