Comparing tax plans: Obama would increase taxes for the ultra-wealthy, McCain would give big tax cuts to top earners

John McCain's assertion that Barack Obama is going to raise taxes is, no surprise, false. Here's a comparison of the candidates' tax plans, created by the Tax Policy Center. As the Washington Post says, "Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy. For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million."

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Calculate your Obama tax cut amount using this calculator.

And: The Tax Policy Center does a side-by-side comparison of the plans.

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