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From the Washington Post, via the Tax Policy Center (joint project of the Urban Institute and the Brookings Institution), a new analysis of the McCain and Obama tax plans in chart form.
(There's also an interesting variation on this chart, scaled to the proportion of people making the various income levels. It's graphically very revealing...)
Obama's plan cuts taxes for anyone making below $226,982. Those making below $18,981 will get the biggest tax break (-5.5%). There's no difference for those making $226,982 to $603,402. Everyone above $604,403 will see a substantial tax hike (8.7% or greater). Yes, as the McCain ads trumpet, Obama will raise your taxes, if you make more than $604,402 dollars. Somehow, the ads always leave out that last bit.
Under the McCain plan, everyone gets a tax cut, but the percentage cut rises with income. Those making less than $18.981 (to whom Obama's plan gives the largest break) get the smallest break under the McCain plan, a whopping -0.2% (yes, that's not 2% but point 2%). Those making $2.87 million and above get the largest tax break (-4.4%).
McCain's plan favors the rich, and doesn't do diddly for anyone making under six figures. This is the change we want?
(There's also an interesting variation on this chart, scaled to the proportion of people making the various income levels. It's graphically very revealing...)
Obama's plan cuts taxes for anyone making below $226,982. Those making below $18,981 will get the biggest tax break (-5.5%). There's no difference for those making $226,982 to $603,402. Everyone above $604,403 will see a substantial tax hike (8.7% or greater). Yes, as the McCain ads trumpet, Obama will raise your taxes, if you make more than $604,402 dollars. Somehow, the ads always leave out that last bit.
Under the McCain plan, everyone gets a tax cut, but the percentage cut rises with income. Those making less than $18.981 (to whom Obama's plan gives the largest break) get the smallest break under the McCain plan, a whopping -0.2% (yes, that's not 2% but point 2%). Those making $2.87 million and above get the largest tax break (-4.4%).
McCain's plan favors the rich, and doesn't do diddly for anyone making under six figures. This is the change we want?