Now that the race for President has narrowed down to two candidates, the contest is beginning to center around the classic differences between the Republican and Democrat ideologies. With the economic turmoil faced by many Americans, interest turns increasingly towards what will happen to their money especially in the form of taxes. McCain’s plan is to reduce taxes unilaterally across the board for all tax brackets as a mechanism of increasing consumer liquidity. Obama intends to reduce taxes for the lower tax brackets while dramatically increasing taxes on the wealthy, defined as those earning in excess of $600K. Ultimately, critics find both plans equally flawed and generating an equivalent shortfall of funds for the budget.
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