With Obama's Plan there should be a surplus of 700 billion dollars.
By raising taxes from 35% to 39% on those families making more than $250,000 he should have a 700 billion surplus even after the tax breaks are given to the middle class.
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According to the following website the Obama plan would add 700 billion dollars to the Federal budget.
With McCain's plan the Federal budget would have a 600 billion dollar deficit.
Obama, McCain tax plans
June 30, 2008
John McCain's tax plans would have everybody pay a little less in taxes with the wealthiest paying a lot less. Barack Obama's plan would have a the wealthy pay a lot more and would give middle- and lower-income people bigger breaks than McCain's plans. Obama would raise income and capital gains taxes on earners over $250,000. McCain would cut the estate tax. Obama would raise it on estates over $3.5 million.
The tax plans Obama McCain
$227,000 - a year - plus $23,000 more $15,000 less
$112,000 - $227,000 (15% of population) $2,300 less $3,200 less
$66,000 - $112,000 (20% of population) $1,290 less ($500 per worker tax credit for $0 to $150,000) $1,009 less
$38,000 - $66,000 (20% of population) $1,042 less $319 less
$19,000 - $38,000 (20% of population) $892 less $113 less
$0 - $19,000 (20% of population) $567 less $19 less
Tax breaks for all: College credit: $4,000 a year per student in college Double dependent credit: from $3,500 to $7,000
Impact of tax changes on federal budget: Returns $700 billion Costs $600 billion
Source: Urban-Brookings Tax Policy Center. Numbers are estimates and averages.
http://www.suntimes.com/news/politics/obama/1031678,obamamccaintaxplans.article
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* Please note Numbers are estimates and averages.
That is why the top figure on the chart is $227,000 - a year ..... They are taking the average of individuals making over $200,000 and the number of families making over $250,000 a year to come with that figure.
Obama's was not to increase tax individuals making less than $200,000 or families making less than $250,000.
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Again:
Per the Tax Policy Center, here is how Obama's tax plan breaks down for individuals:
$0-$18,891 = $567 tax cut
$18,982-$37,595 = $892 tax cut
$37,596-$66,354 = $1,118 tax cut
$66,355-$111,645 = $1,264 tax cut
$111,646-$160,972 = $2,135 tax cut
$160,973-$226,918 = $2,796 tax cut
$226,919-$603,402 = $121 tax increase
$603,403-$2.87 million = $93,709 tax
$2.87 million-plus = $542,882 tax increase
http://firstread.msnbc.msn.com/archive/2008/10/28/1600845.aspx