by NPR Political Unit

The candidates are trading shots on their tax plans here. This is the breakdown according to the independent Tax Policy Center on what the plans would mean for Americans come tax time.

Basically, both Sen. McCain and Sen. Obama have proposed lower overall taxes, but their plans are very different.

Obama has proposed lower taxes for most Americans — and would raise taxes for the richest Americans. So that basically lets him offer bigger tax breaks for average people.

About 80 percent of American households get a break on their taxes. Only 10 percent see any actual tax increase.

McCain also would offer tax breaks, but the majority of the break would go to the richest Americans.

So... if you divide Americans into 5 groups by income... that middle fifth under Obama would get a $1100 tax cut in 09. Under McCain would get a $325 tax cut.

Now... when you look at the richest Americans there are big differences:

The top 1 percent of Americans next year:

Obama would raise their taxes by 7 percent - $94,000 dollars next year.

McCain would give them a tax cut of 3.7 percent or $50,000

For the Top .1 (1/10th) percent next year:

Under Obama they'd pay 9 percent more. $550,000 more in taxes next year.

Under McCain the top .1 percent would get a $290,000 tax cut.

— Chris Arnold

CORRECTION: Roberton Williams of the Tax Policy Center emailed us that Chris misstated the percentage tax changes in the candidates' plans. He writes:

In fact, the percentage changes are changes in after-tax income, not changes in taxes. Thus, for example, Obamas plan would reduce the after-tax income of people in the top 1% of the income distribution by 7%. The percentage increase in their tax bills would be much larger.