Tax Plans Of Obama And Mccain

[jimmoyer]

THE BOTTOM 50 PERCENT OF ALL TAXPAYER EARN SO LITTLE
THAT THEIR contribution is under 3 percent of all income tax collected !!

Obama is going to give the little guy 300 to over a 1000 back in less taxes. McCain is going to give everyone a 1000 dollar tax credit. It's difficult who is going to help the lower incomes more. But no doubt the rich will fare better under McCain.​

Who Pays Income Taxes? See Who Pays What


For Tax Year 2006

Percentiles Ranked by AGI

AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$388,806
39.89

Top 5%
$153,542
60.14
Top 10%
$108,904
70.79
Top 25%
$64,702
86.27
Top 50%
$31,987
97.01
Bottom 50%
<$31,987
2.99​

Note: AGI is Adjusted Gross Income


Source: Internal Revenue Service​

BREAKING DOWN THE NUMBERSHere's how the average tax bill could change in 2009 if either John McCain's or Barack Obama's tax proposals were fully in place.MCCAINOBAMAIncomeAvg. tax billAvg. tax billOver $2.9M-$269,364+$701,885 $603K and up-$45,361+$115,974$227K-$603K-$7,871+$12$161K-$227K-$4,380-$2,789$112K-$161K-$2,614-$2,204$66K-$112K-$1,009-$1,290$38K-$66K-$319-$1,042$19K-$38K-$113-$892Under $19K-$19-$567​

Source:The Tax Policy Center

"Middle-class families get tax cuts that are three times larger from Obama than from McCain," Furman said. "And the McCain plan gives nearly one-quarter of its benefits to households making more than $2.8 million annually - the top 0.1%." ​

Those in the lowest-income groups would enjoy the biggest after-tax income rise as a percentage of income - between 2.4% and 5.5% (worth between $567 and $1,042). By contrast, the highest-income households - those with at least $603,000 in income - would see a dramatic decline in their after-tax income - a drop of 8.7%, or $116,000.​

For Tax Year 2005​

Percentiles Ranked by AGI

AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$364,657
39.38
Top 5%
$145,283
59.67
Top 10%
$103,912
70.30
Top 25%
$62,068
85.99
Top 50%
$30,881
96.93
Bottom 50%
<$30,881
3.07​

Note: AGI is Adjusted Gross Income


Source: Internal Revenue Service​

For Tax Year 2004

Percentiles Ranked by AGI

AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$328,049
36.89
Top 5%
$137,056
57.13
Top 10%
$99,112
68.19
Top 25%
$60,041
84.86
Top 50%
$30,122
96.70
Bottom 50%
<$30,122
3.30​

Note: AGI is Adjusted Gross Income


Source: Internal Revenue Service​

For Tax Year 2003

Percentiles Ranked by AGI

AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$295,495
34.27
Top 5%
$130,080
54.36
Top 10%
$94,891
65.84
Top 25%
$57,343
83.88
Top 50%
$29,019
96.54
Bottom 50%
<$29,019
3.46​

Note: AGI is Adjusted Gross Income


Source: Internal Revenue Service​

For Tax Year 2002

Percentiles Ranked by AGI

AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$285,424
33.71
Top 5%
$126,525
53.80
Top 10%
$92,663
65.73
Top 25%
$56,401
83.90
Top 50%
$28,654
96.50
Bottom 50%
<$28,654
3.50​

Note: AGI is Adjusted Gross Income


Source: Internal Revenue Service​

For Tax Year 2001

Percentiles Ranked by AGI

AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$292,913
33.89
Top 5%
$127,904
53.25
Top 10%
$92,754
64.89
Top 25%
$56,085
82.90
Top 50%
$28,528
96.03
Bottom 50%
<$28,528
3.97​

Note: AGI is Adjusted Gross Income


Source: Internal Revenue Service​

For Tax Year 2000

Percentiles Ranked by AGI

AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$313,469
37.42
Top 5%
$128,336
56.47
Top 10%
$92,144
67.33
Top 25%
$55,225
84.01
Top 50%
$27,682
96.09
Bottom 50%
<$27,682
3.91​

Note: AGI is Adjusted Gross Income


Source: Internal Revenue Service​

For Tax Year 1999

Percentiles Ranked by AGI

AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$293,415
36.18
Top 5%
$120,846
55.45
Top 10%
$87,682
66.45
Top 25%
$52,965
83.54
Top 50%
$26,415
96.00
Bottom 50%
<$26,415
4.00​

Note: AGI is Adjusted Gross Income


Source: Internal Revenue Service​

 

[Tonington]

Here's a nice side-by-side comparison of the plans from both candidates, taken from the Washington Post.

 

[Avro]

Honestly, I think they should worry more about getting their massive deficit in order than tax cuts that make little difference for the average Joe.

Reminds me of the Mike Harris days when he gave a tax cut that gave average families a few extra bucks while education, health care and especially public transit and infrastructure suffered all under deficits.

It's stupid economics brought to you by the right.:roll:

 

[jimmoyer]

Thanks Tonington.

Now, McCain is also offering an addition 1000 dollar tax credit to everyone.

So it's hard to tell who is going to help the bottom 50 percent more.

 

[Tonington]

Well, I'm no economist but that would seem to me at least to be a good case for McCain helping the poorest 50% the most.

Do you think he can maintain those tax cuts and now credits and cut spending enough to get out of the red? A thousand dollar tax credit for all tax filers is, what, $130 billion?

 

[Walter]

Here's a nice side-by-side comparison of the plans from both candidates, taken from the Washington Post.

Don't forget that the Post is completely non-partisan as long as it puts the Dems in a positive light and poops on the GOP. How about a chart that actually shows what people pay?

 

[Avro]

What difference does that make?

 

[Tonington]

Walt, do you have a problem with simple algebra? How does what they pay now matter to Obama's plan, or McCain's plan?

 

[Avro]

Don't wait for a response Ton, Walt always jumps into a thread, drops his two cents, then runs away.

 

[jimmoyer]

Who Pays Income Taxes? See Who Pays What


For Tax Year 2006

Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$388,806
39.89
Top 5%
$153,542
60.14
Top 10%
$108,904
70.79
Top 25%
$64,702
86.27
Top 50%
$31,987
97.01
Bottom 50%
<$31,987
2.99​

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service​

 

[darkbeaver]

The rich pay taxes. The statement is not correct. We're not being given the other set of books. Any rich man and I mean decadent rich man not the humvee pretenders must first learn how to not pay taxes. And if you are rich and still paying taxes you need much better lawyers and accountants stupid.

 

[Tonington]

Don't wait for a response Ton, Walt always jumps into a thread, drops his two cents, then runs away.

Or drops the two cents of someone else...

 

[jimmoyer]

Actually the truth is worse.

People like to believe the rich don't pay.

But...The rich do pay. Just the top 10 percent pays over 60 percent of all income tax collected.

The bottom 50 percent earners contribute less than 3 percent of all income tax collected.

So the rich do pay.

It's just not as hefty a perceived burden to them.

And, they got all the money.

Three percent of that big economic pie goes to 50 percent of all of us mere mortals.
NinetySeven percent of that big growing economic pie goes to the Immortal Vampires.

This is even worse than the common myth about the rich not paying.

Worse.

And getting more weird.

Vampires.

The truly thirsty.

 

[Tonington]

Jim, any idea how the actual absolute values work in terms of wealth? Like how much wealth does the top 10% have, and any statistical relationships between wealth/tax for the two categories of earners?

 

[jimmoyer]

Generally the percentages on these income tax figures are parallel to all the other indicators of wealth.

The people who believe the rich don't pay, try to say these figures on the income tax COLLECTIONS tell only part of the story.

That's not true.

All the other stats on the truly wealthy mirror and parallel these stats on income tax collection.
The rich pay more property taxes, capital gains taxes, luxury taxes etc etc, simply because they have more.

And boy do they !

The top 50 percent take up 97 percent of the economic pie.

The bottom 50 get to eat only 3 percent of that pie.

Top 10 percent? They get almost 65 percent of that pie.


Like I say, the truth is much more scarier.

The Vampires are getting more, even while subsidizing (barely) us mere mortals.

 

[Tonington]

Top 10 percent? They get almost 65 percent of that pie.

And they own about 70% of the pie don't they?

The bottom 50% of earners pay for around 3% of the pie, how much of that pie do they own? Those were the kinds of stats I was asking for.

I know it's a progressive tax, but I was wondering how proportional the tax collected is to the wealth held.

 

[jimmoyer]

I'll dredge up those stats.

But for now, have a good weekend.

Buena fin de semana