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I am a high school English teacher in an urban high school in Oklahoma City. I am a member of the American Federation of Teachers, Local 2309. I am a Democrat, a union activist and a worker for social justice. I also am a Christian (Congregationalist). I play chess and coach our school chess team.

Sunday, September 21, 2008

Obama and McCain Tax Plans Compared

from VotefromAbroad.Org

Each of the candidates has a tax plan, but they differ quite a bit. Here is a chart 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.
from The Washington Post
Read the entire Washington Post article here.

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