Using the time-tested method of the Bush administration, McCain has repeatedly lied about Obama’s tax plan. The WaPo examines the claims today and exposes the falsehoods in McCain’s ads. Read the whole thing at the link but here’s a key point.
"Obama is not proposing to raise taxes for most Americans. To the contrary, he would triple the earned-income tax credit for low-wage earners, increasing work incentives at the bottom. He would cut taxes on people in the middle -- indeed, he would do so more aggressively than McCain would. It is only the wealthiest Americans who would face higher tax bills under Obama. According to the nonpartisan Tax Policy Center, Obama's plan would require the richest 1 percent of Americans to sacrifice a modest 1.5 percent of their after-tax income in 2012. By contrast, no-sacrifice McCain would award America's elite a 9.5 percent increase."
If you want to see your cost of living continue to rise while the wealthy get all the tax breaks, then by all means support McCain. If you want to see a fairer tax system that gives the working class a break, then the clear choice is Obama for president.