Where They Stand: Your Taxes
[Editor's note: Tonight, we're beginning series of in-depth stories that we'll be airing about twice a week until Election Day. Each will focus on one major issue that affects Americans – from health care to the environment to education. It's called "Where They Stand," and is designed to help see straight through the rhetoric and find out what impact each candidate's plan would actually have on you. Tonight, Anthony Mason has our first installment, and it's about something that hits every American's wallet … and on which Obama and McCain differ significantly: taxes. Correspondent Anthony Mason contributed this post about his report for tonight's Evening News.]
We headed to Ohio, a critical battleground state, to look at the tax issue. Polls show the race there is in a statistical dead heat.
We spent three days there, driving from Columbus to Dayton to Cincinnati – all to spend time with three different families. Their incomes ranged from $32,000 to $213,000. We found them with a little help from the Ohio Society of CPAs, so we could see how the candidate’s tax proposals could affect a cross section of Americans.
Kendra Foos, a mother of three in Miamisburg, Ohio, summed up what a lot of middle income taxpayers seem to be feeling: “We’re on our own. That’s how I feel. There isn’t anybody that’s rooting for us. [They think] we’re the ones in the middle that can take care of themselves.” As she sat around the kitchen table with her husband Andy, a construction manager, Kendra said, “We're the ones that seem to struggle the most, because we don’t have any type of program to help us. And the rich are doing just fine.”
All three families we talked with felt squeezed by the economy, which polls show is the most important issue in the state. Ohio has lost 200,000 jobs this decade. Second only to Michigan. Joi Beacham, a teacher from Pataskala, summed up what she wanted from the next president in one word: "Relief."
In “Where They Stand” on the Evening News tonight, we lay out both candidates proposals. Matt Yuskewich, a Columbus accountant, crunched the numbers for us to show what it would mean for our three Ohio families. And in doing that, we hope it will show you a pretty good estimate what it could mean for your tax bill. So, join us – and let us know what you think. There are plenty more issues to come – so stay tuned for those, too.
(CBS)
We spent three days there, driving from Columbus to Dayton to Cincinnati – all to spend time with three different families. Their incomes ranged from $32,000 to $213,000. We found them with a little help from the Ohio Society of CPAs, so we could see how the candidate’s tax proposals could affect a cross section of Americans.
Kendra Foos, a mother of three in Miamisburg, Ohio, summed up what a lot of middle income taxpayers seem to be feeling: “We’re on our own. That’s how I feel. There isn’t anybody that’s rooting for us. [They think] we’re the ones in the middle that can take care of themselves.” As she sat around the kitchen table with her husband Andy, a construction manager, Kendra said, “We're the ones that seem to struggle the most, because we don’t have any type of program to help us. And the rich are doing just fine.”
All three families we talked with felt squeezed by the economy, which polls show is the most important issue in the state. Ohio has lost 200,000 jobs this decade. Second only to Michigan. Joi Beacham, a teacher from Pataskala, summed up what she wanted from the next president in one word: "Relief."
In “Where They Stand” on the Evening News tonight, we lay out both candidates proposals. Matt Yuskewich, a Columbus accountant, crunched the numbers for us to show what it would mean for our three Ohio families. And in doing that, we hope it will show you a pretty good estimate what it could mean for your tax bill. So, join us – and let us know what you think. There are plenty more issues to come – so stay tuned for those, too.
Best-selling author Mitch Albom on his first nonfiction work since "Tuesdays with Morrie."
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Hudson, MA, USA
By Markus McLaughlin%u2028
Almost seven years have past since the events of September 11th. I have been wanting to travel to Ground Zero and St. Paul%u2019s Cathedral for years. That day had%u2028arrived on the Monday before September 11th of 2008. First, I walked to St. Paul%u2019s Cathedral and I was overwhelmed with emotion. I looked at displays and artifacts %u2028from that tragic day. I sat in a chair and prayed for all of those lost as well as for my Father who died 6 years before. Afterwards, I started walking and I remembered where the Twin Towers once stood because I was in the top of one of them 8 years ago. %u2028When I arrived at Ground Zero, there was large barrier walls covering the site where over Three Thousand lives perished after two hijacked jets hit the towers. Our lives changed forever because of 9/11/01. I see life as a very precious gift that should never be squandered. I finally could bring closure to my grief that has lasted seven years. %u2028I can not forget September 11th, for that day will haunt me for the rest of my life. I talked to one of the New York Police at Ground Zero, I gave my thanks to them for helping people on that fateful day. We can never forget and hope can never ever perish!
I had hoped to watch CBS to support Katie''s ratings. But I was turned off by the very biased reporting.
Please put out a chart where it has one the screen:
McCain Plan Obama Plan
Family A
Family B
Family C
Shame on you Anthony Mason for leading us to believe that this would be a fact based story. It changed to a "what if" story, and now we don''''t know what the Wilsons tax would be under the McCain plan or the Obama plan at their current salary.
Please publish a clarification on this on the Wednesday evening news with Katie Couric on CBS with the current salaries and tax impact for each family similar to the chart above. Just the facts are what we need to help us make the decision.
Thanks.
I think this topic needs a correction on the evening news. It misled a lot of people and may affect the way they vote. This important election should not be influenced by misinformation from a major national news outlet. The preparers of the story apparently did not understand the tax code and the vast majority of Americans also do not. As a result many viewers will not know this information was not correct. That is why you must correct your story on air!
You did not analyze the $213,000 income family the same as the other 2 family''s income. You based it on some "future growth of his business", and cited a tax increase. You wouldn''t even say what it was. His business could just as easily go down in this economy. This was a completely misleading analysis and you are doing the public a tremendous dis-service. Is there no news network with enough backbone to report accurately anymore.
If the $213,000/yr families income increased to $252,000 a year and the $250,000 bracket increased from 33% to 36%, their taxes would NOT increase by 3% as was shamelessly implied on the program. Their taxes would go up by 3% on the $2,000 more than $250,000. An increase of a whopping $160.
This was not an innocent mistake because the accountants were certainly aware of this (which is why the actual numbers were omitted)
As an individual who is lucky enough to have an income over $300,000 what is important to me is that our country stops being drastically mismanaged, so that once again my stock portfolio will go up instead of down, and the value of the dollar will increase so that every thing I buy is not more expensive. It doesn''t matter if your save a $1000 dollars on your taxes if you have to spend $5,000/year more on gas, groceries, and goods because the failed economic policies of your government have made each dollar you have worth less.
If the $213,000/yr families income increased to $252,000 a year and the $250,000 bracket increased from 33% to 36%, their taxes would NOT increase by 3% as was shamelessly implied on the program. Their taxes would go up by 3% on the $2,000 more than $250,000. An increase of a whopping $160.
This was not an innocent mistake because the accountants were certainly aware of this (which is why the actual numbers were omitted)
As an individual who is lucky enough to have an income over $300,000 what is important to me is that our country stops being drastically mismanaged, so that once again my stock portfolio will go up instead of down, and the value of the dollar will increase so that every thing I buy is not more expensive. It doesn''t matter if your save a $1000 dollars on your taxes if you have to spend $5,000/year more on gas, groceries, and goods because the failed economic policies of your government have made each dollar you have worth less.
Good idea - But you got it wrong!
FYI: Any increase in the ''bracket'' rate only applies to the income falling within that bracket...
This means what you pay the lower rate bracket by bracket until you reach the highest...
Hence, the highest earners in your piece''s example would NOT have had their income tax rate increase given their current income of $213K - By contrast it would have remained at 28% for that portion of their income exceeding the 15% rate cap (and excluding any new deductions that they might receive)
Hence your analysis was JUST PLAIN WRONG and further it made an assumption about the highest level earners that you did not apply to the other families (that they would reach the higher 33% rate through an increase in their total income)...
Do it right or don''t do it at all...
- by chesbay10 September 9, 2008 9:58 PM EDT
- I dont see anything on taxe breaks from either side for the close to or in middle class income levels without children. Its like those people are punished in taxes without breaks because they have no children to get tax credit. Not everyone has children but they are hard working and seem to pay the most in taxes no matter what income level.
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