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. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million. Now Obama has some of the wealthiest people in America standing behind him; giving him money to help campaign. Can you tell me how these people plan on giving him their vote knowing that they are the ones going to be getting their taxes raised? Does that make any since? They do have time to change their mind. The plans cannot go into affect until President Bush’s plan expires which is 2010. This is all just a plan on how to get people to vote for them. Regardless of who you are voting for, the country needs help, there are a lot of discouraged workers out there and the cost of living has increased while our wages have not. The country is in a recession right now but if we don’t implement change we will soon be in a depression
McCain, borrowing a page from Ronald Reagan and President Bush, would keep tax rates low for higher-income taxpayers and slash rates for corporations, arguing that this is the way to jump-start a lethargic economy and create more jobs. Obama, focusing on a theme of many past Democratic campaigns, seeks to target his help to the squeezed middle class and address the growing income inequality between rich and ...