Obama, McCain and the Truth About Taxes

Below is an excerpt from a article in the New Yorker Magazine titled, Obama, McCain and the Truth About Taxes.

Tuesday 16 September 2008

by: Maya Schenwar

According to the recent Tax Policy Center study, both candidates’ plans would increase the national debt. However, Obama wins here on the fiscal conservation front: McCain’s proposal would cost the Treasury $3.7 trillion, while Obama’s would cash in at $2.7 trillion.

The power of the purse ultimately rests with Congress, and neither candidate would be able to singlehandedly change the course of economic policy upon taking office. Still, when it comes to taxes, Obama and McCain would guide the country in sharply different directions.

Looking past the McCain campaign’s misleading rhetoric and convoluted logic, the problem boils down to this: Who should be first in line for tax relief: the rich or the poor? It’s no secret where each candidate’s priorities lie.

You can find the entire article that has all the detail backup here: http://tinyurl.com/5klnrh