How much will you miss the Bush tax cuts?

slightofjeff

Not a thread to talk smack. Just to spread information.

You can use this calculator to check out how much taxes you'll pay this year, before the cuts expire, and compare it to what you would have paid on the same income in 2000, before the cuts took effect.

http://www.moneychimp.com/features/tax_brackets.htm

Looks like an Obama presidency will cost me $4,000 off the top. Ah well, I'm sure it will go to good use.

(ps -- yeah, that last line was a little bit of smack. Sue me.)

Wobbie

ANY money I saved due to the Bush presidency was not worth the Bush presidency! :mad:

I'll miss the tax cuts just like I'll miss Bush.... not one fucking bit!

Ott

try this one:

http://taxcut.barackobama.com/

now what?

Cosmo

My difference is 3%... I'd have to check my past tax returns because I get to deduct the full finance charges of a home mortgage.

TDMize15

imalive wrote:

ANY money I saved due to the Bush presidency was not worth the Bush presidency! :mad:

I'll miss the tax cuts just like I'll miss Bush.... not one fucking bit!

Haha, nice.

Wilds

Under Obama's plan mine looked like this:



Obama tax savings
$1800
McCain tax savings
$200

Plus, under Obama, you may be eligible for

* 50% tax credit for up to $1000 for retirement savings

beachdweller

slightofjeff wrote:

Not a thread to talk smack. Just to spread information.

You can use this calculator to check out how much taxes you'll pay this year, before the cuts expire, and compare it to what you would have paid on the same income in 2000, before the cuts took effect.

http://www.moneychimp.com/features/tax_brackets.htm

Looks like an Obama presidency will cost me $4,000 off the top. Ah well, I'm sure it will go to good use.

(ps -- yeah, that last line was a little bit of smack. Sue me.)

this doesn't take into account Obama's tax plan, which will cut taxes even more for those making less than what $150k? others up to $250k will hold at the same percentage as now. This goes to net pay, so if you make $275k, and with deductions net out under $250k, your taxes will not rise. So no one making $250k net will pay more than they are now. I make 6 figures and will be less taxes, so I'm all for it.

know1

I'm all for tax cuts no matter who gets them. But Obama is either raising taxes significantly somewhere else, or he's going to be cutting programs. Since we know that the budget won't be reduced, who is paying the difference?

YieldInHiding

know1 wrote:

I'm all for tax cuts no matter who gets them. But Obama is either raising taxes significantly somewhere else, or he's going to be cutting programs. Since we know that the budget won't be reduced, who is paying the difference?

http://www.barackobama.com/issues/fiscal/

Barack Obama and Joe Biden's Plan

Restore Fiscal Discipline to Washington

Reinstate PAYGO Rules: Obama and Biden believe that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.

Reverse Bush Tax Cuts for the Wealthy: Obama and Biden will protect tax cuts for poor and middle class families, but they will reverse most of the Bush tax cuts for the wealthiest taxpayers.

Cut Pork Barrel Spending: Obama introduced and passed bipartisan legislation that would require more disclosure and transparency for special-interest earmarks. Obama and Biden believe that spending that cannot withstand public scrutiny cannot be justified. Obama and Biden will slash earmarks to no greater than year 1994 levels and ensure all spending decisions are open to the public.

Make Government Spending More Accountable and Efficient: Obama and Biden will ensure that federal contracts over $25,000 are competitively bid. Obama and Biden will also increase the efficiency of government programs through better use of technology, stronger management that demands accountability and by leveraging the government's high-volume purchasing power to get lower prices.

End Wasteful Government Spending: Obama and Biden will stop funding wasteful, obsolete federal government programs that make no financial sense. Obama and Biden have called for an end to subsidies for oil and gas companies that are enjoying record profits, as well as the elimination of subsidies to the private student loan industry which has repeatedly used unethical business practices. Obama and Biden will also tackle wasteful spending in the Medicare program.

DOSW

know1 wrote:

I'm all for tax cuts no matter who gets them. But Obama is either raising taxes significantly somewhere else, or he's going to be cutting programs. Since we know that the budget won't be reduced, who is paying the difference?

He is adding new spending, but cutting even more so that there will actually be a net spending cut. He's said that many times.

Indifference

Arghhhhhhhhhhhhhhhhhhh

Indifference

Ott wrote:

try this one:

http://taxcut.barackobama.com/

now what?

You will probably not get a tax cut under the Obama-Biden plan.

Strangest Tribe

I happen to have the luxury of being able to swap my income from my business to my personnal pay. I can't determine at this time what I'll do.

When I'm crunching the possible outcomes there's not enough difference to sway me to change my vote. There are other variables that factor into my income, one being the potential for regulations passed under an Obama administration that would level the field for the small farmer going up against the corporate farms that have the tax advantages that correlate to their ability to survive with their ability to hoard commodities and flood commodities to market. I have to go with the flow because I don't have the facilities or labor to wait on the market.

mammasan

I will have a 3% increase in my taxes, which I would have gladly given up to avoid digging a huge debt with the Iraq War.