by William W. Beach, Karen Campbell, Rea S. Hederman, Jr. and Guinevere Nell
Center for Data Analysis Report #08-09
Either Republican Senator John McCain or Democratic Senator Barack Obama will have to make very important decisions on tax policy when he takes office in January 2009. First, the U.S. economy will be recovering from the financial crisis and is already predicted to grow less than its usual rate of 3.3 percent over the last 50 years.[1] Second, President George W. Bush's tax cuts will expire in 2011, and the President must decide how to extend or make permanent some of the tax cut provisions.
Senator McCain will make the Bush tax cuts permanent, with the exception of the estate tax. McCain credited the Bush tax cuts with helping the economy recover after the 2001 recession.
Senator Obama, on the other hand, will extend the Bush tax cuts only for those taxpayers who earn less than $250,000 a year—he has deemed the rest of the people "rich."
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Senator McCain will make the Bush tax cuts permanent, with the exception of the estate tax. McCain credited the Bush tax cuts with helping the economy recover after the 2001 recession.
Senator Obama, on the other hand, will extend the Bush tax cuts only for those taxpayers who earn less than $250,000 a year—he has deemed the rest of the people "rich."
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