alchemytoday.com — Barack Obama promises to cut taxes for 95% of Americans, but 53% of Americans actually think Obama will raise their taxes. This site uses data from the non-partisan Tax Policy Center to determine whether or not you will receive an Obama Tax Cut.
Aug 28, 2008 View in Crawl 4
onelessAug 29, 2008
I might be swayed by your argument except that this is blatant spam from Alchemy Today.
jenniferinmoSep 1, 2008
yes, and apparently people are still not looking at the facts
piglet82Sep 2, 2008
I'm a tax accountant. This program is good, but has flaws as this person noted--not flawed in the calculation, but flawed that it doesn't have any explanation of the calculation. The tax cut at the higher end ($200K vs. $150K) isn't because Obama's plan is unfair or that he is trying to tax people at the lower bracket. The main reason for this difference is because the current system is not fair. Many people who are middle class are hit by the Alternative Minimum Tax (AMT), which was originally enacted to combat upper class from taking so many tax preferences that they don't owe much tax in the end. Unfortunately, they never updated the AMT to account for inflation and growing wages, so year after year, AMT hit people who were not intended to pay AMT, to the point that now middle class pays AMT. The tax cut at $200K isn't an unfair advantage over the $150K earner, it is just equalizing the unfair AMT that affects the $200K earner right now. Hopefully that really clears things up.
jenniferinmoSep 8, 2008
I have a professional background in tax law and tax policy. The Tax Policy Center is the most unbiased source available. Both sides will cite to its studies (unless of course it doesn't support their position at the time). It is a reputable source and I would challenge you to find a more reputable source which has done an analysis on the two tax plans.
jenniferinmoSep 8, 2008
Before you make such claims please check these two sites:<a class="user" href="http://alchemytoday.com/obamataxcut/">http://alchemytoday.com/obamataxcut/</a> (I have spot checked it and it is accurate as far as I can tell, but it cannot take into consideration anything other than standard exemptions - People with big bucks tend to have a juicy mortgage deduction and other sheltered income so the outcome for the upper levels will not be as harsh as it shows)Here is the link to the actual report if you want to read it for yourself: <a class="user" href="http://digg.com/political_opinion/Obama_Tax_Cut_Larger_to_Middle_and_Lower_Income_Families">http://digg.com/political_opinion/Obama_Tax_Cut_La ...</a>Here is a good illustration:<a class="user" href="http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/?postversion=2008061113">http://money.cnn.com/2008/06/11/news/economy/candi ...</a>
rogneidSep 9, 2008
It's the way the tax code is set up. About 7 years ago I was in this situation. The &#*@ tax code is nonsense. I was making less and payed more in taxes than I did the year before. And with more deduction. It's been messed up for years.
cweathersSep 10, 2008
Cool beans! This calculator is about to go viral!
ericthereadSep 10, 2008
just say no to McChange... real reform starts with someone who gets it, not someone who votes with Bush 90 percent of the time. Do the math, Vote Obama!
loosefurSep 15, 2008
I recommend this site to anyone who doesn't know that Obama plans to cut taxes, not raise them, unless you earn more that a quarter-million bucks a year. Chances are that you will get a bigger tax cut under the Obama plan than under McCain.Another thing to remember folks is that McCain plans to tax your HEALTH CARE BENEFITS. How f**ked up is that?