DNC - McCain Myth Buster: John McCain and Taxes

Washington, DC--John McCain says an important part of his economic plan is "cutting taxes for the middle class."  But a new study by the non-partisan Tax Policy Center shows that a quarter of Senator McCain's tax cuts would go to households making $2.8 million or more and that Senator Obama's tax cuts would provide three times the middle class tax relief that Senator McCain's would. [johnmccain.com, accessed 6/12/08]

John McCain's misleading talk on taxes is nothing new--many non-partisan, independent fact check groups have exposed McCain's exaggerations and falsehoods on the campaign trail.  And this latest distortion of the truth if further proof that Senator McCain would be just another president who would rather deceive the public about his so-called economic plans than help families who are having trouble making ends meet.

FactCheck.org: McCain's Spending Plans Don't Add Up. According to the non-partisan FactCheck.org, "McCain's big promise is that he can balance the budget while extending Bush's tax cuts and adding a few of his own. He likes to leave the impression that this can be done painlessly, for example, by eliminating 'wasteful' spending in the form of 'earmarks' that lawmakers like to tuck into spending bills to finance home-state projects. We found that not only is this theory full of holes, it's not even McCain's actual plan." [FactCheck.org, 5/13/08: http://www.factcheck.org/elections-2008/the_budget_according_to_mccain_part_i.html ]

Washington Post Fact Checker: 4 Pinocchios for McCain's "Fantasy" Plan to Balance Budgets by Cutting Earmarks.  "McCain's talk about eliminating $100 billion a year in earmarks is largely fantasy. His advisers are now promoting a more realistic plan of eliminating $100 billion in overall spending. But it is difficult to take even that promise very seriously given the fact that the senator refuses to identify exactly which projects he will be cut. To use a phrase coined by George H.W. Bush, this is 'voodoo economics,' based more on wishful thinking than on hard data or carefully considered policy proposals." [Washington Post, Fact Checker Blog, 5/23/08: http://blog.washingtonpost.com/fact-checker/2008/05/mccains_fantasy_war_on_earmark.html]

Washington Post Fact Checker: 2 Pinocchios for Fiorina and McCain Tax Claims.  "The McCain camp is attempting to persuade Americans that their taxes will increase dramatically with Barack Obama as president. The presumptive Republican nominee has repeatedly said that Obama would enact 'the largest tax increase since the Second World War.' A surrogate, former Hewlett-Packard CEO Carly Fiorina, insists that Obama has not proposed 'a single tax cut' and wants to 'raise every tax in the book'… Carly Fiorina is wrong to claim that Obama has proposed no tax cuts and wants to raise 'every tax in the book.' John McCain is on more solid ground when he claims that Americans from many different backgrounds could be affected by a rise in capital gains taxes, but he has greatly exaggerated the adverse impact." [Washington Post, Fact Checker blog, 6/11/08: http://blog.washingtonpost.com/fact-checker/2008/06/mccain_vs_obama_on_taxes.html ]

FactCheck.org: McCain's Claim That Tax Cuts Increase Revenue Is "Highly Misleading." Republican presidential candidate Sen. John McCain has said that the major tax cuts passed in 2001 and 2003 have "increased revenues." He also said that tax cuts in general increase revenues. That's highly misleading. In fact, the last half-dozen years have shown us that we can't have both lower taxes and fatter government coffers. The Congressional Budget Office, the Treasury Department, the Joint Committee on Taxation, the White House's Council of Economic Advisers and a former Bush administration economist all say that tax cuts lead to revenues that are lower than they otherwise would have been - even if they spur some economic growth. And federal revenues actually declined at the beginning of this decade before rebounding. The growth in the past three years that McCain refers to brings revenues back in line with the 40-year historical average as a percentage of gross domestic product." [Fact Check.Org, 6/11/2008]

FactCheck.org: McCain's Largest Tax Increase Charge "Wrong" and "Misleading."  According to the Annenberg Public Policy Center's Factcheck.org:  "By the measure most economists prefer, McCain is wrong in his claim that Sens. Clinton and Obama want to implement 'the single largest tax increase since the Second World War;'… At a more basic level, it's misleading to tag Clinton and Obama for something that was scheduled during the Bush administration - the expiration of the 2001 and 2003 Bush tax cuts, which by law will occur at the end of 2010."  [Factcheck.org, 5/14/2008, http://www.factcheck.org/elections-2008/the_budget_according_to_mccain_part_ii.html ]