Gore's Tax plan versus Bush's

greenspun.com : LUSENET : TB2K spinoff uncensored : One Thread

I haven't heard or read anything that actually states the true differences in the tax plan. Reporters continue to talk about the trillions in each plan and I get lost. So, here's my take on the plan. If anyone can help explain the differences, please do so.

Bush stated during the debate that he would reduce the tax burden across the board, to all who pay taxes. He mentioned a few numbers. The upper end of the income levels would receive a tax cut to 30%. I think that means their tax rate goes from 33% to 30%. So if you're income is $300K to $500K (lucky you), your tax burden will reduce to from $9,000 to $15,000. That's 3% reduction.

He also stated that the lower tax rate will fall from 15% to 10%. So for an income level of $30,000, the tax will reduce from $4,500 to $3,000. That's a total of $1,500 back in the pockets of the lower income level.

Well, geez, the wealthy get back $9,000 (for $300,000 income level) while the poor only get back $1,500. So Gore is right, the wealthy 1% get a big break. But let's see what the wealthy still need to pay in taxes. For $300,000, the tax bill totals $90,000, more than most people make in a couple of years. Is that enough punishment for the wealthy?

In summary, the wealthy get 10% relief (3/30), while the poor get 33% relief (5/15). The poor get a bigger proportion back. So, if you pay taxes you'll get something back. On the other hand, Gore's plan leaves out more than 15 million people. (That fact provided by Fox News) Keep me honest here, how far off am I?

-- Maria (maria947@hotmail.com), October 09, 2000

Answers

"Read my lips -- no new taxes" - President George Bush, just before he raised taxes

-- Historian (@ .), October 09, 2000.

so......MARIA, let me get this straight after you were interrupted by a "historian" as good as Formerly Scary Gareee Duct Tape who left out that the DEMOCRATIC CONGRESSS WROTE AND VOTED FOR THE TAX BILL that raised tax and G.Bush Sr. signed.

ARE YOU SAYING THAT THE .........LOWER INCOME PEOPLE ARE GETTING ***TEN TIMES*** THE TAX CUT UNDER THE ..........BUSH.....PLAN ?? BUSH?? NOT SOME SOCIALIST IN MOSCOW?

The rich get their taxes cut ONLY.......3% **THREE PER CENT** max. but the lower income people get a

1/3rd 33.333333 percent

or THIRTY THREE.THREE-THREE-THREE PERCENT CUT

WHAT YOU ARE SAYING HERE........AND I HOPE I'M CORRECT.......THE BUSH PLAN.........GIVES THE LOWER INCOME PEOPLE A TAX CUT THAT IS 10 TIMES.........THATS .........TEN TIMES MORE THAN THE "RICH" GET??

THAT SEEMS LIKE BUSH IS ALMOST A FDR/JFK/HUBERT HUMP/LBJ/TAX AND SPEND DEMOCRAT..........COULD THAT BE RIGHT?

-- cpr (buytexas@swbell.net), October 09, 2000.


O........F.......F.........

-- cpr (buytexas@swbell.net), October 09, 2000.

TEN TIMES MORE FOR THE LOW INCOME VS.....THE RICH? BUSH? HOW COULD THAT BE.O.....F......F..........

-- cpr (buytexas@swbell.net), October 09, 2000.

off with the H3.

BUSH..................CUTTING TAXES FOR THE POOR 10 TIMES MORE THAN HIS FRATERNITY BROTHERS LIKE alBore?? NAH. That must be a James Carvill dirty tricks game...

-- cpr (buytexas@swbell.net), October 09, 2000.



georgewbush.com/Ta xCalculator

-- CD (costavike@hotmail.com), October 09, 2000.

I haven't run any calculations through this one, Maria, but here's a tax calculator from a bipartisan group that presumably differentiates between the two plans.

Tax Calculator for both major parties

-- Anita (Anita_S3@hotmail.com), October 09, 2000.


Anita, after reading some of the links, it seems the calculator doesn't follow the mathematics. According to the link, my wealthy tax rate should be from 40% to 33%. But if you plug in the numbers, they don't match up. Also the link stated 50 million not included in Gore's plan. Thanks for the link.

The $30,000 income level still favored Bush's plan over Gore's. Under Gore's plan the individual needed to pay 3% more.

-- Maria (anon@ymous.com), October 09, 2000.


Moderation questions? read the FAQ