June 17th, 2008
03:00 PM ET
6 years ago

Blitzer: McCain, Obama worlds apart on taxes

Blitzer: Obama, McCain are at odds over tax policy.
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
soundoff (132 Responses)
  1. Lauren, MA

    This election has brought so much excitement back to America. And why are we excited? It ain't John McCain, that's for sure. We are excited about taking our country back. We are excited about making history. We are excited about reviving a country, and a legacy that has been dead for the last 8 years. We are excited about real world solutions to real world problems.

    Go Barack, help us take our country back. We will vote for you, and stand behind you all the way. NOTHING will stop us, not McSame, not the GOP tactics, nothing. The American resolve and God are bigger than they are-Whoohoooooo, go Barack. We are with you.

    Obama 08, 12.

    June 17, 2008 07:30 pm at 7:30 pm |
  2. eam

    where did he bring change. im asking all you obama-nazis where did he bring change. what did he change in chicago. can any of you answer me that. and dont give me any stupid answers about how he tried. i want actual CHANGE ! CAN YOU TELL ME ! I THOUGHT NOT. FOLLOW YOUR SHEEP HERDER SHEEP!

    June 17, 2008 07:32 pm at 7:32 pm |
  3. Pauly

    John McCain automatically states that the cause of lowering corporate taxes in Ireland created their boom. But Ireland has allowed anyone who wants to go to college to do so for several years. The cause may have much more to do with a highly educated work force which has been bringing tens of thousands of new high-tech jobs and economic opportunities to the Emerald Isle. India and China have done the same. Where are so many US jobs being offshored to? Coincidence?

    I find it hard to believe that big breaks for a few businesses trumps thousands upon thousands of well trained workers who also navigate their way ever more successfully through their job markets.

    The question is, if Ireland continues lowering their corporate taxes will they be able to continue this high end education program?

    June 17, 2008 07:33 pm at 7:33 pm |
  4. eam

    YEAH SHERRI THATS A GOOD POINT BUT I REALLY DONT THINK OBAMA DID ANY BETTER. HE TRASHED HER JUST AS BAD. BUT DO ANY OF YOU CARE NO! HE IS JUST AS GUILTY AND HIS STAFF DRUG HER THROUGH THE MUD AND YOU EXPECT US TO GET OVER IT. ITS NOT GONNA HAPPEN. JUST SO HE CAN THROUGH KICK BACKS TO LOW INCOME BLACKS THAT DON'T WANNA WORK ANYWAY AND LIVE ON WELFARE AND SHOW THIER KIDS HOW TO LIVE ON WELFARE FOR GENERATIONS TO COME! OH YEAH THATS THE KIND OF LEADER I WANT IN THE WHITE HOUSE.

    June 17, 2008 07:42 pm at 7:42 pm |
  5. American Blue

    Does anyone know why these wretched people continue to post these nasty blogs about not voting for Senator Obama. Listen people! we don't care; if you are ignorant enough to forfeit your Democratic values in this critical election, who wants your vote anyway. Clearly you people are voting with your emotions and not your logic or your grasp of the issues. Therefore on the eve of having total Democratic power in Washington; meaning a majority Democratic congress and a Democratic President one would have to not actually be a Democrat, or an incredibly stupid Democrat to try and tank their own values out of spite. Posting these lame I will vote McSame arguments only serves to cast doubt on your political intelligence. Please cease in burdening the rest of US happy Dems with your stupidity.

    June 17, 2008 07:49 pm at 7:49 pm |
  6. BIFF, BIFFINGTON...

    Eyemdaman said:
    Obama mantra: redistribution of wealth, stifle the competitive spirit, overtax companies so they move out of USA

    McCain mantra: proportional tax breaks (for everyone!), entice new business to USA (which creates jobs), encourage competitiveness and entrepreneurship.

    I personally like McCain's ideas better.

    Obama's policies will stifle investment and cripple our economy for good.
    - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - -

    Dude... you spew right wing talking ponts that have BEEN PROVEN UNTRUE.
    1) you misrepresent Obama's plan. It is not "re-distribution of wealth".. (while a clevely engineered scare phrase, its inaccruate). People who his plan targets...HAVE NO WEALTH.

    2) McCains plan is the SAME TIRED FUZZY TRICKLE DOWN THEORY TROTTED OUT AT EACH ELECTION..... and with all branches of goverment for the first six years... the republicans did that... and the companies STILL moved over seas.. AND STUCK A CUP UNDER THE TRICKLE!!!

    If you espouse/endorse this plan, you are in the 2% of Americans that make over $250,000 per year. period.

    June 17, 2008 07:50 pm at 7:50 pm |
  7. yes you are insane

    Seriously, YOU WILL be paying $4 bucks for a long time... in fact, we'll be lucky to get back to that number in the next 2 years...

    gas will only go down if....

    1) you strip all profits from gasoline per gallon... that's about 10 cents for the oil companies, 19 cents for the government, and 40 cents on average for the states....

    2) decrease supply, increase demand, or both... we pay about 65% of the price of gas is directly related to buying it overseas...

    STOP BUYING IT AT $140 a barrel and you get cheap gas...

    I have a MAJOR problem with people like you that spew out hate like it's a 2 for 1 sale.... all you do is criticize one side and act like the one you are on is righteous...

    BULL..... both sides are right and wrong on several issues, but energy is something WE MUST work together.... we must stop regulations on nuclear, coal, and oil... we must invest more in solar, wind, coal to oil, geothermal...

    THEY MUST work together, or we pay high prices... for a long time...

    June 17, 2008 07:50 pm at 7:50 pm |
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