Oct 24, 2008 11:55 pm US/Eastern
Obama And McCain Spar Over Tax Plans
(CBS4)
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Democrat Barck Obama and Republican John McCain greet each other prior to their second presidential debate at Belmont University's Curb Event Center on Oct. 7, 2008, in Nashville, Tenn.
Paul J. Richards/Getty Images
It seems like all you hear as the presidential campaign winds to a close is about taxes. Barack Obama says he will cut them, John McCain says Obama will raise them and vice-versa. The plans were highlighted during campaigning in Florida this week.
During a Tuesday rally in Miami, Obama asked for a show of hands from people making less than $250,000 a year. "Under my plan, your taxes will not rise, one penny," Obama exclaimed.
On Thursday, McCain said Obama's tax policies would hurt the little guy. "He told 'Joe the Plumber' in Ohio that he wants to spread the wealth around," McCain said.
Confused yet? You're not alone.
The non-partisan Tax Policy Center went digging through the details of the proposals and speeches and concluded, "Senator McCain's tax cuts would primarily benefit those with very high incomes."
In contrast, it said Senator Obama offers much larger tax breaks to low and middle income tax payers and would increase taxes on high income taxpayers.
Another comparison showed McCain's plan would cut taxes about 3 percent annually for middle income taxpayers by 2012. But, McCain's plan would cut taxes for the wealthiest by 9.5 percent or an average of $125,000 a year.
But, the one thing neither candidate has addressed is the nations soaring and increasingly crippling national debt. Obama's tax plan would boost that debt another 3.5 trillion dollars by 2018, while McCain's plan by 5 trillion dollars, despite campaign trail promises from both candidates to finally tighten the federal budget's belt.
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