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
17 cool gadgets that tease the future Smart telescopes, surveillance for dogs, an electric roadster and more from CES 2018. More
These 12 airplane beds let you really sleep on a flight For the price of a premium class ticket, you may just get a space that's comfortable, private, and quiet enough to ensure a good rest. More
CES 2018 kicks off with oddball gadgets The biggest tech show of the year opened with a collection of quirky gadgets. More

Special Offer