TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Wednesday, October 29, 2008

More McCain, Obama Tax News

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I disagree completely with "wealth redistribution". I am a proponant of the "fair tax" (if you are unfamiliar, it is a straight 23-24% sales tax and an elimination of federal, social security, and welfare taxes.. simply put - you keep nearly all of your paycheck and only pay taxes on what you buy, the incentive is to save your money and build your wealth; being as how over 1/3 of income is taxed now anyway..24% is less than 33%..we, as taxpayers, are still coming out better), and I make little over 40,000/yr. My bring-home is about 1,100/2 wks (do the math); out of this, my bills are: Car - 300/mo, insurance - 300/mo, rent (because i can't afford an 800/mo mortgage payment...) - 450/mo (for a trailer in a trailer park... because that is what I can afford), groceries - 300-400/mo, utlities - 150-200/mo, phone/cable/internet (have a cellphone only, house phones are a useless payment nowadays) - 180/mo, fuel - 200-300/mo, student loans - 100/mo, and from what's left ( the math) comes clothes, snacks, entertainment, gifts (birthdays/holidays/etc), school supplies, etc. Because my salary is 40,000 I am considered 'middle class' (our term where I work is "working poor"); I am a late 20's white male, single father (with custody) of a wonderful 6 yr boy, and I work 50+ hrs a week in a mgmt position and yet I still have to make decisions like : "I would like to take my son to the movies.. guess I'll only pay half of my student loan payment this month." or "Car needs an oil change (can substitute tune-up/repair/tires/etc. or anything unexpected), sorry son, I can't take you to the park this week, have to wait 'till daddy gets paid again..". (I'm SOO sick of saying that phrase!!) I went to collage, did my time in the Navy, and work for a multi-national company, yet I still h-a-v-e to live paycheck to paycheck. Which candidate is going to help us? I have a feeling I am not the only one in this type of situation (please let the world know..).

As an aside, I did the "Obama Tax Calculator"... with McCain's plan it said I would save about $993, under the Obama plan, I would save almost $500 (yeah, I thought it was amusing too).

This is my reality... As you can see, 40 grand/yr doesn't go nearly as far as it used to. And the funny thing? If I were making below 29,000/yr (I'm not entirely confident that this is the correct amout, but it will serve to illistrate the point; please feel free to correct me), I would have a better quality of life because I could let the rest of America take care of me while I drew welfare off the taxes people like me are paying!!!

Thank you for your time.

Posted by: Keith | Oct 30, 2008 7:53:56 AM