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
Five most expensive cars sold at Pebble Beach These classic cars went for seven figure sums at the world's premier classic car event. More
Seats that move! Rain! Movie-watching goes beyond 3D How can movie theaters compete when many prefer to watch streaming video from their own comfy couches? Some hope a new interactive technology will lure audiences with immersive effects. More
15 cool cars for sale at Pebble Beach While these events are best known for seven-figure classics, just about everything crosses the block at Pebble Beach. More

Special Offer