Paying taxes is painful… but reading about them shouldn’t be.
Posts tagged as:
I’ve received a flurry of last minute emails about me about the differences between the presidential candidates’ tax strategies. I don’t have anything new to add (though look for more political blogging later tonight) but I did want to point you to some prior taxgirl posts on the candidates and their economic and tax policies:
Be informed. And vote!
{ 0 comments }
It’s Fix the Tax Code Friday!
We know what Joe the Plumber thinks about the economic plans as proposed by the candidates… But what do you think? Here’s your last chance before the elections to state your case for economic change. Today’s Fix the Tax Code Friday question is:
If you could ask either candidate a question or state a concern about that candidate’s proposed economic plan, what would you say?
Psst, don’t forget to say which candidate you’d ask!
{ 6 comments }
It turns out that “Joe the Plumber” has more tax issues than were spotlighted during the final presidential debate. He doesn’t just not like taxes, he apparently doesn’t like to pay them. He owes the State of Ohio nearly $1200 in back taxes; Ohio has filed a lien against him to recover amounts due.
“Joe the Plumber” is really named Samuel J. Wurzelbacher and before moving to Ohio, he lived in John McCain’s home state of Arizona. He became a household name when he told Senator Obama during the debates that he was worried about Obama’s tax proposal. McCain used the opportunity to criticize Obama’s tax plan, saying, “what you want to do to ‘Joe the plumber’ and millions more like him is have their taxes increased and not be able to realize the American dream of owning their own business.”
Wurzelbacher has said in an interview on “Good Morning America” that high earners shouldn’t be “penalized for being successful.” Apparently, he believes that includes paying his taxes. Under Obama’s tax proposal, Wurzelbacher’s tax bill would be an additional $900 if he netted, not grossed, $280,000 of income.
Interestingly, though Wurzelbacher talked about wanting to buy a plumbing business, he doesn’t have a plumber’s license. According to the State of Ohio, where the business is located, he is not registered as a plumber.
[Author's note: While I do enjoy spirited debate, I will not tolerate those commenters that spam by posting numerous versions of the same comments under different names. That's not commenting, it's spamming and it's rude. I realize that "Joe the Plumber" is a political topic and you want to get your point across. But posting the same comment under different names ten times in a row, as has happened on this post, doesn't add anything to the same conversation. Comments are in moderation: if you post spam, it will be marked as such and your comment will not appear. For more about my comment policy, click here.]
{ 31 comments }
Taxpayer asks:
My wife and I make a combined annual income in the ballpark of $270-280K/year. We work hard, and are saving for a home in order to start a family. I need someone to explain something to me …. I understand that Barak Obama’s proposed tax plan uses the $250K mark as the line separating the middle class from the ‘rich’ … but I am trying desperately to find a grid that can show me how much of an increase in taxes that my wife and I can expect. Does anyone know a good website that can help me apply this proposed tax information to my actual income figures? Thanks in advance.
Taxgirl says:
There are some really good resources out there that can help you understand what both candidates propose.
For one, I highly recommend going to the source – the candidates. Many web sites will politicize the plans – so why not read the actual plans first? Click here for the McCain plan and here for the Obama plan.
My quick summaries of the tax plans can be found here.
If you’re looking for a side by side comparison, Deloitte put out a great one – I’ve published it here on my site. It’s a one page chart showing the results of proposals at differing income levels and differing familial situations. You’ll find a link to the WSJ article with further details in the comments – there’s also a link to another blog with some good stuff.
I’ve also posted some information from the nonpartisan Tax Policy Center. The full reports from the Tax Policy Center, along with the links, are available at that post.
I hope that points you in the right direction!
–
It seemed appropriate to post this question today, immediately following the debates last night. In case you missed the debates, Maddy liveblogged them at One Vote Matters; you can click over and see what you missed.
I’d love to hear your thoughts on the candidates and their plans. Which presidential tax plan works best for you?
Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.
Have a question? Ask the taxgirl!
{ 4 comments }
