Thursday, September 11, 2008

Tax Implications

Interesting chart.

BREAKING DOWN THE NUMBERS
Here's how the average tax bill could change in 2009 if either John McCain's or Barack Obama's tax proposals were fully in place.

                                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
Source:The Tax Policy Center

Obama’s plan really is targeted at the lower and middle classes, and young and old people living on limited means.

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