"First of all, Sen. Obama wants to raise taxes," John McCain said in an interview on CNN's "American Morning" on Tuesday, Sept. 16. "I'm not going to raise anybody's taxes ... ."
Get the facts after the jump!
While it's impossible to know what policies any candidate would implement in the future, as described by his public statements, Obama's tax plan would increase taxes in 2009 on the wealthiest 20 percent of households, while offering tax cuts for the other 80 percent. The largest increases would be on the top one-percent of earners. That's according to analysis by the Tax Policy Center, a nonpartisan research group whose staff of experts includes former economic advisers to the White House and Congress under both Republicans and Democrats.
By comparison, the Tax Policy Center analysis says McCain would offer tax cuts across the board. Those at the top end of the scale would get the biggest percentage cuts under McCain, while households with the lowest incomes would receive the largest percentage cuts under Obama's plan. Obama's plan would offer a tax cut for people earning up to $111,645 a year, according to the analysis. McCain also would offer relief to those taxpayers, but his cuts would be smaller.
The center has different figures based on how the staff and economic advisers of both candidates have described the plans - as opposed to what candidates have said in their speeches. According to Obama's staff, even the top 20 percent of earners would, on average, get a small tax cut - with the top one-percent seeing the largest increases. McCain's staff says his cuts for people making roughly $66,000-$111,000 a year would get a slightly higher cut under his plan than Obama's and that his cuts across the board would be slightly larger than what McCain has said they would be.
Verdict: TRUE, BUT INCOMPLETE