Summary, Commentary and Moneytalk Excerpts, August 24, 2008It looks like Brinker was talking about the MARGINAL TAX RATE and I believe his numbers are correct.
"Brinker went on to explain how easy it would be (under the Obama tax plan) to construct this 60%+ marginal tax bracket for a lot of American entrepreneurs who create jobs."
Marginal tax rate is the effective tax you pay on additional income above the threshold, $250,000 in this case. You already deducted your home mortgage, etc. so that is not relevant in this discussion.
That is if you make $260,000, how much tax will you pay on that extra $10,000 under Obama vs McCain. He seems to have made an allowance for deducting state taxes since his number is less than adding up all the components.
Brinker showed how, in a high tax state like California or New York, the marginal rate for those making over $250,000 AGI will be about 62%.
What Brinker failed to mention is McCain bashers say McCain will will raise the effective tax rate of many middle income people by taxing medical benefits. I've yet to see a really honest analysis of all the tax proposals by either side to show current vs. proposed total taxes paid vs. adjusted gross income (AGI.)
For more analysis, please read "Bob Brinker on Obama Tax Plan Marginal Rate."
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