From an IRS calculator

Posted By: Facts on 2008-10-12
In Reply to:

From an official IRS tax calculator:

2000 tax on married filing jointly, 1 deduction, not itemized, income of $42,000 was $4778.

2007 tax on married filing jointly, 1 deduction, not itemized, income of $42,000 was $3403.

That's $114 a month.

The reason I used 2000 and 2007 was that 2007 was after the Bush tax cuts, which are due to expire soon (I'm not sure when).

So when Obama says he will not raise taxes on those making $42,000, he knows full well the democratic congress with Obama pressure will allow the tax cut to expire.

So what's the fact? I guess it depends on your point of view.

So my conclusion is that Obama is not telling the entire truth. McCain is not telling the entire truth either. However, I will say this, without hesitation: under Obama, taxes on $42,000 will definitely increase, under McCain they will "probably" stay the same (depending on pressure applied to congress).

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From an IRS calculator - Facts
- If ANYONE would take the time to research - Obama's tax voting record......sm
  - #1 & #3 most liberal senators - Ivy
- tax cuts. oh, really? - Tax Cuts
  - Look at who you are trying to explain this to - that should answer your question!
  - Or that 42% of his 95% actually pay zero tax already?! - exactly
    - Thank you.....nice to know someone has a brain - more handouts = welfare state
    - That's right! - Zville MT
      - It is SO nice to see you people here who don't fall - for the spin! You see the real truth.nm

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Did you even look at the calculator. It says it all? Educate yourself. nm
nm

Calculator does NOT take into consideration...
Obama letting Bush's tax cuts expire, and don't post that tired lie that only people making more than $250,000 got Bush tax cuts.

SO what paltry little tax break you get from Obama will be more than eaten UP by losing the Bush tax cuts..and if you were concerned about the truth you would verify this. But you probably already have, and since it doesn't look good for Obama...you promptly dismissed it from your mind....?

that calculator is incorrect
It does not acct for the repeal of the Bush tax cuts, and in the end you will end up paying more. Read all the posts below from yesterday about this. Geez, do you believe everything? Like no politicians lie?

Here it is! The tax cut calculator!!! Obama vs. McCain sm

This is great!

http://alchemytoday.com/obamataxcut/

Does the calculator also factor in lies!

Oh by all means....he acutally has a calculator...
on his website. lol.

Here is the Obama vs McCain/Bush tax calculator sm
http://alchemytoday.com/obamataxcut/