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Economic News, Data and Analysis

Obama and McCain on taxes

In a preview of what will likely be a hot issue in the general election, the 3 remaining presidential candidates took a stance on Bush’s tax changes during the budget debate yesterday.
Both Democrats and McCain supported extending reductions for low-income taxpayers, families with kids, and married couples. Only McCain supported extending the other tax cuts that primarily benefit high-income individuals.
From Reuters:

All three senators, including McCain, voted for a Democratic proposal to permanently extend a 10 percent tax rate, mostly for low-income earners, along with a child tax credit and marriage penalty relief. All were all set to expire in 2010.
A Republican amendment that would have extended the remaining Bush tax cuts was defeated. McCain voted for it, while Obama and Clinton opposed it.

Afterwards, the Obama and McCain camps crossed swords – with Obama pointing to McCain’s flip-flop on the issue…

“He made a decision to reverse himself on that, that was how I guess you got your ticket punched to be the Republican nominee,” Obama told reporters. “But he was right then and he’s wrong now.”
McCain responded he looked forward to a potential debate on taxes with Obama during a general election campaign.
“Senator Obama has stated very clearly his desire to increase Americans’ taxes. That’ll be one of the great debates we have if he is the nominee of his party,” McCain told reporters.

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