18-Jul-08
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Click on PDF or Excel link above for additional tables containing more detail and breakdowns by filing status and demographic groups.
Table T08-0173
Senator Obama's Tax Proposals as Described by his Economic Advisors
1
Distribution of Federal Tax Change by Cash Income Level, 2012
Summary Table
Cash Income Level
(thousands of 2008
dollars) 2
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Percent of Tax Units
With Tax Cut
67.8
68.7
85.1
92.0
95.4
96.4
97.2
97.1
92.8
68.8
49.7
86.6
3
With Tax
Increase
6.8
7.9
7.7
4.9
3.6
3.1
2.6
2.9
7.2
31.1
50.3
5.6
Percent
Change in
After-Tax
Income 4
8.6
5.5
6.0
5.7
5.0
4.3
4.2
4.4
3.0
0.0
-3.7
3.2
Share of Total
Federal Tax
Change
Average
Federal Tax
Change ($)
2.6
6.5
9.2
8.8
7.8
16.3
14.6
34.3
13.8
0.1
-14.0
100.0
-491
-847
-1,438
-1,834
-2,019
-2,302
-3,119
-4,857
-6,694
-191
80,331
-2,016
Average Federal Tax Rate 5
Change (%
Points)
-8.2
-5.2
-5.3
-4.8
-4.1
-3.4
-3.3
-3.3
-2.2
0.0
2.4
-2.4
Under the
Proposal
-2.8
0.3
5.8
10.5
13.9
16.8
18.6
21.5
25.4
29.2
36.7
21.6
Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0308-6).
Number of AMT Taxpayers (millions). Baseline:
22.6
Proposal:
5.0
(1) Calendar year. Baseline is current law. For a detailed discussion of the proposals see the Tax Policy Center's report A Preliminary Analysis of the 2008
Presidential Candidates' Tax Plans available on the TPC website. Assumes all proposals are fully phased in.
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non-filing units but excludes those that are dependents of other tax units.
(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and
estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average
cash income.
18-Jul-08
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T08-0173
Senator Obama's Tax Proposals as Described by his Economic Advisors
1
Distribution of Federal Tax Change by Cash Income Level, 2012
Detail Table
Cash Income Level
(thousands of 2008
2
dollars)
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Percent of Tax Units 3
With Tax Cut
With Tax
Increase
67.8
68.7
85.1
92.0
95.4
96.4
97.2
97.1
92.8
68.8
49.7
86.6
6.8
7.9
7.7
4.9
3.6
3.1
2.6
2.9
7.2
31.1
50.3
5.6
Percent
Change in
After-Tax
4
Income
8.6
5.5
6.0
5.7
5.0
4.3
4.2
4.4
3.0
0.0
-3.7
3.2
Share of Total
Federal Tax
Change
2.6
6.5
9.2
8.8
7.8
16.3
14.6
34.3
13.8
0.1
-14.0
100.0
Average Federal Tax Change
Dollars
Percent
-491
-847
-1,438
-1,834
-2,019
-2,302
-3,119
-4,857
-6,694
-191
80,331
-2,016
-151.7
-95.4
-47.9
-31.6
-22.8
-16.9
-15.1
-13.3
-7.9
-0.1
7.1
-10.1
Share of Federal Taxes
Change (%
Points)
-0.3
-0.7
-0.8
-0.7
-0.5
-0.7
-0.5
-0.9
0.5
0.8
3.8
0.0
Under the
Proposal
-0.1
0.0
1.1
2.2
2.9
9.0
9.3
25.3
18.3
8.4
23.6
100.0
5
Average Federal Tax Rate
Change (%
Points)
-8.2
-5.2
-5.3
-4.8
-4.1
-3.4
-3.3
-3.3
-2.2
0.0
2.4
-2.4
Under the
Proposal
-2.8
0.3
5.8
10.5
13.9
16.8
18.6
21.5
25.4
29.2
36.7
21.6
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2012
Cash Income Level
(thousands of 2008
2
dollars)
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Tax Units 3
Number
(thousands)
16,546
24,280
20,001
15,128
12,063
22,213
14,729
22,218
6,499
1,087
546
156,009
Percent of
Total
10.6
15.6
12.8
9.7
7.7
14.2
9.4
14.2
4.2
0.7
0.4
100.0
Average
Income
(Dollars)
6,019
16,259
27,053
37,907
48,997
67,389
94,738
148,087
309,272
739,526
3,289,961
83,049
Average
Federal Tax
Burden
(Dollars)
324
888
3,005
5,805
8,840
13,592
20,708
36,659
85,290
215,809
1,125,630
19,935
Average After4
Tax Income
(Dollars)
5,695
15,371
24,048
32,102
40,157
53,797
74,030
111,427
223,981
523,716
2,164,331
63,114
Average
Federal Tax
5
Rate
5.4
5.5
11.1
15.3
18.0
20.2
21.9
24.8
27.6
29.2
34.2
24.0
Share of PreTax Income
Percent of
Total
Share of PostTax Income
Percent of
Total
Share of
Federal Taxes
Percent of
Total
0.8
3.1
4.2
4.4
4.6
11.6
10.8
25.4
15.5
6.2
13.9
100.0
1.0
3.8
4.9
4.9
4.9
12.1
11.1
25.1
14.8
5.8
12.0
100.0
0.2
0.7
1.9
2.8
3.4
9.7
9.8
26.2
17.8
7.5
19.8
100.0
Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0308-6).
Number of AMT Taxpayers (millions). Baseline:
22.6
Proposal:
5.0
(1) Calendar year. Baseline is current law. For a detailed discussion of the proposals see the Tax Policy Center's report A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans available on the TPC website.
Assumes all proposals are fully phased in.
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non-filing units but excludes those that are dependents of other tax units.
(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income.
18-Jul-08
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T08-0173
Senator Obama's Tax Proposals as Described by his Economic Advisors
1
Distribution of Federal Tax Change by Cash Income Level, 2012
Detail Table - Single Tax Units
Cash Income Level
(thousands of 2008
2
dollars)
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Percent of Tax Units 3
With Tax Cut
With Tax
Increase
65.3
60.5
80.9
92.7
97.0
95.2
94.6
89.7
76.5
50.7
35.9
78.8
7.0
9.9
10.5
5.0
2.6
4.5
5.3
10.1
23.5
48.8
64.1
7.8
Percent
Change in
After-Tax
4
Income
8.2
4.8
4.7
4.4
3.8
3.4
3.5
3.5
3.3
0.4
-4.8
3.4
Share of Total
Federal Tax
Change
6.8
13.1
13.9
11.6
10.1
18.7
11.1
15.8
7.1
0.3
-8.3
100.0
Average Federal Tax Change
Dollars
Percent
-458
-698
-1,086
-1,360
-1,477
-1,716
-2,391
-3,645
-7,150
-1,898
97,829
-1,204
-97.3
-49.0
-27.0
-18.9
-14.4
-11.0
-9.8
-9.3
-7.6
-0.8
7.7
-11.0
Share of Federal Taxes
Change (%
Points)
-0.7
-1.3
-1.0
-0.6
-0.3
0.0
0.2
0.4
0.4
0.5
2.5
0.0
Under the
Proposal
0.0
1.7
4.6
6.1
7.4
18.7
12.5
19.0
10.7
4.8
14.3
100.0
5
Average Federal Tax Rate
Change (%
Points)
-7.6
-4.3
-4.0
-3.6
-3.0
-2.6
-2.6
-2.6
-2.3
-0.3
3.0
-2.6
Under the
Proposal
0.2
4.5
10.9
15.4
18.0
20.9
23.5
25.0
27.8
31.3
41.5
21.0
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2012
Cash Income Level
(thousands of 2008
2
dollars)
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Tax Units 3
Number
(thousands)
Percent of
Total
12,033
15,257
10,409
6,929
5,586
8,900
3,777
3,528
811
138
69
67,788
17.8
22.5
15.4
10.2
8.2
13.1
5.6
5.2
1.2
0.2
0.1
100.0
Average
Income
(Dollars)
6,036
16,104
26,937
37,831
48,999
66,503
93,400
143,053
313,377
737,609
3,290,833
46,595
Average
Federal Tax
Burden
(Dollars)
471
1,425
4,019
7,202
10,289
15,634
24,303
39,346
94,107
232,628
1,267,888
10,972
Average After4
Tax Income
(Dollars)
5,565
14,678
22,917
30,629
38,710
50,868
69,097
103,707
219,271
504,981
2,022,944
35,623
Average
Federal Tax
5
Rate
7.8
8.9
14.9
19.0
21.0
23.5
26.0
27.5
30.0
31.5
38.5
23.6
Share of PreTax Income
Percent of
Total
Share of PostTax Income
Percent of
Total
Share of
Federal Taxes
Percent of
Total
2.3
7.8
8.9
8.3
8.7
18.7
11.2
16.0
8.0
3.2
7.2
100.0
2.8
9.3
9.9
8.8
9.0
18.8
10.8
15.2
7.4
2.9
5.8
100.0
0.8
2.9
5.6
6.7
7.7
18.7
12.3
18.7
10.3
4.3
11.8
100.0
Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0308-6).
Number of AMT Taxpayers (millions). Baseline:
22.6
Proposal:
5.0
(1) Calendar year. Baseline is current law. For a detailed discussion of the proposals see the Tax Policy Center's report A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans available on the TPC website.
Assumes all proposals are fully phased in.
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non-filing units but excludes those that are dependents of other tax units.
(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income.
18-Jul-08
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T08-0173
Senator Obama's Tax Proposals as Described by his Economic Advisors
1
Distribution of Federal Tax Change by Cash Income Level, 2012
Detail Table - Married Tax Units Filing Jointly
Cash Income Level
(thousands of 2008
2
dollars)
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Percent of Tax Units 3
With Tax Cut
With Tax
Increase
66.9
73.9
82.5
85.0
90.2
96.4
97.9
98.5
95.5
71.6
52.1
91.8
9.9
9.1
8.0
8.8
7.2
3.0
1.9
1.5
4.4
28.3
47.9
5.0
Percent
Change in
After-Tax
4
Income
9.0
5.5
6.6
6.5
6.1
4.8
4.5
4.6
3.0
0.0
-3.5
2.9
Share of Total
Federal Tax
Change
0.5
1.8
4.2
5.0
5.1
13.8
17.5
50.3
20.5
0.1
-18.8
100.0
Average Federal Tax Change
Dollars
Percent
-427
-884
-1,653
-2,197
-2,601
-2,763
-3,464
-5,204
-6,767
-110
74,755
-2,974
-128.3
-138.7
-81.5
-53.6
-38.4
-23.9
-18.3
-14.4
-8.1
-0.1
6.9
-8.6
Share of Federal Taxes
Change (%
Points)
0.0
-0.2
-0.4
-0.4
-0.4
-0.8
-0.9
-1.9
0.1
0.9
3.9
0.0
Under the
Proposal
0.0
-0.1
0.1
0.4
0.8
4.1
7.3
28.0
21.9
10.1
27.2
100.0
5
Average Federal Tax Rate
Change (%
Points)
-8.4
-5.3
-6.1
-5.8
-5.3
-4.0
-3.6
-3.5
-2.2
0.0
2.3
-2.1
Under the
Proposal
-1.9
-1.5
1.4
5.0
8.5
12.9
16.2
20.7
25.0
28.8
35.9
22.9
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2012
Cash Income Level
(thousands of 2008
2
dollars)
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Tax Units 3
Number
(thousands)
Percent of
Total
2,059
3,695
4,653
4,125
3,572
9,064
9,144
17,526
5,479
913
455
60,954
3.4
6.1
7.6
6.8
5.9
14.9
15.0
28.8
9.0
1.5
0.8
100.0
Average
Income
(Dollars)
5,102
16,805
27,081
37,989
49,128
68,660
95,433
149,607
308,576
739,970
3,227,576
138,787
Average
Federal Tax
Burden
(Dollars)
333
637
2,029
4,096
6,778
11,586
18,949
36,145
84,021
213,382
1,082,723
34,709
Average After4
Tax Income
(Dollars)
4,769
16,168
25,052
33,892
42,350
57,074
76,484
113,463
224,555
526,588
2,144,853
104,079
Average
Federal Tax
5
Rate
6.5
3.8
7.5
10.8
13.8
16.9
19.9
24.2
27.2
28.8
33.6
25.0
Share of PreTax Income
Percent of
Total
Share of PostTax Income
Percent of
Total
Share of
Federal Taxes
Percent of
Total
0.1
0.7
1.5
1.9
2.1
7.4
10.3
31.0
20.0
8.0
17.4
100.0
0.2
0.9
1.8
2.2
2.4
8.2
11.0
31.3
19.4
7.6
15.4
100.0
0.0
0.1
0.5
0.8
1.1
5.0
8.2
29.9
21.8
9.2
23.3
100.0
Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0308-6).
Number of AMT Taxpayers (millions). Baseline:
22.6
Proposal:
5.0
(1) Calendar year. Baseline is current law. For a detailed discussion of the proposals see the Tax Policy Center's report A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans available on the TPC website.
Assumes all proposals are fully phased in.
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non-filing units but excludes those that are dependents of other tax units.
(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income.
18-Jul-08
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T08-0173
Senator Obama's Tax Proposals as Described by his Economic Advisors
1
Distribution of Federal Tax Change by Cash Income Level, 2012
Detail Table - Head of Household Tax Units
Cash Income Level
(thousands of 2008
2
dollars)
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Percent of Tax Units 3
With Tax Cut
With Tax
Increase
80.8
88.2
96.4
98.1
98.7
99.2
99.1
98.0
88.8
70.6
48.3
94.2
3.5
1.3
1.4
0.7
0.9
0.5
0.5
1.8
11.0
29.0
51.7
1.4
Percent
Change in
After-Tax
4
Income
10.1
7.5
7.9
7.1
5.8
4.8
4.0
3.1
1.7
-0.4
-4.1
5.3
Share of Total
Federal Tax
Change
3.5
13.1
19.1
17.9
12.4
19.2
9.0
6.6
1.2
-0.1
-2.0
100.0
Average Federal Tax Change
Dollars
Percent
-731
-1,266
-2,022
-2,338
-2,366
-2,530
-2,879
-3,277
-3,863
1,994
86,020
-1,973
155.2
193.4
-131.6
-47.7
-28.7
-19.2
-13.3
-9.2
-4.7
1.0
7.8
-25.8
Share of Federal Taxes
Change (%
Points)
5
Average Federal Tax Rate
Under the
Proposal
Change (%
Points)
Under the
Proposal
-2.0
-6.9
-1.6
6.8
10.7
28.1
20.2
22.7
8.7
3.7
9.6
100.0
-10.8
-7.8
-7.4
-6.2
-4.9
-3.8
-3.1
-2.3
-1.2
0.3
2.7
-4.4
-17.8
-11.8
-1.8
6.8
12.1
16.1
19.9
23.0
25.2
28.3
37.1
12.6
Share of PreTax Income
Percent of
Total
Share of PostTax Income
Percent of
Total
Share of
Federal Taxes
Percent of
Total
1.4
7.4
11.3
12.7
11.1
22.0
12.8
12.4
4.3
1.6
3.3
100.0
1.8
9.2
12.8
13.3
11.1
21.2
11.8
11.1
3.8
1.4
2.6
100.0
-0.6
-1.7
3.8
9.7
11.1
25.8
17.3
18.5
6.8
2.7
6.6
100.0
-1.4
-5.2
-5.3
-2.9
-0.4
2.3
2.9
4.1
1.9
1.0
3.0
0.0
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2012
Cash Income Level
(thousands of 2008
2
dollars)
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Tax Units 3
Number
(thousands)
Percent of
Total
2,316
5,047
4,615
3,737
2,547
3,703
1,518
988
156
25
11
24,714
9.4
20.4
18.7
15.1
10.3
15.0
6.1
4.0
0.6
0.1
0.1
100.0
Average
Income
(Dollars)
6,761
16,328
27,243
37,894
48,781
66,425
93,959
139,901
310,610
727,675
3,207,147
45,216
Average
Federal Tax
Burden
(Dollars)
-471
-654
1,537
4,904
8,256
13,204
21,609
35,496
82,202
203,766
1,103,195
7,659
Average After4
Tax Income
(Dollars)
7,232
16,983
25,707
32,990
40,525
53,221
72,351
104,405
228,408
523,909
2,103,952
37,557
Average
Federal Tax
5
Rate
-7.0
-4.0
5.6
12.9
16.9
19.9
23.0
25.4
26.5
28.0
34.4
16.9
Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0308-6).
Number of AMT Taxpayers (millions). Baseline:
22.6
Proposal:
5.0
(1) Calendar year. Baseline is current law. For a detailed discussion of the proposals see the Tax Policy Center's report A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans available on the TPC website.
Assumes all proposals are fully phased in.
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non-filing units but excludes those that are dependents of other tax units.
(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income.
18-Jul-08
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T08-0173
Senator Obama's Tax Proposals as Described by his Economic Advisors
Distribution of Federal Tax Change by Cash Income Level, 2012 1
Detail Table - Tax Units with Children
Cash Income Level
(thousands of 2008
dollars) 2
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Percent of Tax Units 3
With Tax Cut
With Tax
Increase
83.6
96.7
99.0
99.5
99.4
99.5
99.6
99.5
97.1
78.8
58.9
97.7
1.2
0.6
0.7
0.4
0.5
0.5
0.4
0.5
2.9
21.1
41.1
1.1
Percent Change
in After-Tax
Income 4
12.1
8.1
9.4
8.8
7.5
6.0
5.5
5.2
3.3
0.5
-3.3
4.2
Share of Total
Federal Tax
Change
1.4
4.7
8.3
8.6
7.3
14.9
14.4
35.7
13.5
0.7
-9.4
100.0
Average Federal Tax Change
Dollars
Percent
-849
-1,450
-2,456
-2,952
-3,082
-3,318
-4,138
-5,892
-7,279
-2,356
69,942
-3,349
129.2
116.1
-228.1
-64.9
-38.7
-26.1
-20.3
-16.0
-8.6
-1.1
6.2
-13.2
Share of Federal Taxes
Change (%
Points)
-0.2
-0.8
-1.2
-1.1
-0.7
-1.1
-0.8
-0.9
1.1
1.2
4.5
0.0
Average Federal Tax Rate 5
Under the
Proposal
Change (%
Points)
Under the
Proposal
-0.4
-1.3
-0.7
0.7
1.8
6.4
8.6
28.5
22.1
9.8
24.5
100.0
-13.3
-8.7
-9.0
-7.8
-6.3
-4.9
-4.3
-4.0
-2.4
-0.3
2.2
-3.2
-23.6
-16.3
-5.1
4.2
10.0
13.9
17.0
20.7
25.3
29.8
36.8
20.9
Baseline Distribution of Income and Federal Taxes
by Cash Income Level, 2012 1
Cash Income Level
(thousands of 2008
dollars) 2
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Tax Units 3
Number
(thousands)
Percent of
Total
2,594
5,296
5,529
4,775
3,857
7,346
5,684
9,906
3,045
476
220
48,864
5.3
10.8
11.3
9.8
7.9
15.0
11.6
20.3
6.2
1.0
0.5
100.0
Average
Income
(Dollars)
6,371
16,585
27,153
37,955
49,028
67,754
95,395
149,292
307,399
739,676
3,238,329
105,014
Average
Federal Tax
Burden
(Dollars)
-657
-1,249
1,077
4,550
7,971
12,729
20,341
36,810
85,159
222,422
1,121,462
25,322
Average AfterTax Income 4
(Dollars)
7,028
17,835
26,076
33,404
41,057
55,024
75,054
112,482
222,239
517,254
2,116,867
79,693
Average
Federal Tax
Rate 5
Share of PreTax Income
Percent of
Total
Share of PostTax Income
Percent of
Total
Share of
Federal Taxes
Percent of
Total
-10.3
-7.5
4.0
12.0
16.3
18.8
21.3
24.7
27.7
30.1
34.6
24.1
0.3
1.7
2.9
3.5
3.7
9.7
10.6
28.8
18.2
6.9
13.9
100.0
0.5
2.4
3.7
4.1
4.1
10.4
11.0
28.6
17.4
6.3
12.0
100.0
-0.1
-0.5
0.5
1.8
2.5
7.6
9.3
29.5
21.0
8.6
20.0
100.0
Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0308-6).
Number of AMT Taxpayers (millions). Baseline:
22.6
Proposal:
5.0
Note: Tax units with children are those claiming an exemption for children at home or away from home.
(1) Calendar year. Baseline is current law. For a detailed discussion of the proposals see the Tax Policy Center's report A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans available on the TPC website.
Assumes all proposals are fully phased in.
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non-filing units but excludes those that are dependents of other tax units.
(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income.
18-Jul-08
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T08-0173
Senator Obama's Tax Proposals as Described by his Economic Advisors
Distribution of Federal Tax Change by Cash Income Level, 2012 1
Detail Table - Elderly Tax Units
Cash Income Level
(thousands of 2008
dollars) 2
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Percent of Tax Units 3
With Tax Cut
With Tax
Increase
20.9
25.4
51.9
67.1
77.0
84.7
89.6
88.2
81.3
43.7
30.8
59.3
21.0
20.5
25.2
20.9
17.2
13.8
10.0
11.7
18.7
56.3
69.2
18.6
Percent Change
in After-Tax
Income 4
0.9
0.9
2.2
2.9
3.9
2.9
3.2
3.6
3.0
-0.7
-4.6
1.7
Share of Total
Federal Tax
Change
0.4
3.1
7.7
7.5
8.6
20.9
21.4
45.7
26.3
-2.7
-38.9
100.0
Average Federal Tax Change
Dollars
Percent
-58
-148
-560
-1,016
-1,742
-1,722
-2,527
-4,138
-7,024
3,750
98,540
-1,101
-30.1
-33.0
-37.9
-37.5
-38.8
-18.2
-15.9
-13.2
-8.3
1.7
8.6
-6.3
Share of Federal Taxes
Change (%
Points)
0.0
-0.2
-0.4
-0.4
-0.5
-0.9
-0.9
-1.6
-0.4
0.8
4.5
0.0
Under the
Proposal
0.1
0.4
0.9
0.8
0.9
6.3
7.6
20.1
19.4
10.7
32.8
100.0
Average Federal Tax Rate 5
Change (%
Points)
-0.9
-0.9
-2.1
-2.7
-3.6
-2.5
-2.7
-2.8
-2.2
0.5
3.0
-1.3
Under the
Proposal
2.0
1.9
3.4
4.5
5.6
11.4
14.2
18.5
24.5
29.7
37.9
19.8
Baseline Distribution of Income and Federal Taxes
by Cash Income Level, 2012 1
Cash Income Level
(thousands of 2008
dollars) 2
Less than 10
10-20
20-30
30-40
40-50
50-75
75-100
100-200
200-500
500-1,000
More than 1,000
All
Tax Units 3
Number
(thousands)
Percent of
Total
2,539
6,918
4,634
2,493
1,658
4,080
2,843
3,711
1,258
243
133
30,530
8.3
22.7
15.2
8.2
5.4
13.4
9.3
12.2
4.1
0.8
0.4
100.0
Average
Income
(Dollars)
6,784
16,273
26,676
37,627
49,112
67,978
94,250
147,138
315,492
740,468
3,269,522
82,817
Average
Federal Tax
Burden
(Dollars)
192
449
1,476
2,707
4,487
9,474
15,872
31,350
84,316
216,395
1,140,798
17,527
Average AfterTax Income 4
(Dollars)
6,592
15,824
25,200
34,920
44,625
58,503
78,378
115,787
231,175
524,073
2,128,724
65,289
Average
Federal Tax
Rate 5
2.8
2.8
5.5
7.2
9.1
13.9
16.8
21.3
26.7
29.2
34.9
21.2
Share of PreTax Income
Percent of
Total
Share of PostTax Income
Percent of
Total
Share of
Federal Taxes
Percent of
Total
0.7
4.5
4.9
3.7
3.2
11.0
10.6
21.6
15.7
7.1
17.2
100.0
0.8
5.5
5.9
4.4
3.7
12.0
11.2
21.6
14.6
6.4
14.2
100.0
0.1
0.6
1.3
1.3
1.4
7.2
8.4
21.7
19.8
9.8
28.3
100.0
Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0308-6).
Number of AMT Taxpayers (millions). Baseline:
22.6
Proposal:
5.0
Note: Elderly tax units are those with either head or spouse (if filing jointly) age 65 or older.
(1) Calendar year. Baseline is current law. For a detailed discussion of the proposals see the Tax Policy Center's report A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans available on the TPC website.
Assumes all proposals are fully phased in.
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non-filing units but excludes those that are dependents of other tax units.
(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income.