Obama has promised to let president Bush's 2001 Tax-Cuts expire. Which means the bottom tax bracket will rise from 10% to 15% and the second to the bottom tax rate will rise from 15% to 28%.

President Bush's tax plan was signed into law in 2001, replacing the old marginal tax rates of 15, 28, 31, 36, and 39.6 percent with a simplified rate structure of 10, 15, 25, and 33 percent (see Appendix for rate schedule); <link>

If Obama keeps his campaign promise of allowing the 2001 tax cuts to expire, he will knowingly and willfully raise the bottom two tax brackets back up to 15% and 28%. THAT IS A TAX HIKE for the poor and middle class.

SO HOW MUCH MORE WILL YOU PAY UNDER OBAMA?

If you are married and have a joint income of $65,000, your 2008 tax bill is around $9,500 or 15% of gross income. <link>

When Obama lets president Bush's Tax-Cuts EXPIRE. Here is what happens: The 15% tax rate goes to 28%

So, your 2009 tax bill will change from $9,500 to $18,200 or 28% of your gross income, MINUS Obama's campaign promise of a $1,000 tax-cut, and your 2009 tax bill will be $17,200 dollars. A $8,000 TAX HIKE.

Can you afford a president Obama?

Oh, shit. Most of the rich asshole companies that got their tax breaks used them to move offshore, outsource, lay off oAmerican workers. You're full of it. And how will the tax breaks hurt me? Not as much as what Bush did - - now we have to help support the indigent laid-off workers and the illegals, plus pay higher food and gas prices. Bush hasn't done jack crap except tear this country to pieces, and you'd better get your head out of your ass and realize it.

Idiot post by an idoit poster.

I just showed you proof How Obama's tax policy will cost $8,000 more where mom and dad make $30,000 each. Are they part of the evil rich club too?

That's going to cost you. But you probably dont have a job or earn any income.

Do you know the difference between gross income and taxable income? Doesn't sound like it. I hope you aren't doing your own returns and are using a CPA.

Italia:

Do you know the difference between gross income and taxable income? Doesn't sound like it. I hope you aren't doing your own returns and are using a CPA.

Do you know the difference between 15% and 28%?

You are ignorant of tax schedules or a willful liar or probably both.

Using the White Houses own link <link> , if you go to the table at the bottom and do your own math, theoretically the savings for a single person earning 27,000 was $300 and for a couple making $36,000 $500. At $65,000 the respective "savings" were $5,200 and $4,300. Comparatively the savings for someone making $500,000 is $30,000 and someone making $5 million $300,000. I say theoretically to all these because we have marginal tax rates which mean the highest taxes are only paid on the top end of wages so existing deductions, such as for dependents and mortgages for those who have them, reduce the saving to less than claimed.

I didnt use deductions because the post gets way to compicated. But why dont you continue your math and see how much more you will pay with Obama's tax plan. Because no matter what the final taxable income is...the fact remains the rate will change under Obama from 15% to 28%.

Unless.....

Obama has a couple hundred pages of new deductions we dont know about.