McCain & Obama Tax Plans: Small Change
14 Sep 2008 in America, Economics, Politics by GarrickViveka Weiley redrew Washington Post’s chart of Obama’s and McCain’s respective tax plans.
First off, a caveat: Basing a vote on potential personal financial changes is as one-sided as basing a vote on gender, skin pigment, or hair color. It’s one factor and one that I hope to argue it is a wash to vast majority of Americans. For both plans call for significant cuts for the vast majority of Americans – households making less than $603k/yr (99% of Americans). For those remaining 1%, taxes will either go up or down. I’m part of the 99%, and I suspect you are as well1.
| Income (% of Taxpayers) | Plan Difference in $ | Plan Difference as % of Income |
Favors |
|---|---|---|---|
| < $603k (10) | 7,869 | 1.3 | McCain |
| < $227k (10) | 1,591 | 0.7 | McCain |
| < $161k (10) | 410 | 0.25 | McCain |
| < $111k (10) | 281 | 0.25 | Obama |
| < $ 66k (20) | 723 | 1.1 | Obama |
| < $ 38k (20) | 779 | 2.0 | Obama |
| < $ 19k (20) | 548 | 2.9 | Obama |
While much attention has been made to how different these plans are at the poles, it surprises me how close the two plans are for the middle 60% of tax payers (<2% delta).
I’m assuming both plans are drafts and would have to pass Congress to be enacted 2. If so, then I assume getting them passed through Congress would change the plans – perhaps even making them more similar.
Does this betray how similar their policies are/will be for the majority of Americans?
1. If you’re not, can I has monie? kthxbye.
2. Confirming we shouldn’t be investing too much in the candidates plans:
“The fact is that presidents have no power to raise or lower taxes. They can propose tax measures or veto them but Congress has the ultimate power to raise or lower taxes” – Walter E. Williams
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