Obama-Biden Tax Calculator

http://taxcut.barackobama.com/

I'm getting a $2400 tax break with Obama's tax program.

But what about the small business owner?

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Suppose Joe the Plumber does buy out his business, and suppose he works hard, and suppose there are not so many unemployed that business is good. Suppose the business, after expenses, takes in $300,000. What would be Joe's additional tax burden? About $2000...or less than 1% of his total income after expenses. In a $300,000 business that is almost rounding error. Moreover, if he provides healthcare for his employee(s), Obama will give him a $3000 credit.

Let us assume that fortune truly smiles on Joe, and his business nets $500,000 after expenses. His additional tax burden under the Obama plan? ~$10,000. If he had to hire a couple of more workers to do it, and provided them health care, Obama's plan would provide $9000 in credits. Moreover, if he decided to sell the business (say for 2X revenues against a purchase price of $250,000), his total capital gains tax under the Obama plan--ZERO. Under current law that McCain will extend, his capital gains tax would be $112,500.

The tax increase to the super wealthy would match the tax rate of the Clinton years, not exactly backbreaking for those involved. Obama's tax plan resets parity of taxation to the 90's, when the middle class had more expendable income and the wealthy were not given huge tax windfalls.

I'm saving over $1100 plus may be eligible for a $4000 college reimbursement and retirement savings. McCain would save me (according to this calculator) $180.

So I am a Obama supporter and my husband is sort of for McCain (split household!!!) - his question is, "where is Obama going to get the $$$ to save us those dollars?"

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So I am a Obama supporter and my husband is sort of for McCain (split household!!!) - his question is, "where is Obama going to get the $$$ to save us those dollars?"

.....From the top 4 percent of the super wealthy who will be paying the same tax rates they paid in the '90's (which, by the way, is a scant 10 percent increase to the super douper half billionaires and billionaires) before Bush gave them huge tax breaks. Just evening up the scales, just evening up the scales.....

You might also recall that we had a balanced budget back then (the 90's), not the $10 Trillion deficit we have aquired in the eight years of George Bush tax cuts to the super wealthy.