Barack Obama's Tax Calculator

NOTE: There is an edit at the bottom of the article. I just watched Hank Green's video about the Obama campaign's tax policy, linked here, embedded below.

I don't want to just reiterate what Hank said, but it's deeply depressing to look at.  It's depressing because I know a lot of people who really need that money.  People older than me, with more financial responsibility, who struggle harder to make ends meet.  I know those people, and I know a lot of them plan to vote for Romney.

Some of it is racism.  I know at least two people who have told me, out loud, that they won't vote for Obama because he's black.  So, that's a thing that happens.  One of those people is a registered Democrat, too, so it's not like the Racist vote is irrelevant.

But there are other people who've just been convinced that being a good businessman and being a good president are somehow basically synonymous, where as far as I can tell they're pretty much entirely unrelated.  The responsibility of a successful businessman is to help a small group of wealthy investors profit off the back of a product.  The responsibility of a President is to maximize the wellbeing of a huge quantity of people while protecting their civil liberty and acting on their behalf to improve the world.

We can see the difference in those philosophies in the tax calculator, which, as Hank points out, demonstrates that Romney's plan doesn't help you out until about a quarter of a million.  If you're single and have no dependents, Romney's plan increases your taxes until you reach $197,500/year.  Even then, you're still saving more under Obama's plan.  Single people with no dependents don't start doing better under Romney until $497,500/year, at which point they jump from saving    to saving $36,319/year.  $1 less and they're only saving $4,016, at which point Obama's still offering more savings, at $5,353.

EDIT 8/8/2012 11:20am

It turns out this isn't based on Mitt Romney's declared tax plan, it's based on the results that would be necessary for him to keep his campaign promises both re: tax breaks and budget balancing.  Hank explains: