Friday, August 22, 2008

McCain=Prince John, Obama=Robin Hood




Here's a fascinating graph that compares what would happen to incomes under Obama and McCain's tax plans:

Allow me to decipher. The purple lines represent what will happen to income under Obama's plan; the maroon/red lines represent McCain. Each pair of lines represents a segment of the American population. As the lines go up from the middle of the graph, after-tax income for that segment increases; as they go down, after-tax income decreases. Here's what it all means in numbers:




Your IncomeIncome Change Under ObamaIncome Change Under McCain
$0-$18,981+5.5%+0.2%
$18,981-$37,595+3.6%+0.5%
$37,595-$66,354+2.4%+0.8%
$66,354-$111,645+1.8%+1.4%
$111,645- oodles-1.5%+3.2%

So, as long as you make less than $111,645, your income will increase more under Obama than under McCain. But, hey, if you are among the richest 0.1% of Americans--making more than $2.87 million a year--Obama's tax plan will decrease your income by almost 9%, while your income will go up by almost 5% under McCain. Hooray for being rich and Republican!

The short of it: Obama's plan increases income for the middle and lower classes more than McCain's plan, which saves its biggest presents for the super-wealthy. So, as you decide which candidate to vote for, consider what you think is ethically correct: voting for the rich to get richer (McCain) or to help out the little and middle folks (Obama).

Want to read a really boring interesting 59 page paper on this? Go here.

2 comments:

Dolce Vita said...

Great bar graph. Where did you find it? (I looked at the tax policy link you provided; didn't see it there).

Bob R. said...

DV: Thanks for dropping by. I originally saw that bar graph on Ezra Klein's blog, but it's also on page 38 of the Tax Policy Center paper: http://www.taxpolicycenter.org/UploadedPDF/411749_update_candidates.pdf. Have fun!