June 17, 2008
Posted: 03:00 PM ET
From CNN Anchor Wolf Blitzer
Blitzer: Obama, McCain are at odds over tax policy.
WASHINGTON (CNN) — When it comes to tax policy, John McCain and Barack Obama have very different views. Take the matter of corporate tax rates. McCain wants to reduce that rate. He says that would make American companies more competitive around the world since the U.S. has one of the highest corporate rates. He notes that Ireland used to be an economic basket case until it reduced its corporate rates. As a result, investors from around the world began to flock to Ireland for business deals. That created lots of jobs in Ireland, which now has a strong economy. Obama wants a windfall profits tax on Exxon-Mobil and the other big oil companies. They have been making record profits as the price of oil has skyrocketed. According to recent polls, most Americans blame big oil for their pain at the pump. McCain opposes such a windfall profits tax. But he goes one step further. Under McCain’s proposed corporate tax rate cut, Exxon-Mobil and other big oil companies would have even larger profits. That’s because McCain has no exemption for the big oil companies. This is but one tax issue on the table right now. The two presidential candidates disagree on several others. Obama has proposed a $1,000 tax cut for middle class workers. But the big issue for both will be whether to roll back the Bush tax cuts of 2001 and 2003. McCain originally voted against them but now supports them. Obama wants the Bush tax cuts for those making more than $250,000 a year eliminated. He wants to go back to the tax rates that existed during the Clinton administration. This will be a huge fight in the campaign. Filed under: Wolf Blitzer |
The latest political news from CNN's Best Political Team, with campaign coverage, 24-7. Sign up for our twice daily Ticker emails. Got a news tip or feedback? For complete political coverage, bookmark CNNPolitics.com. CNN=Politics Screensaver
New in the Ticker
Follow us on Twitter
Categories
Archive
Popular Posts
|
||
|
CNN Comment Policy: CNN encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give CNN the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. CNN Privacy Statement.
|
|||