When the candidates argue about this, individuals in the nation do not have a concrete idea about the difference. The Los Angeles Times has an excellent article very clearly demonstrating how each of the candidate's recommendattions will affect your pocketbook. The table which follows presents how much of an increase or decrease in taxes will be experienced under McCain's tax structure vs. those under Obama's tax structure.
Comparison of McCain's tax recommendations vs. Obama's Recommendations
Income (in quintiles)...McCain...............Obama
Lowest 20%.................-$21......................-$617
Second 20%................-$124.....................-$950
Middle 20%..................-$282.....................-$1035
Fourth 20%..................-$513.................... -$757
Wealthiest 20%.............-$2,856..................+$6,770
Top 1%........................-$31,943.................+114,238
Yes, McCain lowers everybody's taxes, but most of the reduction is for the wealthiest. Obama, however, lowers taxes for everyone in the first 4 quintiles - by more than McCain. But the wealthiest will pay more than before, the top 1% paying considerably more.
Republican propaganda that claims Republicans favor tax cuts while Democrats favor tax increases is highly misleading. Most of the Republican tax cuts go to the rich, whereas Democratic tax cuts go to everyone but the rich. Since the rich have benefited greatly in the last 8 years, it's about time they paid their fair share.
The difference in the tax structures lucidly shows the philosophical difference between Republicans and Democrats. Republicans want to cut taxes for the rich. Democrats want to help the person in the middle class who has not received any of the benefits of the prosperity we had before the current recession.
Please read the whole article.
