Tuesday, September 16, 2008

McCain v Obama Tax plan - I love simple charts

If the bar is pointing left, you get a cut, if it's pointing right, you get an increase.  


(right click and open image in new window for larger, legible)

It's via chartjunk, based on each campaign's stated plans as analyzed by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution. If you make more than 603k, happy days aren't here again but you're also not looking at FDR's idea of remediation, either--1932 tax code raised the top marginal rates from 23% to 63%.

Hat-tip to karen for this crisp description:
  • Obama will only raise taxes on the top 1 %, i.e., those making $600,000 or more. He will cut taxes for 95% of Americans: anyone making less than $250,000 will get a tax cut.
  • He will not raise any taxes on anyone making less than 250K, not payroll, not income, not capital gains.
  • According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle class families as the McCain plan. 
  • Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. No family will pay higher tax rates than they would have paid in the 1990s.
And we all know how horrible-ugly the 90s were for broad income growth, shareholder equity, corporate revenue and GDP increases, don't we? Notably, from 250k to 603k, you're mostly holding steady which means you get to keep on track with the gains made while earnings of people far below that level essentially flat-lined by comparison in the last decades. 

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