McCain vs. Obama: Your Future Tax Bill

[Socalgal]

Interesting... note the caveat at the end of the article. Read with a grain of salt and YMMV.

McCain vs. Obama: Your Future Tax Bill - Consumerism Commentary: A Personal Finance Blog

Quote:

By Flexo on Thursday, June 12th, 2008

The nonpartisan Tax Policy Center released a report yesterday that explains in detail the effect that a McCain presidency and an Obama presidency would have on the tax bill for American households. The data are stratified by income range and reflect a wide difference in stated policy between the two candidates.

	         MCCAIN	        OBAMA
Income	         Avg. tax bill	Avg. tax bill
Over $2.9M	-$269,364       +$701,885
$603K and up	-$45,361        +$115,974
$227K-$603K	-$7,871	        +$12
$161K-$227K	-$4,380	        -$2,789
$112K-$161K	-$2,614	        -$2,204
$66K-$112K	-$1,009	        -$1,290
$38K-$66K	-$319	        -$1,042
$19K-$38K	-$113	        -$892
Under $19K 	-$19	        -$567

[Gomer]

It would be neat to see the numbers of taxpayers in each of those brackets alongside the change in their tax bill. I'd settle for percentages even =)

[RADAR1797]

Quote:

Originally Posted by Tax Policy Center

This speculation is interesting but mostly academic. These figures are not absolutes for three reasons. First, we’re dealing with politicians, so their proposals might change as they hammer out details, talk to advisers, and determine what strategy will get them into office. Second, their opinions may change once the winning nominee is sworn in to office. Third, any policy changes have to find their way through Congress first, where compromises must be negotiated before anything gets done.

Additionally it does not cover earned income credit nor how certain tax incentives play into their accounting. I would also like to know if this is just the Federal Income Tax or if it includes Social Security and Medicare withholdings.

[Chuckiechan]

I know losing the capitol gains exemption from selling your house is going to hurt real estate, big time.