Sunday, October 19, 2008

Here's a supplement to my 95% post

This chart is from the non-partisan Tax Policy Center.  It shows the relative increases and decreases in after-tax income under the candidate's plans. 


I think a great deal of people are overestimating the impact of the Obama plan on their taxes.  The top 1% starts at $603,402.  The top .1 % starts at $2,871,682.  So while the potential tax hit under the Obama plan is very real, people at that income level should be able to afford it.

Also, the income levels at the top marginal rates are pretty high.  The highest existing tax bracket is 35% and kicks in at $357,701.  Under the Obama plan, income at that level will be taxed at 39%.

So what if this mean?  It means the Aztec Tomb will feature laminate flooring upstairs instead of actual hardwoods.  The Tomb likes to consider the trade off to be an investment in America. 

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