Saturday, September 6, 2008

Another Tax Comparison

I hear a lot about taxes at work, but no one seems to be entirely clear on what each candidate's plan is, and, more importantly, how it will impact families.
The Barron's article and Times graphic I posted earlier outline some of the details.
Here's an piece from Business Weekly that lays waste to the claim that Obama will raise taxes on everyone.
Quote:
Len Burman, a former Treasury tax official who is now a senior fellow at the Urban Institute, says if Obama's proposals—which include plans to rescind the Bush tax cuts on couples making more than $250,000, close corporate tax loopholes, and tax private equity earnings known as "carried interest" as ordinary income—were adopted in 2009, for example, married couples with earnings in the lowest quintile of the population would see their aftertax income rise 5.8%. Those in the next quintile would see an increase of 4%.