Thursday, October 16, 2008

Money & Business

Capital Commerce

Obama vs. McCain on Taxes

March 14, 2008 01:55 PM ET | James Pethokoukis | Permanent Link | Print

Barack Obama slammed John McCain yesterday on his support of the 2001 and 2003 Bush tax cuts, measures he originally voted against: "He made a decision to reverse himself on that.... That was how, I guess, you got your ticket punched to be the Republican nominee. But he was right then, and he's wrong now."

On the same day Obama made that criticism, Senate Democrats in Congress voted to let half the Bush tax cuts expire in 2010 while House Democrats voted to let them all disappear.

My take: Isn't Obama basically guilty of somewhat the same thing he's charging McCain with? Obama has been against the 2001 and 2003 tax cuts, yet now he says he would keep roughly half of them. Obama is also apparently saying that it would have been better had middle- and lower-income Americans received no tax relief from the 2001 and 2003 cuts, since it also meant tax relief for upper-income folks. Can't McCain say, "If Barack Obama'sview had won out, the average American—not the rich, mind you—would have paid a trillion dollars in higher taxes since 2001, and now his Democratic friends in the House want to get rid of the tax cuts and credits you have enjoyed since then." The tax issue will be a biggie in the fall.

Tags: presidential election 2008 | taxes | Barack Obama | John McCain

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Reader Comments

ya

poooopiiiiiiiiiiiiieeeeeeeeeeeeeeeeeeee

McCain is pulling a slick one and in a way his lying. This one should deserve a 4 pinochios for McCain.

McCains plan is to keep the tax breaks for the rich which makes more than 250,000 dollars and Obama wants to remove those. These tax breaks doesn't include all of America.....but for the Republicans and John McCain, they think that everyone in America makes more than 250,000 dollars.

Obama will remove tax breaks from the rich and basically give the breaks to the poor and middle class. He won't be taxing the poor and middle class as what McCain and his trickle down economics seem to want you all to believe.

McCain is a liar. He doesn't know what his talking about when he says that Obama will tax everyone. The reason why his saying that Obama will tax everyone is because all of McCains friends are all rich and make millions of dollars. So therefore he thinks everyone is rich as well.

Furthermore, check this clash videos I found yesterday about the US Presidential candidates have talked taxes. Well, it’s entitled Obama v. McCain on Taxes. Watch these statements - then vote in http://clashorama.com/index.php?id=194

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About the Capital Commerce Blog

Send an E-mail to capcom@usnews.com.

James Pethokoukis is the money and politics blogger for U.S. News & World Report , where he writes the monthly Capital Commerce magazine column. Pethokoukis is also the assistant managing editor of the magazine's Money & Business section. He has written for many publications including the New York Times, the American, USA Today, Investor's Business Daily, and TCS Daily. Pethokoukis is also an official CNBC contributor and appears frequently on that network's Kudlow & Company, Power Lunch, and The Call shows. In addition, he has appeared numerous times on MSNBC, Fox News Channel, Fox Business Network, CNN, and Nightly Business Report on PBS. A 1989 graduate of Northwestern University where he double majored in Soviet politics and American history and a 1991 graduate of the Medill School of Journalism, Pethokoukis is a 2002 Jeopardy! champion.

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