Publication Date: September 2008
Publisher: Tax Policy Center
Author(s): Roberton Williams; Howard Gleckman
Research Area: Banking and finance
Keywords: Economic Well-being; Federal Budgets & Fiscal Policy; Taxes and Social Programs; Budget Issues
Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.