Results 1 to 10 of 10

Thread: Online tool estimates taxes under John McCain, Barack Obama

  1. #1
    Elite Member sluce's Avatar
    Join Date
    Oct 2005
    Location
    Top Secret Spy for Leann Rimes
    Posts
    37,330

    Default Online tool estimates taxes under John McCain, Barack Obama

    Online tool estimates taxes under McCain, Obama - Yahoo! News

    By JERRY HARKAVY, Associated Press Writer
    Fri Sep 26, 5:01 AM ET



    PORTLAND, Maine - Voters whose bottom line is taxes can use a new online tool to calculate what their own bottom line would be with the IRS under a Barack Obama or John McCain administration.

    ADVERTISEMENT

    The model developed by a business software company and an accounting professor in Maine estimates how individual income taxes would be affected under plans put forth by the two presidential candidates.

    The Portland-based company Quantrix says taxpayers who log onto Election Taxes Estimate your 2009 - 2012 taxes and enter their income can obtain a free estimate of what they would pay in taxes for 2009 through 2012 under each of the two presidential candidates.

    "The economy is a key factor in this presidential election, and our interactive tool enables individuals to make an informed choice when casting their vote," said professor Jeffrey Gramlich of the University of Southern Maine. "With just a few keystrokes, this model enables voters to see how these tax plans will impact their personal bottom line."

    For example, the model indicates that a couple with two children earning $100,000 with $20,000 in itemized deductions would have a net tax bill for 2009 of $9,555 under McCain and $9,002 under Obama. That compares with a $9,505 tax bill for this couple under current law, the electiontaxes.com site says. In another example, a single taxpayer making $50,000 and using the standard deduction would pay $6,867 under McCain and $6,325 under Obama, compared with $6,827 under current law.

    Neither campaign responded to requests for comment on the site or its results.

    McCain and Obama both have vowed to reduce the overall tax load, although Obama wants to raise taxes on families making more than $250,000 a year. McCain's proposals include extending President Bush's tax cuts for all incomes, a move Obama opposes for those upper incomes.

    "It's easy to become confused by political rhetoric during an election season, and the average citizen would need an accountant to determine the real impact of each plan," Quantrix CEO Chris Houle said. "Professor Gramlich and Quantrix have analyzed both campaign's tax plans and developed a working model that people can use to better understand the impact of each plan on their personal finances."

    Individuals who log onto the site may enter only their income or provide more detailed information such as deductions, retirement plan contributions, child care expenses and income subject to capital gains treatment. Users are not required to provide names or other personal information.

  2. #2
    Elite Member nwgirl's Avatar
    Join Date
    Nov 2005
    Posts
    4,998

    Default

    Mine would be higher under McCain than Obama.

    18,155 18,642 19,150 & 19,680 under McCain.
    17,627 18,215 18,823 & 19,453 under Obama.
    "The difference between genius and stupidity is that genius has its limits."

  3. #3
    Elite Member louiswinthorpe111's Avatar
    Join Date
    Oct 2005
    Location
    Middle America
    Posts
    11,919

    Default

    Mine were higher under McCain also. Anywhere from $200-500 higher.

  4. #4
    Elite Member Brookie's Avatar
    Join Date
    Feb 2008
    Location
    In the "D"
    Posts
    22,090

    Default

    Mine too. Anyone noticing a pattern here??

  5. #5
    SVZ
    SVZ is offline
    Do fish have boogers? SVZ's Avatar
    Join Date
    Oct 2005
    Location
    Venus
    Posts
    1,000,003,609

    Default

    My taxes are 0 under McCain


    because the planet has been destroyed.

  6. #6
    Elite Member sluce's Avatar
    Join Date
    Oct 2005
    Location
    Top Secret Spy for Leann Rimes
    Posts
    37,330

    Default

    My personal income tax does not change much. I would like to see a calculator for my business taxes. The reality is that I will still vote for Obama even if they go up a little.

  7. #7
    Elite Member kingcap72's Avatar
    Join Date
    May 2007
    Location
    10 miles from Pootie Tang
    Posts
    21,909

    Default

    Mine are higher under McCain. I'm stunned.

    Quote Originally Posted by SVZ View Post
    My taxes are 0 under McCain


    because the planet has been destroyed.

  8. #8
    Elite Member dolem's Avatar
    Join Date
    Jul 2006
    Posts
    2,612

    Default

    Mine go up with McCain.

    However I didn't put all the data in there. I'm at work and I have no idea how much to claim for house interest or student loan interest.

  9. #9
    Elite Member ManxMouse's Avatar
    Join Date
    Jan 2007
    Location
    Lemuria
    Posts
    7,589

    Default

    Taxes are going to go up regardless of what these guys are promising. We're in too damned big of a hole. So don't you all go spending that money already....
    Santa is an elitist mother fucker -- giving expensive shit to rich kids and nothing to poor kids.

  10. #10
    Elite Member kingcap72's Avatar
    Join Date
    May 2007
    Location
    10 miles from Pootie Tang
    Posts
    21,909

    Default

    Yeah, taxes are going to go up either way, but at least under Obama's plan you know the wealthy will still have to pay more.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. John McCain to Barack Obama: Do as I say, not as I do
    By Fluffy in forum U.S. Politics and Issues
    Replies: 2
    Last Post: September 5th, 2008, 01:03 PM
  2. CNN eviscerates John McCain how Barack Obama should
    By Grimmlok in forum U.S. Politics and Issues
    Replies: 2
    Last Post: August 19th, 2008, 11:54 PM
  3. Barack Obama vs. John McCain LOL (NSFW!!)
    By lurkur in forum Laughs and Oddities
    Replies: 10
    Last Post: June 11th, 2008, 07:35 PM
  4. Barack Obama criticizes John McCain on Senate floor, McCain hits back hard
    By witchcurlgirl in forum U.S. Politics and Issues
    Replies: 43
    Last Post: May 26th, 2008, 09:32 PM
  5. Barack Obama/John F. Kennedy vs. John McCain/Barry Goldwater
    By Fluffy in forum U.S. Politics and Issues
    Replies: 2
    Last Post: May 26th, 2008, 12:29 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •