Both John McCain and Barack Obama promise to cut taxes for the majority of Americans. But an Obama administration would redistribute income toward lower- and middle-class households, while a McCain White House would steer the bulk of the benefits to the wealthiest families, according to a nonpartisan analysis of the still-evolving tax plans of the presidential candidates.Link.
Both plans risk causing more economic damage than improvement, according to the detailed study by the Washington-based Tax Policy Center. While some of Sen. McCain's tax cuts could lift economic activity, the "adverse effects of the resulting increased deficits may make the net effect of the plan economically harmful," the report says. Sen. Obama's plan similarly "would substantially increase the deficit" and could create "additional complexity" to the tax code by offering a range of targeted breaks.
Here's the side-by-side.