See how much your tax cut would be from Obama...

Discussion in 'Politics' started by vindicator, Sep 27, 2008.

  1. vindicator

    vindicator Member

    Joined:
    Aug 27, 2007
    Messages:
    382
    Albums:
    4
    Likes Received:
    16
    Gender:
    Male
    I thought this was a pretty cool tool to see how much of a tax cut you would get based on Obama's versus Mccain's outlined platform. You can plug in how many parents and dependents and your income and it will tell you what you will get back. If i were a resident, I would get almost double back from Obama's tax cuts versus Mccain's.

    ObamaTaxCut.com - What's your Obama Tax Cut?

    Figures are based on calculations by the independent, non-partisan Tax Policy Center.
     
  2. curious n str8

    curious n str8 New Member

    Joined:
    Nov 10, 2005
    Messages:
    941
    Albums:
    1
    Likes Received:
    0
    Gender:
    Male
    Location:
    The big AK
    I wonder just how accurate this is, alot can change between now and tax time.
     
    #2 curious n str8, Sep 27, 2008
    Last edited: Sep 27, 2008
  3. vindicator

    vindicator Member

    Joined:
    Aug 27, 2007
    Messages:
    382
    Albums:
    4
    Likes Received:
    16
    Gender:
    Male
    It's all the same tool. At the end it will tell you both Obama and Mccains.

    For me:

    The results are in...

    Your Obama Tax Cut:
    $1,422.73

    This is $791.59 more than the $631.14 cut you will get from McCain.

    These numbers come directly from calculations by the independent, non-partisan Tax Policy Center. They estimate that your taxes in 2009 will change by -$1,422.73 under Barack Obama and -$631.14 under John McCain.



    So my taxes would go down under Obama or Mccain, but i would get double the cut from Obama.
     
  4. SeeDickRun

    SeeDickRun New Member

    Joined:
    Oct 19, 2005
    Messages:
    235
    Likes Received:
    3
    Gender:
    Male
    Location:
    Indianapolis, IN
    These calculations are not accurate.
    How can I get a tax cut of 896.24 from Obama if I don't pay any taxes?
    I'm retired, and have only SSI as a taxable income. I pay no taxes on that. My other income comes from T-bills, which are not taxable.

    This is more Obamabunk.
     
  5. davec94

    davec94 Member

    Joined:
    Aug 1, 2007
    Messages:
    343
    Likes Received:
    5
    Gender:
    Male
    Location:
    London, UK
    it probably doesn't cover special situations like that. it looks pretty basic.
     
  6. davec94

    davec94 Member

    Joined:
    Aug 1, 2007
    Messages:
    343
    Likes Received:
    5
    Gender:
    Male
    Location:
    London, UK
    yeah if they drop 700bn on this crisis, the cuts will probably be delayed. at the same time, god forbid we pay for our spending.
     
  7. vindicator

    vindicator Member

    Joined:
    Aug 27, 2007
    Messages:
    382
    Albums:
    4
    Likes Received:
    16
    Gender:
    Male
    Again, this site has nothing to do with Obama. It's based on figures from the independent, non-partisan Tax Policy Center.

    "This is a project of AlchemyToday and is not related to any political campaign, party, or organization."

    I am not a tax expert. It could be something wrong in the formula for calculations for someone who does not pay tax. There might also be a rebate involved.

    Just because it doesn't work for someone who doesn't pay taxes doesn't mean it's not correct for everyone else and it certainly doesn't mean it's bunk.
     
  8. vindicator

    vindicator Member

    Joined:
    Aug 27, 2007
    Messages:
    382
    Albums:
    4
    Likes Received:
    16
    Gender:
    Male
    I agree, but as of this moment there is no $700 billion bail out and this is the current platform for both candidates. It is comparing apples to apples as of this date.
     
  9. B_Nick8

    B_Nick8 New Member

    Joined:
    Jun 29, 2007
    Messages:
    11,912
    Likes Received:
    44
    Gender:
    Male
    Location:
    New York City, by way of Marblehead, Boston and Ge
    I won't get one. In fact, my taxes will probably rise, a price I am willing to pay to fund the programs I believe in such as universal health care.
     
  10. Industrialsize

    Staff Member Moderator Gold Member

    Joined:
    Dec 23, 2006
    Messages:
    24,341
    Albums:
    2
    Likes Received:
    2,198
    Gender:
    Male
    Location:
    United States
    "Taxes are for the Little People"

    Leona Helmsley
     
  11. Domisoldo

    Gold Member

    Joined:
    Jan 23, 2008
    Messages:
    4,079
    Albums:
    1
    Likes Received:
    23
    Gender:
    Male
    Location:
    Pacific Northwest
    Are you sure the Honorable Bank of China (bless their heart and kiss their assets) will let us simultaneously:

    - Slowly "draw down" troops from Iraq (vs. promised outright "withdrawal").
    - Bail out the whole financial sector.
    - Increase spending programs by hundreds of billion $.
    - Give away tax credits for those who never paid federal taxes.
    - Cut taxes for the majority of the US population.

    ?


     
  12. davec94

    davec94 Member

    Joined:
    Aug 1, 2007
    Messages:
    343
    Likes Received:
    5
    Gender:
    Male
    Location:
    London, UK
    who is giving tax credits to people who dont pay federal taxes?
     
  13. Domisoldo

    Gold Member

    Joined:
    Jan 23, 2008
    Messages:
    4,079
    Albums:
    1
    Likes Received:
    23
    Gender:
    Male
    Location:
    Pacific Northwest
    Well, it is obviously not possible to cut taxes for people who don't pay (US) taxes because their income is too low.

    One way to circumvent that obstacle was to propose an increase in the tax credits (EIC for instance).

    Tax credits are really government spending, but from a marketing standpoint, the "tax cut" branding sells better.
     
  14. mindseye

    Gold Member

    Joined:
    Apr 9, 2002
    Messages:
    5,685
    Likes Received:
    1
    Gender:
    Male
    I'm skeptical. How did you come to this figure? If you have no taxable income, then your Adjusted Gross Income would be zero. Using the closest figure on the table for the Adjusted Gross Income -- with any combination of filing status or dependents -- doesn't give a figure of 896.24.
     
  15. lucky8

    Gold Member

    Joined:
    Oct 30, 2006
    Messages:
    3,716
    Likes Received:
    17
    Gender:
    Male
    It says I would only save $18.86 with McCain and over $900 with Obama. Too bad these calculations don't take into account a number of other tax factors that are needed to accurately reflect how much you'd save...
     
  16. D_Davy_Downspout

    D_Davy_Downspout Account Disabled

    Joined:
    Dec 5, 2004
    Messages:
    1,144
    Likes Received:
    0
    "I have a special snowflake tax situation and a web-based calculator doesn't cover it, this is clearly lies."

    Data was provided by the non-partisan Tax Policy Center.
     
  17. midlifebear

    Gold Member

    Joined:
    Dec 21, 2007
    Messages:
    5,908
    Likes Received:
    11
    Gender:
    Male
    Location:
    Nevada, Buenos Aires, and Barçelona
    I end up paying more taxes according to the number cruncher. But I'd be more than happy to pay more taxes in the USA. But only if we received national health care, improved/upgraded physical infrastructure (roads, bridges, national parks, etc.), an increase in salaries for teachers with a proven track record of successful teaching, and a state-wide transportation system (think rapid speed trains) that worked. There's other stuff, too. But the Republican fantasy of unregulated free markets has led to giving us the worst possible parts of socialism without any of the positive benefits. Land of the Free my ass! George W. Bush owes me 700 billion dollars!
     
  18. Domisoldo

    Gold Member

    Joined:
    Jan 23, 2008
    Messages:
    4,079
    Albums:
    1
    Likes Received:
    23
    Gender:
    Male
    Location:
    Pacific Northwest
    * Obviously you didn't read the "Some restrictions apply" asterisk section. Serves you right!:biggrin1:
     
  19. Pecker

    Pecker Retired Moderator
    Gold Member

    Joined:
    Mar 5, 2002
    Messages:
    83,922
    Likes Received:
    34
    Your Obama Tax Cut:
    $896.21
    This is $877.52 more than the $18.69 cut you will get from McCain.


    Send me a check. I don't even PAY taxes on $15,000 agi.
     
  20. Notaguru2

    Gold Member

    Joined:
    May 20, 2008
    Messages:
    1,541
    Likes Received:
    0
    Gender:
    Male
    Location:
    Charleston, SC
    Looks like I'll get more a cut from Obama than McCain. That settles it for me. I'm voting Obama! WOOOOHOOOOO....
     
Draft saved Draft deleted