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September 26, 2008

How would you fare under Obama/McCain tax plans?

You can find out using a handy dandy program developed by a business software company and an accounting professor in Maine.

It will show you what your estimated taxes would be for the next four years (2009 through 2012) under the current system as well as under McCain's and Obama's tax schemes.

I decided to take it for a spin and see how the respective plans would affect a single working parent (one child) earning $40k per year with no deductions and who was born in the mid-60s.

The first year under McCain the taxes would go up $15 then go down $45 and then down $722 and $797 in 2011 and 2012 respectively.

The first year under Obama the taxes would go down $502, the next year would also be down $502 and the last two years would be down $1,119 and $1,134 respectively.

Now, I know that it's not a realistic scenario but just for giggles I plugged in the same data (no deductions!) but with the single parent earning $6 million per year. Voila! That person would do remarkably better under McCain's tax scheme. I mean a LOT better.

Posted by Kevin at September 26, 2008 08:00 AM