Obama vs. McCain: Tax Proposals Made Simple

These days, common knowledge suggest that any Republican will cut taxes, any Democrat will raise them. And this election year is no different. Sen. John McCain has said that there will be no new taxes, only tax cuts, under a McCain presidency. Obama, on the other hand, says that he will only raise taxes on those making the most amount of money–those who benefit most from our economy should also invest the most back in, his logic goes.
But how much of this is talk and how much might actually result in more cash in your pocket? Luckily for us all, the Washington Post has put together an easy-to-read chart that tells you exactly what each candidate’s proposed plan means for your wallet. The information in this chart comes from a recent analysis of the Tax Policy Center, a project from the Urban Institute and the Brookings Institution.
It’s not hard to see that both candidates have been honest and clear about their proposals. What may come as a surprise is that, while McCain cuts more taxes across the board, Obama gives the highest tax cuts to those making the least, and raises taxes only of people making more than $600,000/year.
I don’t know about you, but I can’t even imagine what $600,000 looks like, let alone having that as my annual beer-drinking budget. But what about you?
How do tax proposals affect your vote?
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[Image sources: WashingtonPost.com; WashingtonIndependent.com]