How Obama's and Romney's Tax Plan Would Affect Various Income Brackets

Discussion in 'Politics' started by InTheLight, Aug 7, 2012.

  1. InTheLight

    InTheLight
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    If you make $45,000 a year, under Obama's tax plan, your net change in after tax income would be an increase of .1%, or $45 annually. In weekly terms, you would be getting 86.5 cents more after tax income per week.

    If you are a minimum wage earner, about $15,000 a year, under Obama's plan you will see no change in your after tax earnings.

    If you make more than $1M a year you will see an average tax increase of $189,866 and your change in after tax income will be -8.8%. You would be losing $3,651 a week.

    So, no help for the poor or middle class under Obama, but lots of suffering for the wealthy. I don't consider $190,000 in new taxes on say, $2M in income to be chump change.

    http://www.taxpolicycenter.org/numbers/displayatab.cfm?DocID=3308

    With Romney's plan if you make $45,000 a year your net change in after tax income would be an increase of 1.3%, or $585 a year. On a weekly basis this is $11.25 a week more income.

    If you are a minimum wage earner, about $15,000 a year, under Romney's plan you will see a reduction in your after tax earnings of 1.1%, or $165 annually, a loss of $3.17 per week.

    If you make more than $1M a year you will see a net change in after tax income of +11.8%. On an income of $1M a year you would see an increase of $2,269 a week in income.

    http://www.taxpolicycenter.org/numbers/displayatab.cfm?Docid=3298
     
    #1 InTheLight, Aug 7, 2012
    Last edited by a moderator: Aug 7, 2012
  2. LadyEagle

    LadyEagle
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    Not figured in are food stamps, assistance with utilities, Medicaid (i.e free healthcare), (and assuming you have children - free school lunches, free daycare, etc.)

    Those who make $45K a year get none of the above under either plan. Just saying....
     
  3. saturneptune

    saturneptune
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    With a gross income of $1,343,493 last year, I welcome the Romney plan.
     

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