Friday, October 31, 2008

Who should I vote for? If you make less than 100 grand, Obama. More than 250 grand, McCain.

If you are going to base your vote exclusively on which candidate will cut *your* taxes, then the choice is clear, depending on how much money you make.

Start by remembering how much money you made in 2007 and how much you realistically expect to make next year. Got it?

If you will make less than $100,000, then Obama will cut your taxes more than McCain will. No question. If you make $40,000 or $60,000 or $80,000 a year, and you are going to vote based on which candidate will cut your taxes the most, then Obama is your candidate.

If you will make between $100,000 and $250,000, then it's about the same. Both candidates will cut your taxes about the same amount. There are slight differences based on your personal circumstances, but it basically comes out in the wash. You have to use a different reason to choose who to vote for then which candidate will cut your federal taxes more if you make between $100,000 and $250,000.

And if you will make more than $250,000, McCain will cut your taxes while Obama will raise your taxes. If you make more than a quarter million dollars a year and you want a candidate who will cut your taxes, McCain is your candidate.

This is why people say that the Republican Party is for the rich while the Democratic Party is for working people, because Republican candidates almost always want to cut taxes for the rich while Democratic candidates want to improve the lives of regular people (the people who make between $20,000 and $100,000 a year).

These conclusions come from an independent analysis by the Tax Policy Center and the big accounting firm Deloitte, and reported in the New York Times.

Now there are lots of other (perhaps better) reasons to vote for a candidate and a political party than which one will cut *your* personal taxes more, but now you know which candidate will cut your taxes based on your annual income. 

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