Research Report Taxes under Obama and McCain
William G. Gale, Benjamin H. Harris
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Tax policy has been a major issue in the Presidential election campaign, with both candidates proposing extensive changes. The candidates take very different approaches to tax policy. The main differences are two: first, McCain's plans would reduce revenues by significantly more than Obama's; and second, McCain's would be substantially less progressive, especially among very high income taxpayers. From the standpoint of growth or simplicity, both plans disappoint. It is hard to believe that either set of changes would have significant growth effects on the economy.
Research Areas Economic mobility and inequality Taxes and budgets
Tags Fiscal policy Individual taxes Federal budget and economy Income and wealth distribution