HUNTINGTON, W.Va. (WSAZ) -- The issue of taxes is a complicated one. So WSAZ.com breaks down the proposals for the two presidential candidates John McCain and Barack Obama.

Check the bottom of the page for information from The Tax Policy Center, including how the respective plans will likely affect the average salary.

The following information is from www.johnmccain.com regarding Senator John McCain's tax proposals:

Cutting Taxes For The Middle Class:

John McCain Will Cut Taxes For Middle Class Families. John McCain will permanently repeal the Alternative Minimum Tax (AMT) – a tax that will be paid nearly exclusively by 25 million middle class families. Repealing this onerous tax will save middle class families nearly $60 billion in a single year. Under McCain's plan, a middle class family with children set to pay the AMT will save an average of over $2,700 – a real tax cut for working families.

John McCain Will Double The Personal Exemption For Dependents. John McCain believes the tax code should be less of a burden on those, whether they are mothers and fathers or single parents, who are trying to raise a family. He proposes to raise the personal exemption for each dependent from $3,500 to $7,000.

Pro-Growth Tax Policy:

John McCain Will Keep Tax Rates Low. Entrepreneurs are at the heart of American innovation, growth and prosperity. They create the ultimate job security – a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission.

John McCain Will Maintain The Current Income And Investment Tax Rates And Fight The Democrats' Plans For A Crippling Tax Increase In 2011. Left to their devices, Democrats will impose a massive $100 billion tax hike, almost $700 per taxpayer every year. John McCain has also long sought permanent and immediate reform of the estate tax, and supports raising the exemption from taxation on estates up to $10 million while cutting the tax rate to 15 percent.

John McCain Will Make It Harder To Raise Taxes. John McCain believes it should require a 3/5 majority vote in Congress to raise taxes.

John McCain Will Reward Saving, Investment And Risk-Taking. Low taxes on dividends and capital gains promote saving, channel investment dollars to innovative, high-value uses and not wasteful financial planning. John McCain will keep the current rates on dividends and capital gains and fight anti-growth efforts by Democrats.

John McCain Will Improve Business Investment Incentives. John McCain proposes to permit corporations to immediately deduct the cost of equipment investment, providing a valuable pro-growth investment incentive. Expensing of equipment and technology will provide an immediate boost to capital expenditures and reward investments in cutting-edge technologies.

Tax Cuts On American Employers:

John McCain Will Reduce The Federal Corporate Tax Rate To 25 Percent From 35 Percent. John McCain believes the taxes we impose on American companies should be no higher than the average rate our major trading partners impose on theirs. We currently have the second-highest combined corporate-tax rate in the industrialized world, and it is driving many businesses and the jobs they create overseas.

Pro-Innovation Tax Cuts:

John McCain Will Ban Internet Taxes. John McCain has been a leader in keeping the Internet free of taxes. As President, he will seek a permanent ban on taxes that threaten this engine of economic growth and prosperity.

John McCain Will Ban New Cell Phone Taxes. John McCain understands that the same people that would tax e-mail will tax every text message – and even 911 calls. John McCain will prohibit new cellular telephone taxes.

John McCain Will Establish Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D. This reform will simplify the tax code, reward activity in the U.S., and make us more competitive with other countries. A permanent credit will provide an incentive to innovate and remove uncertainty. At a time when our companies need to be more competitive, we need to provide a permanent incentive to innovate, and remove the uncertainty now hanging over businesses as they make R&D investment decisions.

Retirement Tax Cut:

John McCain Will Act To Lower Medicare Premiums. Seniors face a growing threat from higher Medicare premiums that tax away their Social Security and retirement savings. John McCain has proposed comprehensive, pro-market health care and Medicare reforms to reduce health care costs and control increases in premiums – while delivering high-quality health care.

A Real Choice For Simpler Taxes:

John McCain Will Propose An Alternative New And Simpler Tax System – And Give America A Real Choice. When this reform is enacted, all who wish to stay under the current system could still do so, but everyone else could choose a vastly less complicated system with two tax rates and a generous standard deduction. Americans do not resent paying their rightful share of taxes – what they do resent is being subjected to thousands of pages of needless and often irrational rules and demands from the IRS.

The following information is from www.barackobama.com regarding Senator Barack Obama's tax proposals:

Provide Additional Tax Rebates to American Workers:

The economy has continued to weaken significantly, despite congressional action to provide immediate tax rebates to American consumers. Stimulus: $20 billion.

Provide a Tax Cut for Working Families:
Obama will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family. The "Making Work Pay" tax credit will completely eliminate income taxes for 10 million Americans.

Eliminate Income Taxes for Seniors Making Less than $50,000:

Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This proposal will eliminate income taxes for 7 million seniors and provide these seniors with an average savings of $1,400 each year. Under the Obama plan, 27 million American seniors will also not need to file an income tax return.

Simplify Tax Filings for Middle Class Americans:

Obama will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.

Make the Research and Development Tax Credit Permanent:

Barack Obama wants investments in a skilled research and development workforce and technology infrastructure to be supported here in America so that American workers and communities will benefit. Obama wants to make the Research and Development tax credit permanent so that firms can rely on it when making decisions to invest in domestic R&D over multi-year timeframes.

Provide Tax Relief for Small Businesses and Start Up Companies:

Barack Obama will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and job creation. Obama will also support small business owners by providing a $500 “Making Work Pay” tax credit to almost every worker in America. Self-employed small business owners pay both the employee and the employer side of the payroll tax, and this measure will reduce the burdens of this double taxation.

According to The Tax Policy Center, here's how the average taxes would change in 2009 based on the two candidates' tax proposals.

Average Income Over $2.9 million: McCain's Plan -$269,364 ; Obama's Plan +$701,885

Average Income $603,000 and up: McCain's Plan -$45,361 ; Obama's Plan +$115,974

Average Income $227,000-$603,000: McCain's Plan -$7,871 ; Obama's Plan +$12

Average Income $161,000-$227,000: McCain's Plan -$4,380 ; Obama's Plan -$2,789

Average Income $112,000-$161,000: McCain's Plan -$2,614 ; Obama's Plan -$2,204

Average Income $66,000-$112,000: McCain's Plan -$1,009 ; Obama's Plan -$1,290

Average Income $38,000-$66,000: McCain's Plan -$319 ; Obama's Plan -$1,042

Average Income $19,000-$38,000: McCain's Plan -$113 ; Obama's Plan -$892

Average Income Under $19,000: McCain's Plan -$19 ; Obama's Plan -$567