by Charles A. Monagan
Jul 20, 2012
01:51 PMOn Connecticut
Feeding the Rich
Did some quick calculations on the tax-savings calculator Linda McMahon just released as part of her new "middle class" tax-cut proposal.
According to the calculator, if you make $180,000 a year with two exemptions as a married couple filing jointly, you'll save $12,322, or 6.8% of the total.
If you make $90,000 with everything else the same, you save $2,357, or 2.61%.
If you make $40,000 with everything else the same, you save $875, or 2.1%
And if you make $400,000 with everything else the same, you save $26,385 under McMahon's plan, or 6.5%.
So if the wealthy aren't making out well enough at present under federal tax laws, McMahon is going to favor them even more in the future. Good to know.Feeding the Rich