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An Updated Analysis of the 2008 Presidential Candidates' Tax Plans: Executive Summary

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Publication Date: July 2008

Publisher(s): Tax Policy Center

Author(s): Roberton Williams; Howard Gleckman

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Banking and finance (Taxation and tax policy)

Keywords: Tax Policy; Taxes, the Budget, and the Economy; Budget Issues; General Tax Policy

Type: Report

Abstract:

Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to an updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.8 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Under current law, the 2001 and 2003 tax cuts would expire in 2010 and the Alternative Minimum Tax would remain in full force.