According to the Obama website, the $150,000 figure is for married couples. So I'm guessing the $120,000 figure is for people filing individually. Obama has said that 95% of working Americans will have their taxes cut under his plan.

Under McCain's plan, the people who make the most will have their taxes cut the most. Those who make less will have their taxes cut less. Under McCain's plan, for instance, JtS and I will experience a very small tax cut, only a few hundred dollars. Under Obama's plan, our taxes will be cut a few thousand dollars. Plus, as small business owners, we will not have to pay capital gains taxes, and we'll receive a tax credit for providing our employees (us) with health insurance. We're probably in the same tax bracket as the majority of people in the US.