Obama v. Romney Tax Calculator!

Via on Aug 2, 2012

Calculator: compare your tax burden under the Romney & Obama plans.

< Click Calculator at left to begin.

< Obama has a Romney vs Obama Tax Calculator on their site. There’s links here to source their info and assumptions. Let’s play!

The American Dream is not merely about getting rich. It’s about meritocracy—social mobility—making it—the four freedoms—the middle class, opportunity.

A non-partisan crunch of Romney’s numbers.

Top Reddit comment:

“Sure. I could save some money now with Obama, but what about the job creators? If the rich get richer, I could finally find the second and third full time jobs I’ve been unable to get because of the job creators’ oppressive tax burden. I mean with 168 hours in a week, why should I be able to work 40-60? Once I get up to 90-120 hours a week I’m sure to qualify for the tax cuts Romney is proposing. Just look at all the private sector jobs created by the Bush tax cuts. A few more cuts and we’ll have more jobs than people and everyone will be rich. With everyone rich, no one will have to pay taxes! Note: extreme sarcasm has been used in this reply.”

On the accuracy of the Calculator: “It is based on a STUDY that had to make ASSUMPTIONS on STATEMENTS Romney has made BECAUSE he won’t release his full tax plan.

Just release the tax plan Romney and we’ll get the calculator corrected.”

For more of a discussion on whether the numbers in the calculator are accurate (given that they are based on Romney’s general plan, and Obama has released specifics), click here, read down.

Relephant:

YouTube Preview Image

How the Calculator works:

“Because the tax code is complex, the calculator makes a number of simplifying assumptions that may differ from the circumstances of any particular user. It assumes all income is from wages. For married filers, it assumes that income is split evenly between two earners. It assumes that income does not vary over the years analyzed. It assumes that taxpayers claim the standard deduction for the purpose of analyzing the impact of the expiration of the middle class tax cuts. The impact of Mitt Romney’s tax plan is based on an analysis by the nonpartisan Tax Policy Center, which determines the tax increase or tax cut the average family in each income group would face if Romney paid for his $5 trillion tax plan by cutting tax benefits. The analysis assumes that Romney eliminates all tax benefits, except those for savings and investment, for households earning over $200,000, and reduces those benefits for households earning under $200,000 to cover the rest of the cost – resulting in a reduction by more than half. The Tax Policy Center uses income thresholds based on “cash income”, a measure broader than AGI commonly used by TPC. The calculator is intended for information purposes only.

See the full report at the TaxPolicyCenter.org

About Waylon Lewis

Waylon Lewis, founder of elephant magazine, now elephantjournal.com & host of Walk the Talk Show with Waylon Lewis, is a 1st generation American Buddhist “Dharma Brat." Voted #1 in U.S. on twitter for #green two years running, Changemaker & Eco Ambassador by Treehugger, Green Hero by Discovery’s Planet Green, Best (!) Shameless Self-Promoter at Westword's Web Awards, Prominent Buddhist by Shambhala Sun, & 100 Most Influential People in Health & Fitness 2011 by "Greatist", Waylon is a mediocre climber, lazy yogi, 365-day bicycle commuter & best friend to Redford (his rescue hound). His aim: to bring the good news re: "the mindful life" beyond the choir & to all those who didn't know they gave a care. elephantjournal.com | facebook.com/elephantjournal | twitter.com/elephantjournal | facebook.com/waylonhlewis | twitter.com/waylonlewis | Google+ For more: publisherelephantjournalcom

11,286 views

Appreciate this article? Support indie media!

(We use super-secure PayPal - but don't worry - you don't need an account with PayPal.)

10 Responses to “Obama v. Romney Tax Calculator!”

  1. [...] To see how much in taxes you and your family would pay under Obama vs. Romney, click “Tax Calculator.” [...]

  2. Jess says:

    Oh my, that video. Just…..no words.

  3. Mark Ledbetter says:

    Tweedle Dee and Tweedle Dum only quibble about the details. Like which countries to bomb and whether we get conservative and take five months or wax liberal and take six months to add another trillion to the deficit.

    The question posed by this article, in an attempt to establish a difference between Mr. Dee and Mr. Dum, is how much should be paid by the rich. Well, they can only pay a small part since there just aren’t enough of them, and mostly they won’t pay anyway as they’ll find ways around it (one of the ways, btw, is to cut employment). The ones who WILL pay, without a doubt, are our children and grandchildren and it hardly makes any difference to their tax bill whether Dee or Dum wins this time.

    Btw, where’s Ron Paul’s tax calculator? With no wars to fight or military-industrial complex to support, we could at least reduce our children’s tax bill and probably our own. (Yeah, I now, he doesn’t count, just wanted to remind y’all that there is a tax calculator that actually means something.)

    Also, what’s with the video about the Mississippians? Just because there are some really stupid Republicans down South, does that mean we are supposed to support the American war machine, spending out of control, and the American Gulag (the A. G. being millions incarcerated for victimless crimes) as both parties and both candidates do?

  4. SQR says:

    "Constantly choosing the lesser of two evils is still choosing evil." (Jerry Garcia)

  5. Mr.Science says:

    It never ceases to amaze me how hateful and manipulative Bill Maher is. You could make a video just as damning about any supposed 'group' of people. I have seen mash-ups that make the occupy people look just as bad.
    Elephant 'Fair and Balanced'

  6. [...] For Obama’s (real) plan and how it effects you, click here. [...]

  7. [...] Bonus: Romney’s tax plan. And, bonus: Obama’s tax calculator. [...]

  8. Erin says:

    This is total bullshit! Will he buy me a pack of smokes too, if I vote for him? FYI, not all of your readers want to hear your slant on politics. Stick to your core competencies. My meditation practice is not strong enough, I live in a swing state. Give me a break!!!

Leave a Reply