McCain: Obama's Tax Policies Are Socialist

CONCORD, N.C. — Republican presidential candidate John McCain on Saturday accused Democratic rival Barack Obama of favoring a socialistic economic approach by supporting tax cuts and tax credits McCain says would merely shuffle wealth rather than creating it.

"At least in Europe, the Socialist leaders who so admire my opponent are upfront about their objectives," McCain said in a radio address. "They use real numbers and honest language. And we should demand equal candor from Sen. Obama. Raising taxes on some in order to give checks to others is not a tax cut; it's just another government giveaway."

McCain, though, has a health care plan girded with a similar philosophy. He proposes providing individuals with a $5,000 tax credit to buy health insurance. He would pay for his plan, in part, by considering as taxable income the money their employer spends on their health coverage.

McCain leveled his charge before a pair of appearances aimed at restoring his lead in critical battleground states. In both North Carolina and Virginia, where McCain was to speak later in the day, his campaign has surrendered its lead to Obama in various polls. President Bush, a Republican, won both states in 2004.

During a rally outside Charlotte, N.C., McCain returned to the socialism theme, although he did not use the more tart language of his radio address.

He also was sharply critical of the Bush administration, saying it should be more aggressive in buying up the home mortgages of those trapped by high interest rates and falling housing values.

"The administration is not doing it. The secretary of the Treasury is not doing it," McCain told the crowd. "We need to buy up these mortgages, give you a mortgage that you can afford, so you can pay your mortgage and realize the American Dream of owning your home."

McCain stoked the crowd by accusing Obama and his fellow Democrats of assuming they will not only win the White House but expand their congressional majority.

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"Did you happen to see that Speaker (Nancy) Pelosi anticipates a 250-seat majority" in the House, the senator asked. "My friends, we can't let that happen. My friends, taxes will increase, spending and they'll concede defeat in Iraq."

The last Democratic candidate to win North Carolina was Southerner Jimmy Carter in 1976, when the Republicans were reeling from President Nixon's resignation following the Watergate scandal. Virginia has not voted for a Democratic nominee since President Johnson's landslide victory in 1964.

McCain's drop in the state polls follow larger national trends that have given Obama a lead following Wall Street chaos that focused the race on who is best equipped to restore the economy.

On Sunday, McCain was to travel to Ohio, where he might appear with "Joe the Plumber," the Holland, Ohio, plumber Joe Wurzelbacher whom the senator has been portraying as emblematic of people with concerns about Obama's tax plans.

Wurzelbacher became the focal point of the final presidential debate after he met Obama earlier in the week and said the Democrat's tax proposal could keep him from buying the two-man plumbing company where he works. However, reports of Wurzelbacher's annual earnings suggest he would receive a tax cut rather than an increase under Obama's plan.

Obama has said his tax policies would cut payments for 95 percent of working Americans, while increasing them only for families making more than $250,000 a year. McCain has argued that 40 percent of Americans don't pay income taxes, either because they are seniors or don't meet minimum earnings thresholds, so the only way to cut their taxes is to give them various credits.

"In other words, Barack Obama's tax plan would convert the IRS into a giant welfare agency, redistributing massive amounts of wealth at the direction of politicians in Washington," McCain said in the radio address.

An Obama spokesman did not immediately respond to a request for comment.

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On the Net:

McCain campaign: http://www.johnmccain.com/

Obama campaign: http://www.barackobama.com/index.php

Comments

[iburl]

Our Fire, Police, and Dogcatchers are SOCIALIST! So are our libraries!! What COMMIE thought that the gubbermint lending readin' books out to folks would be a good idear!?! Everyone knows that all you get from readin' is SOCIALIST thoughts and possible militant homosexual recruitment propaganda, least ways thats how I lurned it from my AM radio friends.

[NoFactsJustTruth]

Senator Obama is no more or less 'a socialist' than ol' what's-his-name. After the last 8 years, it's easy enough to spot someone running for office that's pro-corporate and that supports implementing ever more FASCIST policies though. So, if it's then really a choice between OUR country being a bit more 'socialist' - or even more 'fascist', more than 80% of citizens believing the country's headed in the wrong direction ...should give one a clue.

Also, socializing the cost of corporate and industry 'losses' in OUR country, but not the cost of citizen's health-care for instance ...is just being an EVIL SOCIALIST or, for whoever stupidly made up 'Islamo-fascist', something like a 'Socialo-fascist'.

[MargaretO]

David Gergen, today, on CNN, said that "over the last 10 years, the middle class has lost 600 billion dollars and the top 5% has gained 600 billion dollars. That was spreading the wealth around but the direction was aimed at the very rich. Sen. Obama wants to reverse that, so how can McCain say that Obamas way is "socialism". If McCain believes that, then the last 10 years has also been "socialism", but to the wealthy, not the middle class."

[MargaretO]

Okay, what is with HuffPo? Constantly asking me if I have more to post, blah, blah, blah and then not posting my comments. I'm not saying bad things.

[VikramM]

I've got a question. Not sure who to ask. I figure someone here might have a good pointer to where I'd find the answer.

While I support the re-distribution of wealth and progressive taxation, I do not understand the economic rationale for *refundable* tax credits. I like Obama's plan (http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf), for everything but the "refundableness" of his credits. It seems to me that such credits, though well intentioned, would lead to perverse incentives. Could someone explain why these credits are refundable?

[BrighterStar]

I'm not sure what is controversial about this. Using the tax code to "spread the wealth" is socialism. Obama is a socialist. He just wont be honest about who he is because if he did he would not get elected.

[Icantbelieveher]

For the same reason that McCain and Bush won't be honest about their fascism! The republicans just gave the largest socialist/welfare bailout of the banks in America!!!

[MargaretO]

Are you crazy? McCain is just a socialistic. He wants to spread the wealth to the wealthy, though. Is that more okay for you? You'd rather not have a tax cut, or are you making over $250K per year?

[BrighterStar]

Most of the wealthy get the wealth themselves.

[MaryanneAZ]

McCain once again displays his appalling lack of economic acumen. There is a vast difference between socialism and social equality. McCain really, really needs to master "the Google" and learn the facts before he goes out on the campaign trail. It is a discredit to his candidacy and to the election process to spew unsubstantiated lies about an opponent's tax plan. The really maddening thing is that even when McCain's lies are debunked, he continues to say them over and over again. I just do not get that. Has he no conscience? Has he no pride? How is he going to show his face in the Senate? Does he value re-election to the Senate? His strategy is both sad and ineffective. Obama/Biden '08

[ProudLiberalDan]

Barack Obama said the following in a speech today, a transcript I copied from pollster.com

----------­----------­--------

If John McCain wants to talk about redistributing wealth to those who don't need it and don't deserve it, let's talk about the $700,000 tax cut he wants to give Fortune 500 CEOs, who've been making out like bandits – some of them literally. Let's talk about the $300 billion he wants to give to the same Wall Street banks that got us into this mess. Let's talk about the $4 billion he wants to give oil companies like Exxon-Mobil or the $200 billion he wants to give the biggest corporations in America. Let's talk about the 100 million middle-class Americans who John McCain doesn't want to give a single dime of tax relief. Don't tell me that CEOs and oil companies deserve a tax break before the men and women who are working overtime day after day and still can't pay the bills. That's not right, and that's not change.

----------­----------­-----

This needs to make it into a commercial.

For all this conservative malarkey about who doesn't deserve tax relief or the wealth spread around, this is incredibly eloquent.

We already have "socialism" in this country. It's just that all the "socialism" goes in favor of the already rich and powerful and everyone else is left to "pull themselves up by their bootstraps" capitalism.

[Icantbelieveher]

It's corporate welfare -- and that distribution of wealth is thievery!!! We want back what was stolen from us!!!

[manitoumackinac]

"In other words, Barack Obama's tax plan would convert the IRS into a giant welfare agency, redistributing massive amounts of wealth at the direction of politicians in Washington,"

Well the Treasury has been recently converted a welfare agency for banks. He's really not saying that, is he? Economic stimulus checks are a type of handout as well, right?

Debt Deflation is becoming a real threat, and the Fed interest rate cuts may not keep it in check. Jobs will be lost, and people will sink deeper into the hole of debt and poverty. Even bankruptcy may not save them because the laws have been changed during the Bush years to make it much more difficult to wipe out debts.

A large population of people heavily indebted and jobless is a serious threat to any country. They are going to need some kind of help.

[Icantbelieveher]

McCain wants to cut taxes for the big corporations and wealthy that Bush cut taxes for!!! We're seeing how well that worked!!

The republicans are all about their own wealth and they could care less about their neighbor who just lost their job!!!

The large population that needs help and the rest of us are voting OBAMA!!!!!

[Whinger]

And McBush's tax policies favor the ultra rich at the expense of the huddled masses!

Way to go John, you still don't get it.

[sonoffestus]

McCain is a sick , sick man. No honor , integrity, nothing , nada, a bag of old worn out ideas.

[jitterbug]

Guess we really don't need to see his medical reports anymore. We can already tell he is a rude, crude, ill-bred, ill-mannered and thoroughly undesirable individual. Shame on you, McCain, how can you live with yourself? You should turn yourself in to the Secret Service for incitment to violence on a sitting Senator. Who's the real terrorist?

[musselmanm]

Try this for fun! Color his hair black in the picture provided. With a comb over and some axle grease to hold it in place.
Next, color a little black mustasche under his nose. A verry narrow one from sided to side.
Now who does this make you think of?

[BluePride]

The Ballad of Johnny McCain 2008

http://www.youtube.com/watch?v=tDceTz3UAgI

[sevenkdr]

Well, the Bush admin just nationalized our banks, so I don't understand how Republicans can point the socialist finger.

[swift goat pet for truth]

Easy, and they have been.

GOPers throw Bush under the Bus.
Bush is simply NOT a REAL GOPer.

[Hirnlego]

3. “I always thought that class warfare was to take away from the rich. I always believed that that was what class warfare was all about. As I said, there are tax breaks and money for the richest in America and the very rich, but I think that it’s clear that there’s a growing gap between rich and poor in America, the haves and the have-nots. And many studies have indicated that, and I think that the people who need it most and need the relief most are working middle-income Americans and that’s what I want to give to them. And at the same time, the greatest benefit that I can give them is to make sure that their Social Security benefits are there. And I also don’t think it’s fair for us to lay a $ 5.6 trillion debt down on future generations of Americans.”
—NBC’s “Meet the Press,” Jan. 16, 2000.

5. “There’s one big difference between me and the others—I won’t take every last dime of the surplus and spend it on tax cuts that mostly benefit the wealthy. I’ll use the bulk of the surplus to secure Social Security far into the future to keep our promise to the greatest generation.”
—McCain campaign commercial, January 2000.

6. “I don’t think Bill Gates needs a tax cut. I think you and your parents do.”
—Michigan State University rally, Feb. 20, 2000.

McCain is completely untrustworthy.