A question about the tax plans...

There is a lot of talk about the $250k cutoff --- is this $250k income, or TAXABLE income?

I think a lot of people talk about straight income, but unless we are changing the entire income tax system wouldnt it be $250k taxable income? (which allows for all kinds of deductions, and thus would result in fewer people falling in the 250+ category?)

Are they just oversimplifying for the general public at the debates? Anyone know more about this?

Message edited 10/16/2008 11:37:41 AM.

Re: A question about the tax plans...

yes, taxable income

after all your write offs are deducted

and I posted that link to the CNN money chart

it is really people making over $600K that will be effected under Obama's plan (he would be taking back the tax cuts of the Bush Admin- that did NOT work)

however- under McCains plan- people making over $250K would pay LESS taxes



CNN money tax comparison chart

Message edited 10/16/2008 11:42:09 AM.

Re: A question about the tax plans...

thanks for clarifying -- i was assuming that to be true but just wanted to be sure