Viveka 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: