Tomorrow is the day Americans hit the poll and vote for their presidential choice.  According to many pundits and political analysts, Obama appears to be a shoo-in.  With that said, what are the implications for the common, middle class folks? And what about our taxes?

According to Barack Obama’s tax plan, more than 95% of Americans will get a tax cut while those making over a quarter of a million dollars a year will get an increase.  Here’s his tax plan in a nutshell:

Let’s say you are married (hopefully happily), and you make $60,000 a year and you own a home. You have two beautiful children, one who is a freshman in high school and the other is attending college.

Under the Obama Tax Plan, in 2009, you would get a $1,000 Work Pay Tax Credit, a $500 universal mortgage credit and a $4,000 college credit. The total savings could add up to $3,700 a year or a little of 6% of your annual income.

Let’s say you are married and your annual income is $85,000.  Then your family would be entitled to a $1,000 tax cut.

But what if you’re a single mom with 2 young children making $38,000 a year?  You would get a $500 work pay tax credit, a $500 universal mortgage credit and a $1,100 addition to the established child care credit. That is $2,100 or 5.5% more than under the current tax system.

If you are a 71 year old widow or widower making $33,000 a year, you would be entitled to $1,900.

These calculations are based on IRS Statistics of Income. The calculations are conservative because their may be other tax credits that you qualify for, including a $500 in savings from expanded Savers Credit and $2500 in savings per family from the Obama healthcare plan