Economy
Where the Candidates Stand
As Nov. 4 draws near, many Americans are still undecided about for whom they will cast their vote. While many elections in recent memory have been close, none seems to be quite so momentous. Not only because of the historic implications of electing either the nation's first black President or its first female Vice-President, but because never before has a Presidential election coincided with such economic uncertainty.
In fact, such previous hot-button issues as Iraq, terrorism, and abortion have been all but forgotten amid the raging debate surrounding America's, and the world's, financial health. Unsurprisingly, the candidates differ widely on how they would go about responding to the current crisis, and how their policies would impact voters. To help Americans decide, BusinessWeek takes a close look at John McCain's and Barack Obama's positions on taxes, jobs, education, health care, the financial crisis, and retirement. First up, taxes…
Radically Different Tax Plans
Remember the old line about how there are only two things certain in life —death and taxes? To that, add a third inevitability: the battle over taxes will always be one of the most prominent —and most disputed — issues in U.S. Presidential elections. This year is no exception. Democratic contender Barack Obama and his Republican counterpart John McCain have offered up radically different tax proposals for months, with each arguing the others' plans will do untold damage to the economy.
And as this year's race headed into its final stretch, the fight intensified: While Obama has argued that under his proposals, the 95% of American households earning less than $250,000 will get a $1,000 tax break, his rival has dismissed many of his programs as little more than subsidized welfare. Like many Republicans, he favors permanently extending the tax cuts made by President Bush in 2001 and 2003, all of which are set to expire by...
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