tag:blogger.com,1999:blog-5755317649409258911.post7514411131839242765..comments2023-11-01T00:28:18.675+12:00Comments on Obama Watch: JRhttp://www.blogger.com/profile/00829082699850674281noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5755317649409258911.post-25376114425917270692008-04-28T03:43:00.000+11:302008-04-28T03:43:00.000+11:30JR, I am only commenting on the posted opinion abo...JR, I am only commenting on the posted opinion about income state taxes. <BR/><BR/>First of all, neither Obama nor Clinton propose income tax increase for anyone except for the top bracket earners making significantly more than $125,000, the highest of the incomes discussed in the post.<BR/><BR/>Second the quoted numbers "before" and "after" Bush's tax cuts are incorrect<BR/><BR/>Correct numbers (assuming income before deductions)<BR/>http://www.taxfoundation.org/publications/show/23003.html.html<BR/><BR/>Single, income of 30,000 before cuts $3,157.50 after cuts $2,756.25<BR/>Single, income of 50,000 before cuts $7,262.50 after cuts $6,606.25<BR/>Married, income of $50,000 before cuts $5,085.00 after cuts $4,012.50<BR/>Married, income of $60,000 before cuts $6,585.00 after cuts $5,512.50<BR/>Single, income of $75,000 before cuts $14,262.50 after cuts $12,856.25<BR/>Married, income of $75,000 before cuts $9,426.50 after cuts $7,762.50<BR/>Single, income of $125,000 before cuts $29,378.50 after cuts $26,472.25<BR/>Married, income of $125,000 before cuts $23,426.50 after cuts $19,462.5<BR/><BR/>A tax calculator <BR/>www.moneychimp.com/features/tax_brackets.htm<BR/>allows to determine tax based on income after deductions.<BR/><BR/>For a 30,000 single after deductions this would yield<BR/>Before cuts (2000)- $4,988<BR/>After cuts (2007) - $4,109<BR/><BR/>The net difference before and after cuts is $879, not $3,900 as claimed.<BR/><BR/>Still in doubt?<BR/><BR/>Check tax tables directly:<BR/>http://www.irs.gov<BR/><BR/>Link for the year of 2000:<BR/>http://www.irs.gov/pub/irs-prior/i1040tt--2000.pdf<BR/><BR/>Explanation of tax calculation rules for the year 2000:<BR/>http://www.va.gov/publ/direc/finance/00ga2_02Bul.htm <BR/><BR/>It pays to use skills acquired while pursuing advanced degrees to question validity of information we are flooded with.Anonymousnoreply@blogger.com