Obama fights McCain over taxes

June 13th, 2008 - 12:10 pm ICT by Amrit Rashmisrisethi  

Barack ObamaDemocratic presidential hopeful Barack Obama accused Republican John Mcain of mischaracterizing his tax plan and said most Americans would not see taxes go up.

Obama, an Illinois senator, has drawn heavy fire from rival Arizona Sen. McCain this week on the issue of taxes, with the Republican repeatedly accusing Obama of seeking the largest increase since World War Two.

“It’s just not true,” Obama said at a town hall meeting in rainy Wisconsin, telling a crowd inside a high school gymnasium that Republicans have wrongly subjected him to charges of being a “tax-and-spend liberal.”

Obama, visiting a Midwestern state likely to be a battleground in the race to the November presidential election, is enjoying a modest bump in public opinion polls in the days since dispatching rival Hillary Clinton from the Democratic nominating contest.

A poll by NBC and the Wall Street Journal put him ahead of McCain by 47 percent to 41 percent among registered voters.

Obama says he would raise taxes on Americans making $250,000 a year or more and raise the capital gains tax for those in higher income brackets while exempting small investors. He would use the money to pay for a middle-class tax cut of $1,000 a year.

McCain and other Republican leaders argue that any tax increase at a time the U.S. economy is struggling could be devastating.

Obama’s campaign pointed to a study by the Tax Policy Center that said his plan would offer middle-class families three times the tax relief that they would receive under McCain’s plan.

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