Candidates Reveal Their Tax Plans

The Presidential candidates have announced their tax plans, and there are dramatic differences.

Under both plans the average American tax payer would benefit with lower taxes.

However, under McCain's plan the wealthiest one tenth of one percent of American tax payers (those making $2.8 million or more) would receive nearly one quarter of the benefits. Compared to Obama's plan which would cut taxes for the middle-class by three times that of McCain's proposal.

Neither plan would create a zero balance for the national budget. However, McCain's proposal would increase the national deficit by $1.2 trillion (one trillion two-hundred billion dollars) over that of the Obama plan.

John McCain would make the Bush tax-cuts permanent. Obama would keep the cuts in place for middle and lower class Americans but repeal them for those making a quarter of a million dollars or more a year. Obama would also eliminate income tax for seniors who earn less that $50,000 a year.

So to summarize the differences, Under John McCain's plan taxpayers in every income group would see a lower tax bill, but high-income taxpayers would benefit more than everyone else.

Under Barack Obama's plan high-income taxpayers would pay more in taxes, while everyone else's tax bill would be reduced. Those who would receive the largest benefit as a reduction in percentage of after-tax income would be the lowest income groups under Barack Obama's plan.

It seems the options are four more years of Bushism or real change. You decide, but make an informed decision.