McCain Tax Jab Overlooks His Own Proposal

[maddezmom]

McCain Tax Jab Overlooks His Own Proposal
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Share October 16, 2008 10:16 PM

ABC News' Teddy Davis, Rigel Anderson, and Hope Ditto Report:

John McCain is stepping up his assault on Barack Obama's tax plan.

~snip~

"The most interesting place now where people have caught onto Barack Obama is in the area of a 'tax cut' for 95 percent of the American people, despite the fact that just under 50 percent literally pay no income tax," said Holtz-Eakin on a conference call with reporters.

"Now how can this be done?" he continued. "Well, Barack Obama has labeled mailing checks to individuals a tax cut."

McCain's top policy adviser then enumerated the following litany of refundable tax credits favored by Obama: (1) a "make-work-pay" credit of up to $500, (2) a universal mortgage credit of 10% of mortgage interest, (3) three different extensions of the Earned Income Tax Credit, (4) a refundable child care credit, (5) a saver's credit, (6) a Hope Credit, and (7) a 100% match of college expenses up to $4,000.

"This array of credits amounts to sending checks to individuals," said Holtz-Eakin, "In 2009, there would be checks sent to 57 million households in the US."

While Holtz-Eakin is correct in suggesting that refundable credits are a cornerstone of Obama's plan, the McCain campaign is overlooking that the center-piece of its own health care plan is . . . you guessed it . . . a refundable tax credit.

more:
http://blogs.abcnews.com/politicalradar/2008/10/mccain-tax-jab.html


Tax credit key to McCain's healthcare plan
http://www.boston.com/news/nation/articles/2007/10/12/tax_credit_key_to_mccains_healthcare_plan/

At GM plant, McCain calls for an electric vehicle tax credit
http://articles.latimes.com/2008/jul/19/nation/na-mccain19

Suspend gas taxes, double child tax credit
http://www.bizjournals.com/phoenix/stories/2008/04/14/daily16.html