But families with $250,000 to $300,000 in taxable income would on average owe an additional $199 a year, according to projections drawn from Census and IRS data by the progressive
Citizens for Tax Justice. That works out to $16 a month, enough to reduce the number of afternoon stops at Starbucks but not so devastating that the beach vacation gets canceled.
If the full Clinton tax code was restored, those same families earning $250,000 to $300,000 could have legitimate reason to protest. Their bill to the IRS would surge by $10,259, according to Citizens for Tax Justice.
The Tax Foundation calculator estimates that a typical two-child household with $400,000 in salary and investment income would pay $3,541 more in taxes under Obama. Those figures build to the point that a family earning $10 million to $20 million would see their bill balloon by almost $700,000.
And that reflects the underlying philosophical difference between Obama and Romney. To Romney, this group includes job creators whose business incomes are taxed at individual rates (pass-through taxation). These include partnerships in professions like law and medicine as well as small individual business owners who may not hire additional workers if their incomes are dramatically reduced. By contrast, Obama looks at the economic troubles across his time in office and concludes that prosperity will not trickle from the top, saying this month, “We’ve tried it their way. It didn’t work.”
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How Much More Would You Pay with Obama
How would Romney's work? Who knows? It just will, right? The money he won't be getting from the well off, will be gotten from somewhere to feed his buildup of defense. Somehow.