As the countdown narrows toward Election Day 2008, both Republican and Democratic presidential nominees are imparting what platform changes they'll institute upon entering the White House. Among their many proposals, both have discussed income tax percentages. For many unaware tax payers, they could be on the cusp of a potential tax increase by 20%, which is a significant increase compared to recent years.
So before the 2008 election day arrives, be sure to determine which tax bracket you are classified under. Tax brackets are determined based upon the amount of income earned annually, as well as your status as an individual (single, married filing jointly or qualified widower, married filing separately or head of household).
The 2008 tax bracket breakdown can be seen below:
| Tax Percentage |
Single |
Married Filing Jointly |
| 10% |
Up to $8,025 |
Up to $16,050 |
| 15% |
$8,025- $32,550 |
$16,050-$65,100 |
| 25% |
$32,550-$78,850 |
$65,100- $131,450 |
| 28% |
$78,850-$164,550 |
$131,450- $200,300 |
| 33% |
$164,550-$357,700 |
$200,300-$357,700 |
| 35% |
Over $357,700 |
Over $357,700 |
*If you qualify as 'married filing separately or 'head of household', determine your income tax rates here.
The Candidates & Their Platforms
John McCain will maintain the highest income tax bracket at 35 percent. His platform goals reflect the importance of small business owners who offer a large proportion of job opportunities nationwide. Additionally, McCain plans to phase in an increase in those eligible for dependent exemption by two-thirds.
Presidential hopeful Barack Obama plans to institute a generous "Making Work Pay" tax policy that includes a credit of up to $500 per person, or $1,000 per working family. Also, senior citizens earning less than $50,000 per year would not be subjected to income tax.
Find out more information on McCain's 'Reform, Prosperity, Peace' campaign and Obama's 'Change Our Country Needs' campaign.