Publication Date: July 2008
Publisher: Tax Policy Center
Author(s): Roberton Williams; Howard Gleckman
Research Area: Banking and finance
Keywords: Tax Policy; Taxes, the Budget, and the Economy; Budget Issues; General Tax Policy
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.