Democratic presidential candidate Sen. Barack Obama, D-Ill. gestures while speaking at a town hall meeting in Kaukauna, Wis., Thursday, June 12, 2008.(AP Photo/Morry Gash)
Barack Obama explained today how his tax plan would lower middle class working families taxes…For the last seven years wealthy americans have enjoyed lower taxes while middle america has been carrying much of the burden. If you earn $250,000 or less which is 95% of America you will pay less in taxes when Barack Obama is President.Here is an example of an average income family from Wisconsin…
The Mickes Family and Tax Relief for the Middle Class
|By Christopher Hass – Jun 12th, 2008 at 1:18 pm EDT|
from obama.com website.
Ryan and Jenny Micke live in Appleton, Wisconsin, with their two children. Ryan is a unit director with the Boys and Girls Club at the local middle school. Jenny works as an educational assistant at a nearby preschool. With a combined income of less than $40,000, a mortgage with $120,000 remaining, gas prices as $4.00 a gallon, and food prices on the rise, they live paycheck-to-paycheck and work hard to make ends meet. Saving for their children\’s education and their own retirement has been nearly impossible.
Later today, Ryan and Jenny will meet with Barack to discuss the economic challenges facing the middle class and how his tax plan will ease the strain that so many American families face.
A new report released yesterday from the non-partisan Tax Policy Center shows that Obama\’s tax plan will provide middle class families with tax cuts that are three times as large as cuts they would receive under John McCain\’s plan. The report also found that nearly one quarter of the benefits of the McCain tax plan would go to families earning over $2.8 million per year.
In Wisconsin alone, the Obama plan will cut taxes for 117,000 seniors and 3.1 million workers.
For the Mickes family, the Obama plan will provide $2,200 in real relief – as well as additional savings on their health insurance:
- $1,000 every year from Obama\’s Making Work Pay tax credit
- $700 every year (approximately) from Obama\’s universal mortgage interest credit
- $500 every year (approximately) from Obama\’s retirement savings match
- $2,500 every year (approximately) in health care savings
- Reducing the stress of filing out complicated tax reforms by creating a simplified tax filing system