Wednesday, June 11, 2008

When Obama Says Tax Cuts for the Poor, Think of Me

When Obama says "tax the rich, give it to the poor" I thought I would be on the former end. "I'm a professor (or will be soon), surely I'm one of the rich" I thought to myself. But based on the Tax Policy Center, I'm one of the poor Joes that get a tax cut:

Income Avg. tax bill Avg. tax bill
Over $2.9M -$269,364 +$701,885
$603K and up -$45,361 +$115,974
$227K-$603K -$7,871 +$12
$161K-$227K -$4,380 -$2,789
$112K-$161K -$2,614 -$2,204
$66K-$112K -$1,009 -$1,290
$38K-$66K -$319 -$1,042
$19K-$38K -$113 -$892
Under $19K -$19 -$567

Of course under both plans, it is actually a tax hike, as the article tries to say. Also, I do not endorse the ridiculous class warfare this Obama plan seems to want to engage in. Class warfare will just put us all in lower brackets via lower economic growth. I just found it interesting that I'm one of the poor. I thought a PhD would fix that.


Dana said...

Basically as long as you stay below 603K you're fine? I wonder how they came up with that number.

Matt E. Ryan said...

Well, Dana, it's actually quite simple.

6 zerglings are needed for a basic early Starcraft rush, so multiply that by one hundred. Then, since "free for all" is three words, you add that in. Thus, 603k.