Senator Obama plans to cut taxes for 95% of workers by $500 or working couples by $1,000.
He will also provide tax cuts for middle to low income senior citizens, owners of houses, the uninsured, and other people that plan to do anything specific with their money. Taxes will be cut for the middle class families. Under Obama's plan, middle class families would get three times as much tax cuts than McCain's plan. Families that make over $250,000 will pay equal or lower tax rates than what they paid during the '90s. Barack plans to reduce revenues to less than 18.2% of GDP by cutting taxes overall.
John McCain
McCain opposed tax cut laws in 2001 and 2003, but later agreed with extending tax cuts through 2010. He plans to keep the present rates on dividends, capital gains, current income, and investment tax rates. He says he would increase child deduction from $3,500 to $7,000.
John says he would decrease the corporate tax rate from 35% to 25%. He strongly believes in increasing the exemption from taxing on houses up to $10 million while cutting the tax rate to 10%. He would forbid new cell phone taxes and Internet taxes.
John says he would decrease the corporate tax rate from 35% to 25%. He strongly believes in increasing the exemption from taxing on houses up to $10 million while cutting the tax rate to 10%. He would forbid new cell phone taxes and Internet taxes.
Posted by Mike
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