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 PostRead the entire Washington Post article here.
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