You already know the old argument: Republicans cut taxes, Democrats raise them. Except it's not true, at least not in the way that it seems. But don't take my word for it. Here is Douglas Holtz-Eakin, McCain's chief economic policy adviser. "I used to say that Barack Obama raises taxes and John McCain cuts them, and I was convinced," he told me in a phone interview this week. "I stand corrected [about Obama's plans]."
The rest of the article is actually critical of both campaigns and is worth reading because it describes some of the reasons why it is so difficult to accurately evaluate economic plans. Obviously, I think Scherer should be much harsher on McCain than he is -- McCain plan is far more vague and is really in fantasy land when it comes to their promises to balance the budget. I also think the McCain ads on taxes are just plain dishonest as noted in this Media Matters post (also see their links).