October 29, 2008 12:29 PM | | Bookmark and Share

Presidential candidates John McCain and Barack Obama have both proposed to slash taxes dramatically. Senator Obama would give the very richest taxpayers a much smaller tax cut or, in some cases, a tax increase, while Senator McCain would give enormous and costly tax cuts to the richest one percent. On the other hand, Obama would give many low- and middleincome families a larger tax cut than they would receive under McCain’s tax plan.

This paper examines hypothetical households that are representative of four income groups in 2012, a year when most of the provisions of the candidates’ tax plans would be fully in effect if enacted. For each income group, we assume the average adjusted gross income (AGI) for that income group and then examine two types of households (a married couple with two children and a single individual) with that amount of AGI.

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