2008 Presidential Candidate Tax Comparison

[ferrous]

Under Sen. Obama's tax plan, I will pay exactly the same taxes as Sen. McCain's tax plan.

The tax cut for over 95% of taxpayers comes from a $500 a "New General Tax Refund of $500.

Does this mean, that President Bush's tax plan and our $600 rebate check provided for a larger tax break for working families than the one Sen. Obama is proposing?

As for the AMT, Sen. McCain supports the elimination of it while Sen. Obama seems to have not addressed this looming nightmare for upper middle class families.

Calculator:
www.yourmoneypage.com/campaign2008/form_1040.php

[jgaffney]

The tax calculator assumes that Obama's promise of a $1,000 tax credit will survive the vote in the Congress. That issue is in doubt.

The tax calculator does not take into account Obama's promise to allow the Bush tax cuts to expire in 2010. Since it is just the expiration of a law and not a new tax law, Obama does not count this as a tax "increase." Make no mistake, however, your taxes will go up.

The important thing to remember is that Obama cannot enact anything that the Congress does not vote into law. Setting aside Obama's long-held beliefs on the correctness of redistribution of income, a socialist-leaning president and a Democrat majority in both houses means that there will be no check on radical progressive policies. If you want to see where this is heading, check some of the press releases from Barney Frank, Charlie Rangel and Chuck Schumer.

[jgaffney]

Here's some more information on the smoke-and-mirrors tax proposals from Sen. Obama. This is from today's WSJ:

In most parts of America, getting money back on taxes you haven't paid sounds a lot like welfare. Ah, say the Obama people, you forget: Even those who pay no income taxes pay payroll taxes for Social Security. Under the Obama plan, they say, these Americans would get an income tax credit up to $500 based on what they are paying into Social Security.

Just two little questions: If people are going to get a tax refund based on what they pay into Social Security, then we're not really talking about income tax relief, are we? And if what we're really talking about is payroll tax relief, doesn't that mean billions of dollars in lost revenue for a Social Security trust fund that is already badly underfinanced?

Remember Al Gore's "Lock Box"? Well, I guess that went right out the window!

But, again, remember that nothing will happen until Pelosi and Reid say it will happen. Those 2 are not so eager to cut government revenue as their candidate is.

[surefire]

Does anyone actually believe Obama's 95% number? I sure don't. I think he is full of "it", and is saying whatever he can to get elected. It is working-- people have bought his hot air.

I don't see any way Obama can make that tax cut happen, unless he taxes the hell out of small business and the rich to make up for it. I don't believe taxing the hell out of business will be too good for the economy either.

His other option is to cut spending... but then how can he accomplish his nanny state agenda if he cuts?