Both of the candidates for president claim their tax plans offer tax cuts for the middle class. There is now an independent Web site, taxclarity.com, where you can go to find out how the tax plans will affect your taxes.
As an experiment, I entered information at three different income levels to see how the plans would affect a family with three children under 10 years old. At $35,000 per year, I would pay $75 in taxes under the Gore plan and pay $0 in taxes under the Bush plan. At $45,000 per year, I would pay $1,575 under the Gore plan and pay $0 in taxes under the Bush plan. At $50,000 per year, I would pay $2,325 under the Gore plan and pay $0 under the Bush plan.
If you can jump through the hoops to meet certain requirements of the Gore plan, such as long-term care for a relative in your home, you may qualify for additional savings.
I would recommend that anyone who thinks he would benefit from the Gore plan calculate his own taxes. Be prepared to spend a lot of time reading the confusing rules and regulations that determine if you qualify for any additional deductions under the Gore plan.
Don’t be surprised if you find that the Bush tax plan is the best plan for low- and middle-income Americans.
