McCain, Obama offer different visions on taxes

Jun 17, 3:21 AM (ET)

WASHINGTON (AP) - Make more than $250,000 a year? Watch out. Barack Obama wants to raise your income taxes. Social Security taxes, too. Run a corporation? Lucky you. John McCain wants to cut your business taxes.

Those positions illustrate pieces of two vastly different approaches to the economy, an issue at the forefront of voters' minds given that the country is teetering on the brink of - if not already in - a recession as gas prices soar and layoffs rise amid a credit crisis and a housing slump.

Obama, the Democrat, seemingly has a traditional liberal outlook of taxing the rich more while having the government help people of more modest means through tax breaks. McCain, the Republican, advocates a classic conservative vision of cutting taxes - many geared toward businesses - to promote competition within a free-market system.

Don't pay enough taxes? Vote Democrat.