Thursday, October 30, 2008

What Will Your Obama Tax Cut Be?

I know a lot of hard-saving families are also politically conservative. They believe in hard work and self-reliance, and I respect that. I am a Democrat who believes in those values myself.

However, I know that a lot of voters who normally vote Republican are undecided this year. Also, I'm sure that at least _some_ of my readers here are Democrats like I am. And then there are all you indies.

So, I hope I'm not offending too many by sharing this interesting Web site, which shows how large a tax cut your family is likely to get under an Obama administration. The site was submitted to a CNN fact check and found to be a fair representation of Obama's tax policy.

Our estimated tax cut would be $478.22! In addition to the $2,500 savings on health insurance premiums Obama promises, these would go a long way for us. A long way toward taking care of our very old house, toward our college savings and emergency fund, and maybe even allowing us to replace our 10-year-old car when it inevitably wears out.

Would love to hear from any of you who try it -- what would your tax savings be under the new plan? (I'm guessing I don't have too many readers who earn over $250,000 and therefore wouldn't qualify for savings.)


Brigid said...

I just heard a talk on the radio today about how Obama is not giving tax cuts, but tax CREDITS. There is a difference and economists prefer tax CUTs not Credits, which Obama is giving

Queen of the Urban Jungle said... the mccain health insurance credit?

our tax would be reduced by $2,034 a year under obama. our tax would increase buy just over $9,000 under mccain (due to the taxing of employer-provided health insurance. it would bump us into the next tax bracket)

yup, there are other democrats reading :) it's so interesting that so m many bloggers are republican leaning though, huh? i wonder why that is...?

Team Morris said...

another hard-core democrat here. funny how so many frugalites are conservative...nice to know i'm not alone!