how would you fare?

Check out the Tax calculator at www.barackobama.com. It compares the effects of Obama's versus Romney's proposals

I tried it out, using real numbers from various times in my life, including today. I also projected what my income might reasonably be had I stayed in circuit board design.

Under all of these scenaria, from $2,500 to $150,000 in income, I would pay more in taxes under Romney. But look what happens when your income reaches $197,500: unlike the person who earns $197,499 and faces a $1339 tax increase under Romney, you save $4,016 on your income tax bill. Not as much as you'd save under Obama's plan: he'd save you $6,286 on top of $8,000 you've already saved thanks to President Obama.

Under Romney's plan, a married couple with no dependents and having an income of $997,500 would save $245,551 (24.6%) on their federal income taxes. But a similar couple having an income of only $2,500 would pay $183 (7.3%) more. you know, if your income for an entire year is $2,500, I would say from experience that $3.50 out of your pocket every week is a tragedy.

I don't object to taxes. They are necessary to fund our government and services. I am happy to be be paying income taxes again. I have never felt over-taxed, even at the height of my earning power. Romney's plan would hand out unneeded tax cuts for the wealthy while increasing taxes on both the true middle class and the truly poor.

1 comment:

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