Wednesday, August 20, 2008

Obama's and McCain's tax plans

Here's a nice, nonpartisan analysis of Obama's and McCains tax plans from the Urban Institute and Brookings. The summary:
Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.
And the money shot:If you have trouble reading that, it just means that the wealthier you are, the better you'll do under McCain's plan. The poorer you are, the better you'll do under Obama's. It's pretty crystal clear, and quite consistent with how the parties have governed over the past half century.

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