Tax Debate: Read My Lip Service

The current Bush in the White House has drawn a similar line in the sand, however, promising in 2002 that "not over my dead body will they raise your taxes."

To some economists, Bush seems remarkably stubborn in pushing for more tax cuts despite growing budget deficits.

Budget deficits, of course, force the government to pay more in interest payments on the additional debt borrowed by the Treasury to finance the budget. That debt can dampen economic activity by competing with private enterprise for investor dollars and raising interest rates.

"The President doesn't seem constrained at all," says Sawicky. "I don't know how he thinks about it in his head."

Kerry, on the other hand, seems to understand the need for a balance, he said. "There's much more chance of fiscal discipline under Kerry."

The two candidates offer voters sharply contrasting views on taxation, whether or not their specific campaign promises come to pass.

Here's what each has to say on major tax issues:

Income Taxes

Since he entered office, Bush has succeeded in passing two major tax reform acts, one in 2001 and one in 2003, that lowered individual income tax rates. The reforms also increased the child tax credit and minimized the marriage penalty. The acts reduced taxes for all taxpayers, but particularly for the wealthy.

At the start of 2001, taxpayers in the top two tax brackets were paying maximum tax rates of 35.5% and 39.1%. Today, the top tax brackets are 33% and 35%.

"If you look at it from 10,000 feet, wealthy people are doing very, very well," said Tom Ochsenschlager, vice president of taxation for the nonprofit American Institute of Certified Public Accountants.

Kerry, however, has set his sights on raising taxes for Americans earning more than $200,000 annually and vowed to roll back the two top income tax rates back to their previous levels. He wants to use that money to help pay for social services, such as better health care programs.