The effect on the economy would look like this:
The Spread The Weath Income Tax would look like this:
MCCAIN | OBAMA | |
---|---|---|
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 |
The Healthcare Plan would look like this:
Income Tax Liability
|
McCain-Palin
Tax Credit |
Total Tax Savings
|
10% Bracket (Up to $15,000) |
$1,200 ($12,000 x 10%) | $5,000 | +$3,800 |
15% Bracket ($15,650 - $63,700) |
$1,800 ($12,000 x 15%) | $5,000 | +$3,200 |
25% Bracket ($63,700 - $128,500) |
$3,000 ($12,000 x 25%) | $5,000 | +$2,000 |
28% Bracket ($128,500 - $195,850) |
$3,360 ($12,000 x 28%) | $5,000 | +$1,640 |
33% Bracket ($195,850 - $349,700) |
$3,960 ($12,000 x 33%) | $5,000 | +$1,040 |
35% Bracket ($349,700 and Over) |
$4,200 ($12,000 x 35%) | $5,000 | +$800 |
Your last chart is deceptive. Although McCain allows for a $5000 deduction, he also increases earned income by including the employer amount paid for your health insurance as income.