Alright, folks, here's the deal. Obama wants to give working singles $500, whether they pay that much in taxes or not. He wants to give working couples $1,000, whether they pay that much in taxes or not.
The Republicans want to cut the 10% tax bracket (first $8,350 for singles, first $16,700 for couples) to 5% and the 15% tax bracket (to $33,950 for singles or $67,900 for couples) to 10%.
What does this mean for your family?
Well, let's take a family of four making $50K/year. In the state of Connecticut, that's low enough to qualify for several government programs, including fuel assistance and state-funded healthcare. Doing the calculations for taxes in the first and second bracket, I come up with a savings of $2500 under the Republican plan and.. $1000 under the Obama plan.
So let's try someone else. A single person working full-time at federal minimum wage. That's roughly $13,624/year. Apply the tax brackets and he saves about $681 under the Republican plan. Under Obama's plan, he gets handed a check for $500.
Now I know taxes are a wee bit more complicated than that... things like healthcare expenditures, mortgage interest, and such can change the amount of money that you actually pay taxes on. Still, a little math can tell you the truth... you have to be making pretty darn near nothing to benefit from Obama's plan over the Republicans' plan!
So which plan do the actual workers of this country want?
Feel free to pass this on!
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