Monday, October 20, 2008

BARACK OBAMA

Calculate Just How Much You'll Miss the Bush Tax Cuts

It's not a perfect calculator, but here you can put in your taxable income for 2008 and calculate your tax bill, and then do the same for the tax rates of 2000, before the Bush tax cuts went into effect.

For example, let's say you're part of a married couple, filing jointly, with $60,000 in taxable income. In 2008, you would pay $8,198. If you have the same amount of taxable income after the Bush tax cuts are repealed, and tax rates return to 2000 levels, you'll pay $11,100.

You get to be more patriotic in Joe Biden's mind to the tune of $2,902, out of your pocket and into the government's coffers. Gotta spread that wealth around, you know.

But don't worry. Barack Obama says he won't raise taxes on people making less than $250,000, and provide a tax cut for 95 percent of Americans. He promised.

10/20 12:17 PM Share