Women in Business

  1. Home
  2. Business & Finance
  3. Women in Business

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

By Lahle Wolfe, About.com

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.

More Women in Business Q&A

Explore Women in Business

About.com Special Features

Building Your Small Business

Get the best tips on starting up and staying competitive. More >

Best Moves in a Bad Economy

Stay on top in this tough economy with our smart, easy-to-follow financial tips. More >

Women in Business

  1. Home
  2. Business & Finance
  3. Women in Business
  4. News - Reviews - Interviews
  5. WIB Legal & Political News
  6. 2008 Election FAQs
  7. Tax Cuts - How Much Will Obama and McCain's Tax Cuts Save Me?

©2009 About.com, a part of The New York Times Company.

All rights reserved.