August 21, 2008
"McCain And Obama Take Different Roads On Tax"
By Leroy Baker
A recent examination of the tax proposals of the presumptive presidential candidates Senators Barack Obama and John McCain by the Tax Foundation finds the nominees taking starkly different approaches to taxation to achieve their economic goals.
With rising fuel prices, the housing market crisis and health care funding still critical issues, the economy has figured prominently in each candidate's campaign in the new presidential economic cycle. However, Robert Carroll, Vice President for Economic Policy at the Tax Foundation, the non-partisan taxation think tank, observes that the candidates have significantly different tax policies that 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," noted Carroll. "In both cases, tax relief is provided to the vast majority of the electorate."
Carroll's examination of the competing tax plans, which references the cost of each as estimated by the Urban-Brookings Tax Policy Center, shows that McCain only has two proposals that directly affect individuals: the expansion of the dependent exemption and a new health care tax credit. On the other hand, Obama provides seven proposals for individuals that target housing, education, child care, and low-income work.