I was interested in running the federal income tax numbers per the proposed Romney and Obama 2013 rates. Though I am not an accountant I believe them to be correct. The official position of Romney is to cut each tax bracket by 20%. Whether or not he can accomplish this obviously depends on how many seats are gained by “limited government individuals” in the Senate, and if he will actually stick to his proposed plan. I did this in order to see whether or not it would be advantageous to wait until 2013 to actually receive gas related bonus payments. Needless to say waiting(if Romney is elected) would create quite a savings. I calculated based on an individual earning $50,000 p/year and leasing 50 acres at $5,000 p/acre, which I believe a company like Buckeye Mineral could negotiate by the end of this year. This puts the individuals earned income at $300,000. If Obama is re-elected the individual only stands to loose $2,477 from current rates, if he/she leases in 2013. If Romney is elected the individual stands to save $15,181 from current rates, if he/she leases in 2013. However, there is a $17,658 difference between the two candidates! The difference is much more drastic as earned income increases. Just goes to show what a Marxist Obama is and how important this election is! Get out and vote!

Married Filing Jointly Current Tax Rates

10% on taxable income from $0 to $17,400, plus
15% on taxable income over $17,400 to $70,700, plus
25% on taxable income over $70,700 to $142,700, plus
28% on taxable income over $142,700 to $217,450, plus
33% on taxable income over $217,450 to $388,350, plus
35% on taxable income over $388,350.

Proposed Romney Tax Rates in 2013 - 8%, 12%, 20%, 22.4%, 26.4%, 28%

Federal Income Tax on $300,000 at Romney rates(2013) = $60,725(20.24% as percentage of income)

Proposed Obama Tax Rates in 2013 - 10%, 15%, 25%, 28%, 36%, 39.6%

Federal Income Tax on $300,000 at Obama rates(2013) = $78,383(26.13% as percentage of income)