The Obamas 2009 Income $5.5 Million, Taxes Paid $1.8 million

It's tax day! See the Obamas' tax return here. The Obamas list $374,000 in wages. I guess that's the President's salary, and $5.2 million in business income, largely book proceeds. The Obamas paid $1.8 million in taxes.

The return lists charitable deductions including, Appalachian Leadership and Education Foundation, Hispanic Scholarship Fund and American Indian College Fund. They donated about $329,000 to charity plus the $1.4 million Nobel Prize donations.

Check out the Bidens' tax return here.

Obama Will Raise Taxes on People with 7 Houses

Obama's ready to raise your taxes, the ad says, which makes it sound like he's raising everyone's taxes. What's not said in the video: you'll only get a tax hike if you make more than $250k or own 7 houses. Nice use of an old lady.

The Google tour of McCain's homes

McCain's New Ad Lies

He uses visual lies and a big fat lie that Obama voted to raise taxes on the middle class. That has been fact checked here. 

Going forward, Obama has repeated over and over, unless you earn more than $250,000, your taxes are not going up. Watch him say it, (mighty forcefully) here.
Here's a link to a side by side comparison of McCain's and Obama's tax plan. NYT: 

Visually, this is another intriguing spot. One that features Mr. Obama’s visage and his crowds more than Mr. McCain’s. One that uses some far left magazine covers to paint Mr. Obama as an extremist.

Interspersed are images of presumably real people, old and young, as the commercial turns to talk about family and the elderly and what tax increases would do to them and their budgets.

FactCheck.org has already debunked this claim that Mr. Obama’s vote on a budget resolution would have raised taxes on a family making a rather low income. But the McCain campaign keeps repeating this.

FactCheck says in an update: “We reiterate: McCain’s $32,000 figure is phony.” Or on $42,000. “The resolution does not contain a specific provision to raise tax rates, but rather assumes that most of the 2001 and 2003 tax cuts expire as scheduled in 2011,” it said.

New Details On Obama's Tax Plan

It appears the only people who will be affected are those who make more than $200,000.

CNN: Indeed, under Obama's tax plan, married couples with at least $250,000 in gross income are likely to see their taxes go up if Obama is elected president.

But what about single filers? The line for them would likely be about $200,000, according to an Obama adviser.
......

Obama would restore the top two income tax rates to their pre-2001 levels of 36% and 39.6%. Currently they're 33% and 35%.

Obama's proposal would also reinstate some limitations on how much of a given deduction or personal exemption high-income taxpayers may take.

However, not everyone in the top two brackets would necessarily be affected by the rate increase. Much depends on whether they've been subject to the Alternative Minimum Tax (AMT) in the past.
.....
In addition to wages up to $102,000 - the current cap on salary subject to the payroll tax, which funds Social Security - Obama would also tax amounts over $250,000.

In other words, income between $102,000 and $250,000 would be protected. more

The Obama Tax Code Will Save You Money

CNN money lays it all out.
Looks really good to me. With mccain's plan, the high income earners get the most benefit. With obama, the lower income owners get the most benefit.
People who make millions have investments and enough money to last a lifetime. There's no reason they should pay fewer taxes.
It's just fair. If more of the wealth at the top was spread around to the workers at the bottom, via wages and jobs, then we wouldn't be having this conversation. 
Here's a summary but check out the side by side comparison.

McCain: The average taxpayer in every income group would see a lower tax bill, but high-income taxpayers would benefit more than everyone else.

Obama: High-income taxpayers would pay more in taxes, while everyone else's tax bill would be reduced. Those who benefit the most - in terms of reducing their taxes as a percentage of after-tax income - are in the lowest income groups.