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

There is one week left before Americans go to the polls and vote for the next president of the United States of America. According to top political survey polls, Barack Obama has increased his lead by 8 to 10 percentage points.

Are you still on the fence about who to vote for? Will the candidates tax plans influence your vote? Well, here is a quick reference that clears up any questions you may have about Senator Barack Obama’s tax cut plan.

Married couples making $75,000, with 2 children, with one of them in college would be entitled to a tax cut of:

$3,700, this amount includes…

• $1,000 Making Work Pay Tax Credit
• $ 500 universal mortgage credit
• $4,000 college credit

Married couples making $90,000 would be entitled to

$1,000

Single parents, making $40,000, with 2 young children and childcare expenses would be entitled to:

$2,100, this amount includes…

• $500 making work pay tax credit
• $500 universal mortgage credit
• $1,100 from Obama expansion of the child care tax credit

A 70 year old widow making $35,000 would be entitled to:

$1,900

These calculations are based on IRS Statistics of Income. The good news is that these tax savings are actually conservative, because they do not account for other tax credits and incentives that you may qualify for, specifically:

• $500 in savings from expanded Savers Credit
• $2500 in savings per family from the Obama healthcare plan

Find out more of the Obama Tax Plan.