Obama & McCain on Tax Reform

Both presidential candidates reflect and entirely different approach to tax reform in the United States.  Barack Obama believes that any changes to the tax code should reflect the needs and concerns of middle class America.  In his September 12th speech in New Hampshire on tax reform, Obama stated, "My plan will cut taxes to a smaller share of the economy then they were under president Reagan.  Under my plan, income taxes for typical American families will pay lower taxes then they did under Bill Clinton." Obama aims to support the working families instead of well off corporations.  Based on the current economic standpoint, Obama believes raising taxes on middle class America is the worst idea.  His plan includes a 95% tax cut for American workers and small business owners who deserve it, in place of tax breaks for large corporations.  Obama's current tax reform plan provides middle class families with three times as much tax relief then under McCain's plan, which gives nothing to a hundred million households.  McCain plans to give tax cuts to wealthy American's, but also lower taxes for middle class families.  He hopes to repeal the Alternative Minimum Tax (AMT), that is paid by almost twenty-million middle class Americans.  This would save middle class America sixty billion in a single year.  Under McCain's plan, middle class families with children, who are positioned to pay the AMT, will save an estimated $2,700.  A supporter of the current Bush tax rates, McCain plans to make the Bush income and investment tax cuts permanent if he becomes president.  This continues a majority of tax cuts for the wealthy and affluent corporations.  The real question is if McCain would be able to make the Bush tax rate system permanent and still fullfill his promises to middle class America.