Who has the better tax plan, Bush or Gore? That was the question I was asking myself after watching the first debate the other night. What I found was that if you are a single parent making less than $30,000 and paying full-time daycare, then the Gore plan will save you more money. Everyone else will have lower taxes using the Bush plan.
Mr. Gore indicated that the Bush plan favored the wealthy. That is not true. Those that make over $1 million will see a 15 percent cut in taxes, while a family making $40,000 will see a 74 percent reduction. If your family makes between $40,000 and $75,000, the Bush tax plan will save you about $1,000 more than the Gore plan.
If you are a family making $30,000, both plans are about the same and you will pay no taxes. If you are single with no kids and make about $30,000, you will pay about $300 more under the Gore plan. Under the Gore plan, the lowest incomes will pay no income taxes, and the government will send them a check. Welfare should be a separate program, not part of the income tax plan.
Keep in mind that both plans call for tax cuts, but from what I have seen the Bush plan cuts a lot more, for just about everyone. Gore indicates he is for the working families, and if you are a working family that makes under $25,000, then with regard to tax cuts, he is true to his word. But if you are a working family with an income over that, and lower taxes are important to you, then Bush appears to be the one helping working families more.
If you are interested in calculating your taxes under the two plans, access the website Taxclarity.org.
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