Ok, we know that Sen. McCain knows nada about economics; doubt they teach that at annapolis; however, where did Sen. Obama get his scholarly education in economics; was it Columbia or Harvard?

Eight years ago, the Federal budget was in huge surplus. Today, it is deep in deficit. If the surplus were there, or the deficit were not there, the Fed and the Treasury would be able to rescue not only Bear Stern, Fannie Mae and Freddie Mac, but also Lehman Brothers, GM, etc., and bring the U.S. economy to a safe harbor. Unfortunately, Bernanke and Paulson's hands are tight by the giant Federal deficit. The nation owes too much money to other countries and is unable to act effectively upon economic crises. Bush's irresponsible economic policy, as well as failed foreign policy, made the nation weak. Now, McCain wants to continue Bush's irresponsible and failed policies. If he were elected, we could continue to depend on foreign governments and companies to rescue our major businesses when they are at the edge of collapse. Those who want to vote for McCain may ask Lehman’s executives to learn some lessons.

A President who abolishes the IRS would really be "change".

Replacing income tax with a consumption tax will increase revenue. If the average American receives the gross amount of their paycheck it'll put more money into their pockets now, where it belongs. With a consumtion tax we only pax tax on what we spend– not what we make. People who make money but don't file income tax would then actually be contributing to the federal revenue system. what a novel idea!

I urge people who think they are "progressive" and who dislike big Washington government to research about a Consumption Tax replacing the IRS.

What you all fail to mention is how is Obama going to pay for all of his so called plans for the environment, health care and what not. The truth is they will be paid for by raising taxes!! Why do you all keep overlooking or rather lying about that!?

Cindy...Ga.

Has it ever been shown that Congress created the IRS?

The Republicans have done such a horrific job of managing the state of affairs, we've now become Socialists. Thanks for using my tax dollars to bail out the free markets.

It's no wonder China can spend $40 billion on the Olympics when their investments are safe and secure in America courtesy of the taxpayer.

Which foreign government are both Senator McCain &
Senator Obama going to borrow the tax cut money from ??????? I think President Bush aready uses China so they may be tapped out.

Less Tax $$$$ = Less Revenue, but the same bills. You do the math!!!
Not hard to figure out!!!!!!

Susan
Phoenixville,PA

Obama will wants to raise the taxes of those making over $200,000, which is not the 90% of us who are reading these blogs and looking for answers. Did you fail to mention that?

Both the libs and the neocons are going to tax us either way . you could put lipstick on a pig but it is still a pig.. either way the american ppl get screwed and are going to pay a ton of taxes one way or another..

Cindy,

Obama wants to strengthen the engine of the United States, the middle class. As the stands, the gap between rich and poor has increased thanks to unfair tax rules. If you earn $500,000 this year, you'll pay less in taxes than someone earning $125,000.

Is that fair?

McCain, during the 2000 debate with Bush, talked about cutting taxes because the nation enjoyed a surplus. Well, McCain was not elected and Bush DID cut taxes and look what happened. The wealthy enjoyed security, unemployment skyrocketed, the tax base shrunk, and now our low tax base is bailing out failed Wall Street firms that hold our retirement accounts.

McCain was out of touch in 2000 and remains there today. That's why he has no clear agenda to rebuild the nation and strengthen our relationships with foreign nations.

Don't forget, the Iraq War siphoned billions out of our economy while Halliburton and Kellogg, Brown & Root thrived. Now, we have Russia, Afghanistan, Mexico, Iran, North Korea and China waging economic war against our nation.

Had the Republican administration embraced the age-old technique of diplomacy, our nation would continue to enjoy low taxes, surplus, strong economic and employment growth, and enhanced national security.

I don't know what you see in the Republican candidate, but I hope your interests will be served should they take the oath in November.

Whats very interesting is that blue collar workers are electrified by the McCain-Palin ticket to be able to basically vote against their own self interests. Cnn's No bias No bull confirmed that tonight discuss both candidates' tax policies. I doubt seriously that the majority of those blue collar workers are making more 100k; therefore, Obama needs to make his case on this issue. And the idea would be to state that his tax plan increases taxes on even himself. The fact that he would vote to increases on taxes for himself should show that he has the majority of working class in his best interests.

LOL. I am a low income earner. Most americans, 95% of families are middle class..so we will get good tax cuts. if you are a millionaire..suck it. we make you rich. remember that.

As a CPA who owns a small business, Obama understands the tax code better than McCain. I am tired of them talking about how Obama will increase taxes for small business. With healtcare costs being what they are we don't make a profit to tax! On Social Security Taxes I am convinced that Obama is the only politician I have seen in my 50 years that truely understands how the tax works. I have higher paid people in my company and his proposal would not impact me as an employer at all. If the middle class want their Social Security Benefits down the raod they had better wake up!The middle class is the backbone of the US Economy and it has serious osteoporosis.

Neither candidate has really made specifics on how they are going to pay for the environment and healthcare. For one, the issues are so complex and need to have clearly defined specifics. Reason being, in order to pass these bills by congress it would require that it be devised to meet interests of both parties.

Unless you are rich and I'm not, the tax plan of Obama sounds the most helpful to me. I'd prefer that it incorporate some deficit reduction in it as well though. Just the interest on the deficit breaks the bank. Someone needs to ask Bill Clinton how he managed to have a surplus at the end of his 2nd term – seems like he knew what to do about the economy.

Annie Kate
Birmingham AL

@ Rob-Arizona....You obviously missed Obama on ABC Sunday. He was asked if he was going to raise taxes on big businesses and he said no if the economy is bad all he will do is give tax breaks, which by the way is what McCain is running on. So where Rob, is Obama going to get the money for all of his big changes?

And also Obama wants to do away with Bush's tax cuts which means we will go back to the way taxes were before then...

McCAIN
(no changes)

Single making 30K – tax $4,500
Single making 50K – tax $12,500
Single making 75K – tax $18,750
Married making 60K- tax $9,000
Married making 75K – tax $18,750
Married making 125K – tax $31,250

OBAMA (reversion to pre-Bush tax cuts)

Single making 30K – tax $8,400
Single making 50K – tax $14,000
Single making 75K – tax $23,250
Married making 60K – tax $16,800
Married making 75K – tax $21,000
Married making 125K – tax $38,750

So Rob....is this what taxes you want to pay? And is this only raising taxes on the wealthy? I think not!

Cindy...Ga.

Obama, has alot of big plans, exactly where do you think this money is going to come from to pay for all these big plans? If you think for one minute, he can pay for these things without raising taxes, you are out of you mind. But, maybe he figures if he gets in office he'll have 10 year plans to pay for this stuff, this from a man who, if he wins will only be in office at the most 8 years. Where did he go to college again? Maybe they don't teach you how to count there.

Did anyone hear Obama's speech today ? He intends to spend the
350 Million Dollars/Day that we are spending in Iraq, on his pet pork projects. Doesn't he know we are 75 Trillion Dollars in debt ? May God protect us from the Democrats !

Progessive must include less not more burden on the worker bees of our society.The fear of being poor must never leave a capitalist form of government!

I don't believe that 95% will be getting something for nothing. I think either way it will cost. us all.
Also I heard part of obama speech today. Why does it sound very much like the Mike Dougles moive?

You guys are being unfair to President Bush and the deficit he left America in. Guys, America, who controls about 3% of the world population is basically singlehandedly handling the war on terror, obviously it'll take a toll on the budget.
Plus, Mr. Bush started spending wild like liberals, something I am very dissapointed in.

Oh, let us not forget McCain plans to cut government spending to negate the tax cuts, and his cuts across the board will spew spending, and create more jobs because businesses will have more capital to invest in jobs.

Thanks for the information about the taxes, but I would like also to know about social security. I have heard that Obama was going to raise social security.

The truth is, Obama SAYS that he will lower my taxes (40K a year with one kid).

Yet, Obama has a list of projects a mile long that we will have to find a way to pay for. We have a huge deficit that we are going to have to pay for. He has all these huge ideas and the American people will have to pay for them.

On top of that, Obama plans to reverse the Bush tax cuts. That will raise my taxes.

To Cindy from GA

Obama is going to pay for these different programs by ending the war in Iraq and stop spending 10 billion/month over there and begin spending that money here at home.

what happens to the tax numbers in the middle.

None of the analysis on taxes mentions that barrack Obama wants to raise the taxes on capital gains. Historically, to big of jump in capital gains taxes reduces revenue. It is not only the "rich" that this would affect. Anybody with a 401k or pension fund will be affected by this. If you are 25 and you lose an additional 10% of the gain on your retirement fund this is a pretty svere whack. Compound the actual losses over the 30-40 years until you retire and this will affect you a great deal.

Cooper-Why not ask if Obama is going to raise Taxes on Capital Gains and dividens which everyone even the low Earners get.
Larry

According to the tax guy on 360 tonight..under Obama's tax policy...the income tax would go up $12 for folks making $603,000 a year..but over that the tax bill goes up $114,000..

CNN is turning into MSNBC lite..they new a NEW economics guy. Familys with childred pay NO income tax if the household income is under 60K now.other than FICA.

360...get your facts straight.

They showed a chart when they covered this topic on his show. Does anyone know if that was posted? I'd love to have access to that info to pass along.

Cindy,
tell me exactly how have you extracted the false assumption that Obama = pre-bush tax rates?
Obama has pledged to CUT taxes for anybody earning less than $250K.
You are extrapolating about what he would do if the economy went down the drains? so, then where exactly will McCain get the money to give the tax cuts if the economy was indeed in bad shape?

The bottom line is this: If you are earning less than $150K per year, Obama's plan would give you a tax CUT, more than McCain would.
If you are earning more than $250K, you would not. 90% of Americans fall in the first category, but you don't hear that in McCain's ads, do you..

Let's go ahead and take a look at Barack Obama's earmarks in the Senate. In just three years, Barack Obama has requested over 300 earmark projects totaling $740 million. For the 2008 fiscal year alone, Obama requested 112 earmarks. Sarah Palin? 31.

I expect better of Anderson Cooper 360. Just saw your review of tax consequences on television and found it completely misleading.

Admittedly, these comparisions can be complicated. But it is not appropriate to flash a comparison as a summary that ignores the effect of chlid tax credits. These are very significant to working class people who are raising the generation so important for paying future Medicare and Social Security expenses.

Also, it is misleading to call something a "tax cut" when most people would describe it as an "increase" as a result of expired lower tax rates.

I expect better of Anderson 360. Where's the adult supervision in the room?

Where is the tax chart that was just on the show? The one comparing how each pres. candidate would cut or increase taxes.

I agree with those who said the middle class is the backbone of this country. As a stay-at-home mom whose spouse just left teaching, I don't see how McCain's plan would help my family. I think I see how Obama's plan could, if put in to effect. I'd love to see those who make well above the national average pay an amount that reflects what they earn. Lets also remember, those who make well above the national average most likely have "people" to help them secure that income, find loopholes or invest a large part of it, thereby keeping them from shouldering some of the burden currently held by the middle class. Just thoughts from a blue voter in a red state.

Could we see their health care programs on the chart, showing where they plan to put it to work.

Corporations elect where to put new plants that create thousands of jobs base on which counties/states provide the largest tax incentive. This is the case of Dell in NC, BMW in SC, FedEx…

Why when candidates’ tax programs are analyzed, the issue of how increasing corporate taxes negatively impact jobs creation is not considered. Low income working families will not get a tax cut if they do not have a job providing income.

I'm with Cindy. Plus, Obama's going to tax you in new ways that don't look like taxes, but they are. For example, when your electric bill doubles because of the new carbon taxes he's so excited about on the horizon, how's that going to feel to us with limited disposable income? On a percentage basis with these hidden taxes, Obama's plan will really stink for middle and lower class people. I don't know why he thinks American's aren't smart enough to know that there's no free lunch.

I love how on Anderson's televise show, he detailed how Obama's plan greatly benefits those in the income brackets of under $19K-$112K and that McCains's greatly benefits those above $227K. However he failed to show the ranges in between that McCains plan greatly benefits. This is the tax bracket that a huge amount of Americans fall into. This is shoddy, biased, sensational journalism and he should be ashamed to not show the entire story.

Is there a link for the chart they just showed on AC360? The one actually showing the amount of tax relief per tax bracket under both McCain's and Obama's plans? It was laid out plain and simple, but I can't find it on this website.

If you consider yourself lower or middle class you should take a close look at each candidates tax plans. Obama clearly gives more relief!

McCain offers a tax reduction for all income levels

Obama offers a tax reduction up to 227, but then an Huge tax increase (current 39%+new19%=58%) above 603K per year.

This means that someone who makes 600,000 and 603,000 would take home approximately
600,000 => $348,000
603,000 => $235,000

This seems like way too much to tax one segment of the tax base.

Maybe McCain should offer less of a tax reduction to the +603,000 segment, but it seems absolutely necessary that Obama reduce this penalty on the +$603,000 segment.

I did not hear anything about how each candidate will deal with corporate taxes. If Obama raises the capital gains tax or corporate taxes, then everyone will suffer. The additional taxes on corporations will filter down to the consumer as high prices or the loss of additional jobs as corporations move jobs to countries with a more favorable tax code. If you have a 401K or sell a home, you will pay a larger % of any gain back to the government, so just saying how the tax affects an individual tax payer does not say the whole story. Any amounts given back to an individual could be absorbed by high prices due to the other aspects of the new tax codes. Just something to think about.

People making over $600K under McSame's plan will get a $45K tax break. I just saw the data on Anderson's show. Once again the middle class will get the shaft. Such sheep in your America to be voting for a President only because his VP candidate has a model's figure. We don't vote that way in Europe. We vote on the issues and not personalities. But then again you people have Hollywood and image is important. This election is too important for the free world to be playing games.

WHEN are politicians going to held accountable for THEIR Actions/Policys?
WHY doesn't the CEO and other officers in Fannie Mae and Freddie Mac be fined and sued for mismanagement?
WHY doesn't the Banking Industry Train/Educate the dept.. that handles "Short Sales" so we DON'T have the amount of unnecessary Foreclosures? Their remarks are that dept. IS NOT A MONEY MAKER... How about the Millions of dollars that would be saved from the needless amount of money spent on Foreclosures (ie) $10,000.00 to $40,000.00 a house! We're destroying people and their credit. I would like to e-mai a copy of a letter sent to the "National Associatiion of Realtors". To help in this COMMON SENSE solution to drastically cut down the unnecessary Foreclosures. SOMEONE is making money off the little peoples loss.
Mary Ann

Cindy,
Did you not see the table in Anderson Cooper's report regarding the candidate's tax plans? The plans you shared are just made-up rhetoric. Where is Obama going to get all the money for his proposals, you ask? How about twelve-billion each month being wasted on the war in Iraq? You guys need to stop flailing your arms and making stuff up. McCain has nothing but half-truths and lies to run on and you are drinking it like Kool-aid.

In response to Annie Kate. As to The Clinton years, I have some thoughts. He was president when the IT boom took place. That probably accounted for the biggest pruductivity gains we've seen in the recent past. We had a dot-com boom and y2k which resulted in a bubble in the economy. there were many jobs created during the boom. a lot of them start-up companies funded by venture capital money. There real value was in their tremendously over-valued stocks which resulted in a large increase in revenues due to capital gains.

Looking at McCain's tax policy, it appears he's just potecting his wife's fortune at the expense of the American people.

Ron,
How did we get into debt? We had a surplus when Clinton left office. It doesn't take a Harvard educated lawyer or even someone with a Bachelor's degree in journalism from University of Idaho to answer that question.

Obama/Biden!

I would like to submit a correction to your reporting on the tax policies of both candidates. One thing that always seems to be left out is that Obama wants to raise the tax rate on capitol gains tax. This will raise the taxes for all americans who have investments, 401 K retirements or who makes a profit on the sale of a home. He wants to change this rate by almost double.

I lived in the great state of Arizona and had to work three jobs at the same time while I lived there. The minumum wage does NOT apply if you are a tipped worker in Arizona. I made $2.00 an hour and all the workers that work in the back of the restaurants in Arizona are undocumented workers. This is in the fancy restaurants and all the breakfast joints. Those that support McCain ought to try to live and work in Arizona, where he has been a senator for many years. All the construction workers in this state are "illegals" also. Probably built one of his many houses.

You conveniently left out the affect of Obama's plan to lift the cap on Social Security taxes. That will cost my medical practice 12% of every dollar over $100, 000 as I pay both the employer and employee portion of the tax. Also, McCain is not giving tax breaks to the rich he only wants to keep the present rates Obama, wants to go back to the Clinton rates which will put the top rate to 39.6% up from 36%. This will cost a person making over $200,000 alot more the $12. In any event I pay 30% of all my income as an Anesthesiologist working an average of 65 hours per week to to the Government. This is enough. It is my FAIR share. Put my taxes up and I might as will retire now at 57, rather than funding Mr. Obamas socialist grab bag.

I was with john M He is saying nothing. I just feel he is putting on another cloth so that when he is in white house he will not be what people thing. He made me believe that Obama is saying the truth. If he can change his topic from experience to change then the first change is right which is Obama.
I was thinking he will take some one with experience as he has been preaching if he can change like this even when he is not the president What will he do when he is the president. I want to advice American, please do not regret this by putting John m. he is not what he says he is. He is a changing color person.
Let him do not fool you! I am happy I find this out by my self. They fool the church before and they are doing the same thing.
His vice is Blaspheming in using Gods name in vain the church says nothing.
Politicians like John are not real make this you will see this if America allow it.
When a horse is dead you cannot resurrect it. America I was number for John M today I see this man different from what I use to see so I am going with Obama. He want to use any and everything to win not for the people. I am crying as I write this, open your eyes America, please you will regret it by allowing a die horse to lead you.
America please do not allow John he will be in the white house only for his own gain.

Let's face it, the american people are not very smart. It is amazing how "middle america" and Blue Collar workers accross Michigan, Ohio, and the rest of the midwest contiune to support a Republican Party that doesn't care about them. I can't believe the polls are so close. Have you been to Dayton, Youngstown, Detroit, etc...???
These cities have been devistated by BUSH, yet so many follow blindly.

And McSame will tax your healthcare benefits as income so your taxes go up again. People instead of typing what you are reading from the readers you need to do some research.on your own. I am sure that your education system gave you the skills to do this research.

How do we plan to get ouf this Crisis, if we don't pay a little more in taxes? We should be upset with Bush for this debt! Our Country is sinking more and more under Bushes leadership. How can we pay for the War, The Housing Crisis and the other undiscovered debts with no money? I guess that's what America's really all about.. "More Debt, Than Availalbe Cash"

I just watched your tax guy compare the Obama and McCain tax plan.
What about Obamas' plan to put a 28% tax on selling your private home? He also wants to increase capitol gains to 39.6% which will include taxing your IRA's mutual funds etc. These taxes will cripple
retirement age folks. This is their retirement income that they saved and planned to live on. McCain plans to leave them alone.

Did I miss it? The tax analysis didn't seem to cover between 112 -227K!

Am I wrong, doesn't Obama's plan include removing the FICA Cap? This is an additional 14% of income on wages over 93K (7 of mine & 7 from my employer). I guess this concept is completly missed.

Finally an unsympathetic note – everyone works hard for their money and those who make a "good living" do not deserve to pay more. The flat tax is fine, but penalizing success is simply a politicians ploy to gain the vote of mass instead of supporting the American Dream.

Did no one else notice that those making $3M or more are expected to give away an extra one fourth of their total income under Obama's tax plan? America currently has the highest population of millionaires in the world. Does Obama really think that those millionaires will stay in America just to fund his big government programs?

The table in case you can't do your own research.

MCCAIN OBAMA
Income Avg. tax bill Avg. tax bill
Over $2.9M -$269,364 +$701,885
$603K and up -$45,361 +$115,974
$227K-$603K -$7,871 +$12
$161K-$227K -$4,380 -$2,789
$112K-$161K -$2,614 -$2,204
$66K-$112K -$1,009 -$1,290
$38K-$66K -$319 -$1,042
$19K-$38K -$113 -$892
Under $19K -$19 -$567

did you look at the fact that Obama would take the cps of social security.. which means if you all all but destitute and not paying taxes your going to get an increase

the bigger number is capital gains. Long term capital gains. things you held and decided to sell after many years and managed to make a profit would have a capital gains tax under current tax law. Obama would double the capital gains. you decide to sell stocks and made 100,000 ovr the last 10 years. under the current oplan the gov gets about 15,000... With obama you willpay 35,ooo to 40,000

mom and dad left you their house and maybe a few bucks. Dems don't like that. if that house and package is over 250,000. you are a slovenly rich bastard that is going to pay throught the nose.

if you don't pay any taxes..your in for a windfall.. guess it is time for me to retire, lay off the employeess, andg o on the government dole.

guess i'l cash out and take from you rich bastards for the next 40 years

Bin Laden has accomplished exactly what he said he'd do. He'd attack the weak underbelly of the United States; its economy. George Bush and this administration fell into the trap.

We were strong financially at the beginning of Bush's term. After eight years, we are to all practical purposes BANKRUPT. For some reason people in this country feel that borrowing doesn't cost anything. The people of America are going to find out very soon how it affects everything. Already, they have had a small taste of inflation (the result of borrowing). It will only accelerate.

I see it this way: If you work hard at your job, get a raise or get promoted and make more money, under Obamas plan you'll get taxed at a higher rate. No thanks Mr. Obama, I'd like to keep the money I've worked so hard for.

The U.S. gave Georgia $64 million in 2008 already, The Bush Administration announced that Congress has also approved a $1 billion aid package to help Georgia reconstruct their country after the Russian attacks that occurred last month. Republicans......how much was given to the poor communities throughout New Orleans after katrina? What about our schools and our teachers!!! That's only one of the reasons I will not vote republican this time around.......(no matter who it was running) We were fooled 2wice already, a 3rd time .......shame on US if we let it happen again!

Ron, so you would rather spend our money in Iraq. Are you calling better benefits for our veterans, healthcare for all, equal pay for women pet pork projects. You must be in the group who will pay more taxes in which case if your party gets elected God help us.

You do a huge disservice every time you say Obama's plan will increase the taxes of "High Income Earners" without explaining what "High" means.

Even in NJ $227K is a lot of money and the difference between McCain and Obama is minimal. To many people between $100K and $220K think they are going to be hurt by Obama's plan and it is just NOT TRUE

No one ever acknowledges that a family income of $200,000 in California does not make one rich. However, an income of $200,000 in many other states would equate to essentially being rich. There are no special tax considerations for high cost of living states such as California.

@Cindy...You describe fearfully the big changes Obama wants, but the BIG changes have already been done to the American people by the failed and discredited Republican administration and party...the misguided $10 BILLION PER MONTH Iraq war, and that's just the tip of the iceberg the Republican fatcats have spent over the last eight years. Republicans like to RUN like their financially responsible, but they have traditionally been the BIGGEST SPENDERS in history (Bush II just topped Regan with a $420 BILLION deficit). So if you want to saddle our children with our present day excesses, then vote Republican. But wake up and look at the facts...Republicans are the SPEND SPEND SPEND party.

75 trillion, really?? Way to think around an issue, Dr. Evil.

That amount of money far exceeds any amount of world spending, and would take at least 6 (really 5, when 6 = 5 + 1 we're ending) business/economic cycles with the best economic policies to recover, assuming that 13 trillion we had takes a cycle (7 years) and we're coming out of a valley in a cycle currently.

It comes down do you care about this country's stability, or do you care about staying in the war for security? The war happened and can't be reversed, and we can't get the money back. We have to raise that money through taxes (or trading) to get out of the debt to other countries. We also have to pay for all the other things the government provides. We need the government to spend more on education, and now because we've screwed up so much the military needs more money, which is probably underfunded anyway–if they still can't give enlisted soldiers the proper equipment.

I'm still shocked by anyone thinks he/she can avoid paying taxes, or that it's preferable. We have examples of countries that can't raise taxes, the AOC is the prime example. How would you have the country run itself without taxes? I would really like someone to answer that.

What are Obama's pork projects? Paying for people's health care? Paying more for students to go to college (after they've done community service)? Hoping too much?

If Barack Hussein Obams is elected, we all will be paying more taxes. At lreast Mc Cain will eve the Bush Tax cuts intact. Since Obama has no realistic energy plan, gas prices may go up to $10 a gallon unemployment to 15% just like in the Carter presidency. Nothing to look forward to.

They don't deserve to be our leaders at this time! They've have violated our trust as Americans.....we need to hand the reigns over until they prove worthy to lead

Unfortunately, many of the Repulican wealthy don't want to pay taxes.
They want to be called American, they want to live in America, they
want police and fire protection, and they want good infrastructure. They just don't want to help pay for it. Furthermore they say they are against big government. Nobody's spent more money than George W. ( Republican) Bush. You don't see all those lucrative government contracts going to the poor. No sir, the wealthy like all the government hand outs, the tax breaks and contracts. It's like America now has a socialism for the rich.

I just saw the piece shown by CNN tonight which gave examples of taxes for a range of income levels based on the Obama or McCain plans. It clearly showed in McCain's plan you will not get a tax break unless you are making more than 600K. Obama's plan will give those making less than 60K a tax break, but give higher taxes to those making greater than 600K.
Thank you CNN for actually having good pieces talking about the issues. I can see from the comments there is much confusion and false info going around. Thank you for presenting the facts.

Re. your report from the Tax Policy Center, I got this from "The Financial Times":
"Mr McCain's tax and spending proposals would add an estimated $3,400bn to the US deficit [already nearly $500bn in the red] over the next decade, compared with an estimated $700bn deficit reduction from Mr Obama's plans, according to the Tax Policy Center, an independent think-tank." ["The Financial Times", 07/29/08]

So many middle class are now low income folks..thanks to Bush economics. Obama has ideas to at least try to help us from sinking any lower. Enough is enough..We're all going down the tube and heaven only knows where we'll end up with McCain?

I am just wondering why there is nothing mentioned about the millions of people that live here that don't pay taxes.
We have a major immigration problem that no one wants to talk about. If everyone living over here illegaly paid taxes we wouldn't have this problem. If I did not pay my taxes I would lose everything I have worked so hard for. Yet they can live here and use our roads, use our hospitals, use our schools, have special teachers brought into to help them, use our heath services, work our jobs, but that isn't to be discussed. Look at the burden it is putting on our country.
Where do they lie in this tax plan?

This could be one of the reasons why Donald Trump is endorsing McCain. The rich and powerful (over $2.9M) aren't going to like Obama's plan. Being taxed an avg. of +$702K is a big chunk of money. So then I can't help but wonder how Oprah feels about it.

Great information. Thanks for putting it on the blog.

Jolene, St. Joseph, MI

Obama's tax cuts look better than McCains, but CNN never mentions that he is going to raise, payroll, corporate, and capital gains tax to pay for it. How are small business's that make over 250 and under a million going to survive thats what I would like to know. McCain isn't raising these taxes so small business's can survive and employ more people this is how the economy will grow vs. Obama's plan. When it sounds to good to be true it probably isn't.

I feel that Obama has a good plan on the tax cuts. This will give some of the middle and lower classes a break and a chance to start growing and accomplishing a better advantage at living. The rich should not complain its not like they don't have the money. Give other people in the world a chance to experience and explore the opportunity at living decent. The struggle has gone on LONG ENOUGH!!!!.....and I must add....those of you who are out there who feel that Obama will not do the job and help this economy then you should have ran for president instead of sitting at home criticizing him.

Rob in arizona, Thanks for the logical thought pattern, now get everybody else on the same tip b4 our world is over.

ARIZONA RON FROM TUCSON

Obama only wishes to raise taxes to those who make more than 250k a year. McCain wishes to give some tax breaks to all, greater amount to that same 20%. Obama's plan increases goverment wealth, while McCain increases America's debt. "Obama will raise your taxes", true, if you make more than 250k. McCain will sell more of America to Chinese banks and Arab Oil czars.

I am seriously upset about Biden's comment toward special needs children. I am a pediatric nurse and have been since graduation in 2003. I witness daily the struggle of mothers and families who don't know if their child will live to see tomorrow and need 24 hour nursing. However, the shortage in nursing care is great and the families who have government funding are still barely making it if they don't have great insurance. They are forced to pay out of pocket for basic supplies to care for their children and are constantly writing letters and remaining hopeful that the state will qualify them for what their children need to develop and or be comfortable at the level of their disease process. Why should a 2yr old boy with SMA have to fight for communication devices because his oral motor skill are low due to his disease process. Why should a therapist have to rig equipment or handmake tools for therapy when they are clearly needed for the development and sometimes safety of the child...... Families need help! Mothers are becoming depressed because of the nursing shortage due to incompatible pay rates, and the 24 hour demand and stress of caring for a child with a speacial need. I say they should help these families and save the mental health and physical health of everyone involved.

I'm an independent female voter who has not made up my mind yet. . It's funny to hear Democrats say that Bush's economic policies are what failed, yet give no mention to the fact that the congress (which last I heard was 1/3 of the government) is headed by Democrats! LOL!

On the other hand, one of my biggest gripes with the McCain tax policy is how he is giving such HUGE tax breaks to mega-wealthy people...when they don't even WANT or CARE about the tax breaks. They have so much money, they'll never miss the taxes. Imagine how far that money would go towards chopping away at the nation's deficit. It won't even phase the "trickle down" philosophy.

As for Obama, I don't see how he plans to pay for all his Socialist policies. Bigger government means more beuracracy and more $ waste. How's he going to oversee all the beurocratic mess? Plus do you think Obama's intrusive business policies won't lead to those businesses passing costs on to their employees and consumers? So it may sound good that Obama's decreasing taxes, but his intrusive regulation of businesses will cause inflation and put a lot of small businesses out of business. If you consider that small businesses drive the US economy, what kind of economic impact will that have on the US? Points to ponder!

I wish they'd find a nice middle-of-the-road policy where they take away the tax breaks for the wealthy while not over-regulating America's businesses, and not creating bigger governement bureaucracies that lead to more corruption and waste. Do the candidates read these suggestions? I'd hope informed campaigns read the public's input like this.

Some are questioning where Obama will get the money to pay for his tax cuts. If you watched AC360 tonight you would have seen that there will be a significant amount coming from those making over $250,000.00/year. Actually, at $250K, you'll only see a $12 increase in taxes, but as you go higher the amount increases dramatically. Of course, all those making less than $250K will get a decrease in taxes.
Another, and more significant source will be the reduction in expenses related to the Iraq war. This expense is currently $10,000,000,000.00/month, and John McCain wants to continue this for another 100years.

What hasn't been said is that we wouldn't have to worry about anybody getting an increase in taxes if the Republican administration and Congress had not created the deficit which just continues to climb. It's time for real change, and only Obama can do it.

Who cares if pigs fly. The Republican Party has always done politics this way and the country is worst off. Obama should talk about the issues and not focus on the're dirty way of doing politics. The Republicans truly done have answers to fix the mess they have created and we can't afford four more years.

fern
texas

I think that everyone should read the entire article prior to posting comments. The sidebar “Breaking Down the Numbers” says it all. A vote for Obama might really suck if I win Powerball tonight, but based upon my family’s income over the last few years it is the only way to go.

Granted, Obama has made suggestions for programs that, if properly funded, hint of possible tax increases. But then, McCain has sworn to balance the federal budget while promising to decrease taxes; how’s that gonna work?

Regardless of who gets elected, their proposals are going to have to pass muster in both the Senate and House of Representatives which will be no easy task.

Rob in Arizona,

There's no way someone making $125,000 pays more tax than someone making $500,000. Assuming the $500K person had $40k in itemized deductions and the $125K person had $20K in itemized deductions, the higher income person pays $139,595 in tax and the $125K pays $23,378. Some of your points were good, but that comment was ridiculous.

SPIN, SPIN and more SPIN......
If the McCAin/Palin win the general. I blame 2 groups, we the people and also the media format.

Firstly "we the peolple" are so blind to the actual facts and real truths to the positions of the candidates we would rather give in to the Spin or soundbite that happens to be sold to the particular target market the McCAin/Palin ticket is trying to sell on any given day. If people bothered to ask themselves what are the real issues they are facing daily and then did some homework on looking at the actual facts and platform ideas of both parties....they might get the REAL answers and vote accordingly, Example "Taxes"......need I say more, Thanks AC for disclosing the Raw numbers and real facts on your show this PM.

Secondly, I blame the media for being too easy on the candidates......you are in the entertainment news business and you know it. I love your show AC 360 but still you need to focus less on the Drama and more on the FACTS and not revere the presidential candidates, why does America have to have Hollywood involved in their politics... its because "WE" are too concerned about image, the Media knows it..."the MEDIA" Sell it and we are dumb enough to believe it and "BUY"...........I still have hope for real CHANGE, even with the cynical tone GO OBAMA/BIDEN 2008.

I think the middle class is the backbone of this country and those who can afford to pay more should. Not that I think either plan will help anyone all that much. The plans still have to be passed by Congress. But, at least the playing field might be leveled just a little.

As a small business owner, I initialy feared that Obama was intent on raising the cap gains rate on small business to ordinary income taxes. He now says he will reduce them. But the whole class warfare approach bothers me. The fact (available at IRS.gov) is, the top 10% of households, ranked by income, pay 70% of total personal income taxes, a record high, while the bottom 50% pay less than 3%. I had a bad year and didn't pay anything (thanks to the rest of you who kept paying the bills). Income inequality is a real problem, and like most people, it seems like super rich people can afford to pay more, but at what point are we just stealing property from people who earned their money fair and square? Not all rich people are former Enron execs.

Please post the tax plan that you showed on tv,.put it on the web page for all to see

I thank you for this great report. At a time when everyone is going with the gimmick palin hockymom coverage which is just a distraction from the real issues elections must be repected for the real issues, this is not an american idol contest!

Bob, you wrote "No thanks Mr. Obama, I’d like to keep the money I’ve worked so hard for." If we look at the percentage, the rich are paying less. that's all Mr. Obama is planning eliminate.

The Republican party has tried to make this race about controversies and not issues. The Republican party can try and act like the last eight years didn't happen, by not having their party leeaders (Bush & Chaney) at the convention and not have them any where near the campaign trail but the boottom line is McCain supported all the decisions by Bush that got us into this mess. Now all sudden he is for change???????

Take responsibility for where the Republican's policies took this country in the last eight years. You can act like it didn't happen but the reality is the policies took us into a recession.

I am one of those people who would benifit the most from the McCain plan. I have no problem making the personal sacrafice from the Obama plan if it will stabalize the country. I don't need to worry though, because while all those blue collar people are chanting Sarah,Sarah and have no clue Sarah is going to stick it to them once again, I will be laughing all the way to the bank. This time I don't want to hear the whines as I get richer and they struggle more and more. They had their chance, but but once again they are not paying attention and they blew it. The republicans are counting on the ignorance ot the blue collar class again, and once again it is working.

All this talk of lipstick, and the real issue of taxes gets a 2-minute poorly worded segment...? C'mon AC. This is issue #1. Why aren't your panels discussing this in depth? Make sure the public knows what each candidate proposes for each income group.

My wife and I own a small bussiness and work VERY hard, sometimes 16 hour days. We make just enough for Obama to consider us "rich". Why should the married and succesful be punished just for being married and succesful?? McCain will get my vote just for not trying to screw me over to help support the lazy , unsuccesful people always looking for Big Daddy government to support thier families

Let's face it, what government adminstration or political party has EVER had a PERFECT TAX PLAN? Either way, someone has to suffer and like the saying goes, "the rich get richer and the poor get poorer." I am so tired of the name-calling, mud-slinging and pinpointing every little thing each candidate says or does. It's outrageous and this is the "United States of America?" It should be called "Divided States of America" instead. I see why other countires point the finger and laugh at us. Let's get on with the real issues. Vote for the candidate of your choice!

If there is so much confusion and misinformation about each candidate's tax policy, why isn't the table with the tax breakdown on the home page? Why bury it under so many links?

Obama's tax plan will hurt more American families it hurts the middle class which is the largest tax paying base in the Country. Obama wants to restore the tax scheme under Clinton or prior to Clinton. Which means that those who are in the 25% bracket will pay at least 28% or 31% depending on their level of income. But wait there is more! Obama does not realize that the middle class also derives a huge portion of their savings from capital gains to help pay for their children's education or help pay the bills month to month. The current highest tax rate for capital gains is 15% which under the Obama plan it will go as high as 28% or 30%. If you add up all of these new tax penalties, the middle class will be at least 10% poorer under an Obama administration. In addition, middle class families who work diligently to pay off their homes and pass on their hard earned assets to their children cannot pass it on without it being taxed by Obama. Currently, individuals can receive in their lifetime 600K of inheritence without taxation. Obama wants to do away with this. If you live in a modest middle class neighborhood in California, Nevada, Oregon, Washington or New York, your property value will probably be in this range. You will be handing the keys to the Federal Government under Obama's tax plan. Obama IS WRONG FOR AMERICA!

Gee I can see my taxes to support the public school system is being wasted. There are charts explicitly explaining the tax plan of both candidates and many of you just can't read charts with numbers. Amazing. This country is going down the tubes real bad.

The average yearly salary is $51,000.
So under Obama's plan you will get a $1,042 tax break.
Under McCain's plan you will get a $319 tax break.
Under Obama's plan even if you earn $227,000 a year you will get a $2,789 tax break.
Of course with McCain you will get alot more than the ones who earn alot less. McCain will give you a $4,380 tax break.
McCain Obama
$161K-$227K -$4,380 -$2,789
$112K-$161K -$2,614 -$2,204
$66K-$112K -$1,009 -$1,290
$38K-$66K -$319 -$1,042
$19K-$38K -$113 -$892
Under $19K -$19 -$567

You have to remember that this analysis does not cover the tax costs to middle income working people of McCain's health care proposal.

Under that plan McCain wants large income tax increases on working Americans, far larger than the small cuts in his tax plan.

The net from the republican porposals would be greatly higher tax bills for working Americans, and more steep cuts for the extremely wealthy.

CNN is so deceptive. They don't mention the thousands of people that will lose their jobs because the entreprenuers that create the jobs will be drained to provide Obamas vote-for-me and I will give you $1000 bribe. I guess if jobs go away, those that lose them will no longer be paying taxes, and maybe that counts as a tax count.

It scares me how 50% of this country embraces socialism.