When President Bush signed the 2001 tax cuts into law, the new lower rates had a ten year life, and are set to expire in 2010. John McCain has supported extending the tax cuts and making the current tax rates permanent. This means that for individual tax payers, McCain wants their tax rates to remain the same as they are now. One might argue that in the current economic environment, not raising tax rates is a good idea. There are no new tax reductions of course, when you merely maintain the current rates. But the way things are scored in Washington DC, keeping rates the same is treated as a tax cut, and hence scored as a big revenue loss for the government, since the current rates are supposed to expire in two years, and go back to the levels where they were prior to the Bush tax cuts in 2001.Barack Obama supports ending the Bush tax cuts -- in other words he wants individuals' tax rates to go up. However, the way this is scored in Washington , Obama's plan to let the Bush tax cuts...(Read Full Post)