The Obama Lie Machine

Obama tax calculator offers tax cuts for millionaires

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The Obama campaign unveiled a new website Thursday as part of a major communications push to convince voters that Mitt Romney’s tax plan favors the rich.

The website includes a tax calculator that allows voters to compare their tax savings under President Obama’s and Gov. Romney’s competing plans.

However, the tax calculator seems to be doing some fuzzy math. President Obama has promised to raise income taxes on all Americans making more than $200,000 and all families making more than $250,000 a year. Obama campaign spokesman Jen Psaki told reporters aboard Air Force One earlier today, “If you’re a millionaire or billionaire, it’s probably not looking good for you in our plan, but otherwise, you’re great under our plan.  So we encourage people to go [to the calculator website].”

Millionaires and billionaires who go to the website will be surprised to find that they, too, will receive “tax savings” under Obama’s plan. Indeed, it appears that any income will generate “tax savings” under the president’s tax proposals, according to the campaign website.

For example, a married individual who enters an annual household income of $50,000 and claims two dependents would see “tax savings” of $2,168 in 2013 under Obama’s plan, the calculator claims.

But a married individual who enters an annual household income of $400,000 and claims two dependents would see even greater “tax savings” of $8,225.

A married individual who enters an annual household income of $1,000,000 and claims two dependents would receive even greater “tax savings” of $8,295.

The calculator does not appear to have the computational ability to determine the “tax savings” of a married individual with an annual household income of a billion dollars.

However, anyone making up to $999,999,999 would still see a “tax savings” of $8,295, according to the calculator.

The fuzzy math extends to the calculator’s estimates of the tax savings individuals and families would see under Governor Romney’s proposals. The calculator claims that individuals making $1 million or more a year would see “tax savings” of $245,551 under Romney’s plan. That would amount to almost a quarter of that family’s total income.

The Obama campaign does not explain the methodology behind the calculator. The “learn more” feature of the calculator offers no specifics.

The Free Beacon has asked the Obama campaign for an explanation, and will update when one becomes available.

If your annual family income is $50,000:

If your annual family income is $100,000:

If your annual family income is $250,000:

If your annual family income is $400,000:

If your annual family income is $1 million:

If your annual family income is $10 million:

If your annual family income is $999 million: