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Re: What the Obama and McCain Plans Would Mean for Real Taxpayers
by
Anonymous
Just telling your audience how different individuals and families would fare under either McCain or Obama plans is not sufficient information for this taxpayer to judge. Why not put out specific examples showing the standard deduction and exemption amounts and how you get to taxable income and compute for both regular and Alternative Minimum Tax plans. In addition, for those of us living in high tax states, many do not take the standard deduction, probably because of the excessive property tax and high state income taxes. For these people, those high itemized deductions trigger the AMT. Without getting rid of the AMT or exempting those earning less than $250,000 a year, as I believe Obama has talked about doing, most upper end middle class individuals and families will have to pay substantially higher taxes than under present law which has included a patch every year for AMT. Even those earning between $75,000 and $100,000 would get hit with AMT bills unless a patch is passed (year by year) We wait every year -- last year it wasn't until the end of December that our Congress finally passed the law with the patch.
I, for one, sure hope that whoever gets elected, he will fulfill campaign promises and not backtrack on the Alternative Minimum Tax. That is a thorn in my side. Whom do you believe? Obama or McCain. Will either one do what he says he will do? That is the question!
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Posts and comments are solely the opinion of the author and not that of the Tax Policy Center, Urban Institute, or Brookings Institution. Read the Terms of Participation Recent Entries
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