Tax Facts

By Dschabner

Oct 19, 2008 7:51pm

Crunching numbers of the candidates’ tax plans — as they explain them on the stump — the nonpartisan Tax Policy Center offers THIS GENERAL ANALYSIS.

Tax quintiles are from HERE.  There are equal numbers of Americans in every quintile.

Obviously these are all averages, and generalities. All sorts of other factors come into play in taxes as I likely don’t need to tell you.

But in general, for 2009:

If you make up to $18,725, Sen. John McCain, R-Ariz., will give you a tax cut of $65, while Sen. Barack Obama, D-Ill., will give you a tax cut of $567.

If you’re in the second tax quintile, earning between $18,725 and about $37,000 a year, McCain will give you a $259 tax cut, Obama will give you a $892 tax cut.

If you’re in the third quintile, earning between about $37,000 and almost $66,000, McCain will give you a $608 tax cut, Obama will give you a $1,118 tax cut.

If you’re in the fourth quintile, making between almost $66,000 and about $110,000, McCain gives you a $1,487 tax cut, Obama will give you a $1,264 tax cut.

If you’re in the top quintile, making above $110,000, McCain will give you a tax cut of $12,144 while Obama will raise your taxes $4,600 more. (To suss this out a little more — the Obama campaign says it will not raise taxes on individuals making less than $200,000, or couples making less than $250,000.)

Here’s where the starkest differences come in. If you’re in the top 1 percent of wage-earners, making from about $602,000 to around $2.8 million, McCain gives you a $109,214 tax cut on average, while Obama raises your taxes on average by $121,689.

If you’re in the top 0.1 percent, making $2.9 million a year or more, McCain gives you a $577,148 tax cut, Obama raises your taxes $699,872.

So if you’re voting at least in part based on the tax proposals a candidate is making — there you go.

If you have issues with this analysis — please take it up with the Tax Policy Center.

We’ll have more on this tomorrow a.m. on "Good Morning America."

– jpt

* Some clarifications added after posting.

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