New Tax Foundation Comparison of Obama’s and McCain’s Tax Plans
August 18, 2008
In a new Tax Foundation Fiscal Fact, Robert Carroll, the Foundation's Vice President for Economic Policy, examines tax relief proposals from Sen. John McCain and Sen. Barack Obama. With the economy as one of the top issues among the American electorate this presidential election cycle, both candidates have been using the issues of health care, gas prices, and housing devaluation, among others, to preface their economic proposals. But Carroll explains that the candidates have significantly different tax policies that address these issues:
Both candidates purport to address some key areas of economic insecurity to the average American: health care, energy costs, college costs, housing devaluation, and low and/or stagnant wages, to name a few. But the candidates differ dramatically in their use of tax policy to address these issues. Senator Obama has included a set of carefully targeted tax proposals that narrowly aim benefits to specific types of taxpayers, while Senator McCain provides broad tax relief with benefits that are indirect. In both cases, tax relief is provided to the vast majority of the electorate.