I have looked on the web at several tax cut comparison tables that compare the change in taxes assuming Obama’s vs McCain’s proposals. An example table is this one from CNN. I have noticed that they are skewed into Obama’s favor because they seem to assume 1 earner, no dependents scenario. But if you assume a family filing jointly and having 2 children then the situation looks more in McCains favor:
According to this calculator alchemytoday.com/obamataxcut, 4 person family filing jointly with one earner will see the following change in taxes:
Net Income Obama McCain $35k -$915.06 -$505.79 $50k -$468.76 -$760.34 $75k -$478.92 -$801.59 $100k -$2,442.73 -$2,874.14 $125k -$3,332.40 -$4,446.41 $150k -$3,923.76 -$5,272.82
So somewhere between $35k and $50 is a “break even” point.
This looks way better than CNN’s table where that point seemed to be above $100k.
BTW, the pro Obama calculator that I used gives funny results if you enter: Single, 0 dependent children, and $100k income. Then the result you get is this (notice that it says Obama promised not to raise taxes for under $250k):
The results are in…
You probably will not get an Obama Tax Cut. This calculation is not perfect, and Obama has recently promised not to raise taxes for anyone making less than $250,000 per year.
These numbers come directly from calculations by the independent, non-partisan Tax Policy Center. They estimate that your taxes in 2009 will change by $97.27 under Barack Obama and -$115.14 under John McCain. Click here to see the relevant table for your filing status. Tax cuts for Obama and McCain are calculated by adding the changes in income tax and corporate tax estimated by the Tax Policy Center.