McCain and Obama tax their throatsJune 11th, 2008 - 5:13 pm ICT by David M N James
John McCain and Barack Obama clashed over tax cuts as they seek the US presidency. Obama proposed to raise taxes on income, capital gains, estates and dividends. This was McCain ambush on Obama’s financial pans. This would adversely affect small business owners. “The Government should be on your side, not in your way,” McCain the Republican nominee told members of the GOP-friendly National Federation of Independent Business. The NFIB’s political action committee has supported the Republicans with 83% of its political contributions this year.
Obama proposes to avail $1,000 tax credit for working families and that only those earning $250,000 annually would face higher tax. Both have promised tax cuts but Obama told democrats that that McCain’s proposed tax cuts will create $300 billion “in tax breaks and loopholes which will be a boon for big corporations, and for the wealthiest Americans, and McCain hasn’t even explained how to pay for it.”