1. Money
You can opt-out at any time. Please refer to our privacy policy for contact information.

How Much Will Obama and McCain's Tax Cuts Save Me?

By

Question: How Much Will Obama and McCain's Tax Cuts Save Me?
Answer: There are many ways both John McCain and Barack Obama plan to raise taxes, cut taxes, and offer tax credits. How tax increases and cuts will affect individuals will vary.

When talking straight income tax, the two candidate's tax cut plans compare as follows:

Under Obama's Tax Cut Plan:

Individuals and couples earning between $37,595 and $66,354 per year would see an average savings of $1,118 on their personal income taxes.

Under McCain's Tax Cut Plan:

The same wage earners who would receive a tax cut under Obama's plan would also receive a cut under McCain's. However, the average savings would be $793 less on McCain's plan or, an estimated average savings of $325 for those who would save an estimated $1,118 on Obama's plan.

©2014 About.com. All rights reserved.