This morning I read (again) the published details on Obama’s Tax Plan. You can certainly go read them yourself, but I’m going to republish the summary here:
Impact of the Obama Tax Plan
| WHO | TAX CUT |
| Married Couple Making $75,000 with two children, one of whom is in college | $3,700 [includes $1,000 Making Work Pay; $500 universal mortgage credit; and $4,000 college credit net of current college credits] |
| Married Couple making $90,000 | $1,000 |
| Single Parent making $40,000 with two young children and childcare expenses. | $2,100 [includes $500 making work pay; $500 universal mortgage credit, and $1,100 from Obama expansion of the child care tax credit] |
| 70-Year Old Widow Making $35,000 | $1,900 |
Source: Calculations based on IRS Statistics of Income. Tax savings is conservative; does not account for up to $500 in savings from expanded Savers Credit and the $2,500 in savings per family from the Obama healthcare plan.
GET THE DETAILS:
Full Obama Tax Plan
Comparison of the Obama and McCain Tax Plans
Key Facts About Obama and Taxes
2 Comments
the tax plan is a tax hike to married dual income families where both parties do well. It encourages divorce and discourages marriage. Bill Clinton signed the repeal of Glass-speigl(sp?) which allowed the banks to created the financial mess we have today.
Tax benefits should be extended to both parties based on their separate incomes. Everyone’s retirement funds have been decimated. Government should not favor anyone based on income with regard to the tax free benefit of retirement.
Hey em halfon,
Taxes are definitely a hot topic each election. Yes, entities (individuals, couples, businesses) earning / generating over $250,000 will not see a tax cut. If the couple files separately, they may avoid the hit of the combined income (assuming that is what you meant).
However (with current tax code), couples filing solo also miss out on credits that are offered only to couples filing jointly. This is clearly a difficult issue for couples & individuals who earn more than $250,000 total.
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