Election 08: Obama and McCain On Taxes

(Washington Post) "According to a new analysis by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, Democrat Barack Obama and Republican John McCain are both proposing tax plans that would result in cuts for most American families. Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy.

For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million".



In hood terms, under Obama's plan if you don't have a lot of bank, you will get a nice tax return. However, if you are rolling with the big dogs like Oprah or Lebron, you're going to have to pay some money back to the goverment.

Under McCain's plan, if you're 50 Cent or Diddy, you will still keep a lot of your money, while those who are middle class or poor will receive very little in their tax returns.