Thursday, October 16, 2008

Calculate your taxes for Obama vs. McCain

The Obama campaign has launched a tax calculator to help you figure out whose tax plans will most benefit you before you choose your candidate for the Presidency. At this site, you can input an estimate of salary, your number of dependents, the outstanding balance of your mortgage and a few other minor details and then press a button to see the amount of tax savings you will have under the Obama plan and the McCain plan.

I just input my numbers and was amazed to see that I would save ~$1100 with the Obama plan and $0 with the McCain plan. This is consistent with what the candidates have been saying. Under Obama, 95% of America's middle class will see a tax cut. Under McCain's plan, tax cuts will focus on the rich and on businesses.

Have a look for yourself and leave a comment to tell us how you would fare under each plan. It is compelling to see how I would do, but I think it might prove even more interesting if many of us list our results and we can see a trend.

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