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Obama's and McCain's Tax Plans Compared
Each of the candidates has a tax plan, but they differ quite a bit. Here is a chart from the Washington Post showing the plans. McCain's plan focuses tax cuts on upper-income taxpayers. Obama's focuses them on lower-income taxpayers. However, with the government about to spend something like $1 trillion to buy nonperforming mortgages, it is unlikely the new President will have a lot of budget room left for tax cuts of any magnitude unless they are offset by tax increases of the same magnitude. In that respect, Obama's plan might be doable since it is budgetarily neutral, raising taxes on the rich by as much as it cuts taxes for the middle class. McCain's plan cuts taxes for everyone and thus reduces federal revenue and increases the budget deficit.
http://www.electoral-vote.com/
Obama and McCain Tax Proposals
According to a new analysis by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, Democrat Barack Obama and Republican John McCain are both proposing tax plans that would result in cuts for most American families. Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy. For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million.
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