With the hoopla of both the Democratic and Republican National Conventions still reverberating throughout the country and the election less than a month away, Accounting Today examines the tax plans offered by both Democratic nominee Barack Obama and GOP candidate John McCain as each vies to become the 44th occupant of the White House.The McCain plan Republican presidential candidate John McCain's plan to shake up Washington starts with some serious rattling of the current federal Tax Code, including a proposal aimed at making millions of Americans less dependent on accountants and other professional tax return preparers.
Under that plan, McCain would offer taxpayers the option of sidestepping the increasingly complex income tax reporting system in favor of a significantly streamlined alternative approach. Those who choose the alternate system would be granted a larger standard deduction, a heftier personal exemption, and only two tax brackets to agonize over.
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