Nah, I specifically heard McCain say "no new taxes." I tried not to read his lips.

Although I never liked Huckabee I was really excited about bring the Fair Tax to the table. That would have been really great.

Yeah, but bear in mind those taxes include health insurance. You pay your taxes and have health insurance on top.

I am ok with that because my overall tax basis would decrease significantly from what it is now.

Income Tax Rates 2007-08 - excluding Family Tax Benefit[3] Taxable income Tax on this income Effective Tax Rate

$0 – $6,000 Nil 0% $6,001 – $30,000 15c for each $1 over $6,000 0% – 12%

$30,001 – $75,000 $3,600 plus 30c for each $1 over $30,000 12% – 22.8%

$75,001 – $150,000 $17,100 plus 40c for each $1 over $75,000 22.8% – 31.4%

Over $150,000 $47,100 plus 45c for each $1 over $150,000 31.4% – 45%

The Medicare levy applies to certain thresholds[4]


So if you earn over $150,000, you don't pay 45% on the whole lot, just the amount over $75,000. If you look at the scale, you'll see that you pay certain amounts of tax on certain earnings. So the first $6k is tax free, then the next $24k is up to 12% then the next $44k is up to 22.8% etc.

Yeah, that's how it works here, too, with different numbers.