Video: Obama, McCain, and Your Taxes

September 10, 2008 RSS Feed Print

Are you wondering how Barack Obama's and John McCain's tax plans will affect you? Katie Couric's CBS Evening News team explains, with three helpful real-world examples: 

Tags:
presidential election 2008,
Barack Obama,
John McCain,
taxes,
federal taxes

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I too feel the representation of Ms. Katie's story is false. We must look at the rewards of hard word and tenacity. Niether candidate have a system that I like.

I earn approx $70K, sole supporter of my household and a conservative female. I have a disabled husband who receives NO bennies and no income. We live in one of the most expensive counties in Maryland. I have worked in my career for 25 years. The thought of paying more taxes in order for others to receive more, bothers me.

Life isn't fair. But don't punish those that have put in sweat and backbone into their lives, to reward those that do not make good decisions.

My opinion....income taxes should be rolled back to an even

10% for all income earners - across the board. And govt. (at all levels) not be permitted to tax any other resources.

I am in favor of a flat tax system. However those who use and receive tax credits, subs., and alike don't like this set up.

Using the flat system will eliminate loop holes and tax cheats. It will make the playing field even. Additionally, the govt. will have a less complicated system to work with in many areas, (ie: collection, budgeting and expenditures).

Silly Sally of MD 10:50AM September 17, 2008

The story was highly misleading in one aspect. The family making $213,000 a year would, in fact, get a tax cut under the Obama plan <i>at that income level.</i>

For the other two families, the story stated what their tax cuts would look like at actual current income levels. But for the third family, the story speculated about a sharp increase in income. This is dishonest in two ways: One, it speculates about future income, but two, it implies that all income would be taxed at a higher rate, rather than just the income in the 33-36% bracket.

I don't fault US News for linking to it, but the story was quite dishonest in that regard.

Tom Castle of OH 12:30PM September 16, 2008

Alpha Consumer

Alpha Consumer

Kimberly Palmer, senior editor for U.S. News & World Report, is the author of Generation Earn: The Young Professional's Guide to Spending, Investing, and Giving Back. Send her your personal finance questions.


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