how will mccain or obama affect your taxes?

If you make less than $161,000 a year, which its safe to say most Americans probably do, you will get lower taxes with Barack Obama as our president. Everyone gets lower taxes with John McCain's proposal, but it leans absurdly in favor of those Americans making more than $603,000 a year. If you make less than $38,000 a year, John McCain only gives you a tax break of $113. If you make less than $19k a year, you get $19. Aren't those the income groups that could use the most help? Barack Obama does a lot more to help those in need. His tax increases may seem like a lot for the lucky few who make more than $603,000 a year, but his proposal just lets the tax cuts for the wealthy, the ones that King George W Bush put into place when he took office, expire.

Both of their proposals increase the budget deficit, and its unlikely that their exact proposal will be passed. But it definitely gives you an idea of their mindset when it comes to taxes.

Here's how the average tax bill could change in 2009 if either John McCain's or Barack Obama's tax proposals were fully in place.

	MCCAIN	OBAMA
Income	Avg. tax bill	Avg. tax bill
Over $2.9M	-$269,364	+$701,885
$603K and up	-$45,361	+$115,974
$227K-$603K	-$7,871	+$12
$161K-$227K	-$4,380	-$2,789
$112K-$161K	-$2,614	-$2,204
$66K-$112K	-$1,009	-$1,290
$38K-$66K	-$319	-$1,042
$19K-$38K	-$113	-$892
Under $19K	-$19	-$567

Source: CNN.com