Friday, April 16, 2010

Tea partiers should thank Obama?

In fact,that's what he claims.He believes that he is responsible for cutting 95% of Americans taxes and so we should thank him.I'm from Michigan and a new report from the liberal Citizens for Tax Justice organization supports his claims.In Michigan,they even up the ante claiming that 99% received a tax cut.Here is the link.

I thought I would do a comparison of my own taxes to test his theory.Obviously I'm not going to divulge any specific information,however,I can report percentages.I'm actually a very good candidate because very little has changed in my tax situation over the past two years allowing a fair comparison.

My gross income increased $373 from tax year 2008 to 2009.I know,I'm happy it went up at all.Point is,just a minimal change.I had no life changing events or anything of significance that would affect my deductions or exemptions.The tax rates didn't change,so the only "x" factors are tax credits.

I tried to find the fairest way to compare one year to the next.I decided to simply take my gross pay less social security withholding,medicare withholding and federal income tax withheld.I didn't factor in any benefits I have money withheld for,any state withholding,or any investments.I only want to compare federal taxes as these are what Obama is basing his claim on.I received the $800 Obama 'making work pay' credit for families.I looked for a way to take into account all federal giving and taking of my income and discounted everything else.

So,I took my gross less the 3 federal withholdings and added in my tax refund.That's it.Very simple and only takes into account federal factors.I found that my income increased $373,yet my net take home decreased $895.That's the bottom line.My taxes went up.Guess I'm part of the 1% claimed by the report.This includes the $800 Obama 'gift'.So,for the record I can say that my taxes did indeed go up under Obama even after his increased tax credits.So get out of my face,dude.More to come...

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