There are two ways of looking at the tax proposals coming from Obama and from McCain. They are also very interesting ways of visualizing the information.
One of them -- the Democratic way -- is to look at how it would impact the population of the United States. Obama will reduce taxes to a greater extent on 75% of taxpayers. It's only on the top 1% (those making more than $600,000 per year) that Obama actually increases taxes, by about 10%.
The other way -- the Republican way -- is to look at how the tax plans would impact the people already paying taxes. The dirty secret that Democrats don't mention is that the bottom 50% don't pay much in taxes anyway. And the richest 0.1% already carry 20% of the total tax burden. So, Republican plans give the most relief to the rich.
I'm pretty centrist on this. I understand and sympathize with both sides of the argument.
However, even after Obama 's 10% increase of taxes on people making more than $600,000/year, tax rates will only rise to the level that they were in the 1990s. And that was a period of economic boom, budget surplus, low inflation and low interest rates. So, the burden on the rich is not that onerous. Plus: the economic benefits of low inflation and balanced budgets to a rich person far outweigh these additional taxes. Secondly, McCain's plan will reduce overall revenues -- you simply can't give tax cuts without providing offsetting funding and unless Social Security or Medicare are cut, there is no place in the federal budget to get the huge spending cuts needed to fund his tax cuts. Thirdly, with the economy in the doldrums, stimulation has to go to the people who'll spend it (and not to people who will invest it outside the United States)