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Tuesday, February 26, 2008

Calculate Your Tax Bill Under a President McCain or a President Obama

Ted Frank (American Enterprise Institute) has created this spreadhseet you can modify to calculate your tax bill under a President McCain or a President Obama.  Ted blogs that an average mid-level BigLaw associate would pay $15.048 of additional tax each year under a President Obama than under a President McCain:

Now, money isn’t everything. A BigLaw associate, who is already handsomely paid, might find it worthwhile to take the equivalent of a $34,000/year paycut to have Barack Obama as president instead of John McCain

http://taxprof.typepad.com/taxprof_blog/2008/02/calculate-your.html

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Comments

We all know that what people are really in favor of is raising taxes on OTHER people! Obama is counting on the fact that all of the people making less than $102,000 per year will happily go along with a plan to dramatically raise taxes on the people who make more.

Posted by: Diego | Feb 26, 2008 3:31:33 PM

More than $15,048. The only reason the tax difference is that low is because the model assumes that the firm will reduce bonuses $5000 in response to the additional $10,000 in payroll tax, and that is perhaps a generous assumption.

David Lat will be posting a spreadsheet I developed with a more complex model that permits analysis of tax effects for single people in other states, and with the hypothetical doughnut-hole model that Obama has yet to commit to.

Posted by: Ted | Feb 26, 2008 4:45:01 PM