Candidates' Tax Plans May Sound Good, but They're Unsound

Cash-strapped consumers are tapped out and hurting. Attempting to ride to their rescue are presidential candidates Barack Obama and Mitt Romney.

The candidates introduced ambitious tax-cutting plans in the last week aimed at easing the burden on the consumer.

The plans differ radically. Obama, a Democrat, presents a tax cut, while Romney, a Republican, takes it even further -- no taxes at all in some cases. Their plans offer some relief, but they don't make fiscal sense at a time of budget deficits and an increasing national debt.

Obama has announced a tax cut of about $85 billion. The Illinois senator's plan favors working Americans, homeowners and low-income seniors. He offers a tax cut of $500 per working person and a new mortgage credit aimed at low- and middle-income homeowners. Seniors with yearly incomes of less than $50,000 would pay no taxes. ...