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Election Taxes

I usually like to stay away from the political side of taxes, but this being an election year it's definitely a hot topic!

Thanks to WebCPA I found this website that will calculate your estimated taxes based on the tax plans of the two presidential candidates.

In my little experiment with the site, with an of ~$185,000 the taxes calculated under the Obama plan were less than the McCain plan.

If you click the "Details" button on the results page you can get a good idea of what the implication different types of income & deductions will have under the two plans.

My example data was pretty straightforward for an S-Corp owner: Some wages income, some other income (for the S-Corp & interest) & a bit of LT capital gains & dividends. In my example the difference between the two plans was less than $500.

Take a look & play around a bit. I'm coming to the conclusion that the two parties aren't really debating how much taxes we should pay. Just what kind of income to tax more.

Food for thought...
L:)

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where my taxes went...

I voted for Obama, now I'm ashamed of that. My tax money went to compensate the damage from BP, and BP is the only one to blame....What can be worse than that?

Whom do we want to mind this

Whom do we want to mind this country’s public purse and how do they intend to pay for their vision of country’s future?

This site calculates your projected taxes for 2009 - 2012 based on a variety of tax return info you enter and compares McCain vs Obama.

For me, it came out to be within $500 for each year.

Taxes now

I am curious to know how your opinion about the taxes evolved after the election of Obama, or if it influenced it in any way at all.

If you click the "Details"

If you click the "Details" button on the results page you can get a good idea of what the implication different types of income & deductions will have under the two plans.

My example data was pretty straightforward for an S-Corp owner: Some wages income, some other income (for the S-Corp & interest) & a bit of LT capital gains & dividends. In my example the difference between the two plans was less than $500.
- Thanks for the info

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.