Earlier this year, I wrote a post outlining the projected impact of both the Obama and McCain tax plans , as analyzed by The Tax Policy Center. NBC recently produced a two and a half minute piece about the two.
A huge point that the piece makes is that we don’t know how the recent bailouts will affect tax plans going forward. Both plans were introduced in a world where the government didn’t own Freddie Mac, Fannie Mae, or an 80% piece of AIG (and not in discussions for a $700B bailout package!). I personally think that the tax cuts proposed by both sides will be impossible and you’ll have a case of George H.W. Bush’s “Read My Lips, No New Taxes” flip.