Monday, October 11, 2010
A Second Look
Let's look at this another way.
Let's say I'm a single guy with a taxable income of $200,000. Sweet. Under Bush's plan, which has been the law of the land for ten years, my 2011 taxes would be $56,256.00. If we have gridlock, that is if no new law is passed, this will be my tax. Under Obama's plan, or the current Republican Party proposal, my 2011 taxes would be $50,876.50. That is to say, if you're single, and paying less than $50,876.50 in income taxes, the Republican Party isn't offering anything different this year.
Now let's say I'm extra-productive, and I make $210,000 after deductions. The Republicans are offering me a tax bill of either $59,856.00 or $59,556.00, depending on whether they pass a bill or not. Obama is putting $59,856.00 on the table straight up. For the upper middle class (if you call the top 2% "middle class") taxpayer, Obama is asking $300.00 a year out of my extra $10,000.00. Of course the dollar amounts go up if you're making a lot more, but the federal deficit projections are cut by $826 billion under Obama's plan, vs the Republicans.
On the other hand, he's black.