I took some time to check out Obama’s tax cut calculator and was shocked at what I found.
The largest Obama tax cut goes to a couple, filing jointly, making only 30,000 with 3+ dependents, over 65, saving for retirement, with child care expenses and a million dollar mortgage. $297 a month.
Tax cut = $3,565
This is an extreme case (obviously), by no means the middle class in America today, and this is the extent of his tax cut on which he hopes to win the presidency. $3,565.
Now let’s check out some more normal circumstances.
- An individual making $20,000 – $75,00:
No mortgage or expenses = $500. With mortgage = $1,300 (or approximately $100 a month.)
- An individual making $75,000 – $100,00
No mortgage or expenses = $250. With mortgage = $1,050 ($85 a month)
- An individual making $100,000+
No mortgage or expenses = $0. With mortgage = $800 ($65 a month)
Now for married and filing jointly (single filer head of households get even less):
- Making $50,000 – $150,000 (remember this is for two incomes)
3+ dependents, childcare, saving for retirement and a mortgage = $1,800 ($150 a month). No expenses = $1,000 ($80 a month)
- Making $20,000 – $40,000 (again two incomes)
$2,955 – $3,565 (Maximum $300 a month, and these people don’t pay income taxes)
To sum it up, the poor will get some more money (not much), but the middle class will get screwed. The most middle class families will get back under Obama’s tax plan is $150 a month. This is going to save the middle class? This is the change the middle class is hoping for? And at what expense? Raising all kind of taxes and killing the economy in the process?
Now don’t get me wrong, as a “middle classer” myself, any money I get back in taxes is great. But do I think this will solve all my problems? No, not even close. Obama has conned many in the middle class that he will be their savior, but the numbers on his own website prove that the most he will give them is the equivalent of the shopping carts liberals love to give to the homeless. Government cannot support everybody as much as we may want it to, the best government can do is get out of the way and allow us, the people, to create the best possible future for ourselves.