Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

12 of 22
BACKNEXT
Personal Taxes
Both candidates favor keeping some or all of the Bush tax cuts in place. Wealthy taxpayers win out under McCain's plan, while lower-income earners benefit more under Obama's proposals.

· Make 2001 and 2003 tax cuts permanent for everyone.

· Permanently repeal the Alternative Minimum Tax, the so-called "wealth tax" that threatens the middle class.

"I will...propose...a middle-class tax cut -- a phase-out of the Alternative Minimum Tax to save more than 25 million middle-class families as much as $2,000 in a single year." -- McCain*
· Leave all tax cuts in place for everyone except couples making more than $250,000 and single filers making more than $200,000. Those high-income groups would see their top two income tax rates revert to 36% and 39.6% from 33% and 35% respectively.

· Provide $1,000 tax cut for working couples making less than $250,000.

· Introduce other tax breaks for lower and middle-income households.

"We shouldn't be distorting our tax code to benefit a few powerful interests -- we should be insisting that everyone pays their fair share, and when I'm president, they will." -- Obama**




NEXT: Taxing Business
Last updated October 29 2008: 12:15 PM ET
Source:
*June 10, 2008, Speech, Washington, D.C.
**Sept.18, 2007, Speech, Washington, D.C.
More Galleries
The 7 biggest investment mistakes celebrities make From betting too heavily on real estate to overestimating future earnings, here are 7 of the most common money mistakes that celebrities make. More
Cotton candy, toothpicks, pet gel -- these products are all made from marijuana Legal cannabis, an estimated $5.4 billion industry, is drawing in entrepreneurs with a variety of innovative products -- from skin patches to pain relief gel for pets. More
Coolest hotel bars for business travelers CNNMoney asked two concierge services for high-flying business people what hotel bars they'd recommend in 5 major U.S. cities. Here are their favorite spots. More

Special Offer