Election '08: What's Really at Stake? - Economy - A New Direction or More of the Same?

John McCain and Barack Obama have very different views on taxes and how to stimulate the economy. McCain wants to slash corporate income taxes by 10 percent, which would give the big oil companies an extra $4 billion. Obama proposes a windfall profits tax on record oil company profits and using that to give working families a tax credit.

Investing in advanced manufacturing, in green jobs, in science and research and in CWA's vision for universal broadband access also is at the core of Obama's economic plan. He also believes that unions are the backbone of America's middle class and he is committed to restoring the rights of workers to organize and bargain contracts as fundamental to economic growth.

McCain's economic plan would also extend President Bush's temporary tax cuts that largely go to the wealthiest 10 percent.  Obama however calls for preserving tax breaks for lower and middle-class taxpayers, while rolling back most tax cuts for people earning more than $250,000 a year to help reduce the budget deficit.

The soaring debt "is a hidden domestic enemy, robbing our cities and states of critical investments in infrastructure like bridges, ports, and levees, robbing our families and our children of critical investments in education and health care reform, robbing our seniors of the retirement and health security they have counted on," Obama said.