It’s important for John McCain to illustrate clearly and repeatedly over the tax increases that would be delivered to America with an Obama administration. Today Senator McCain spoke at the 2008 National Small Business Summit in Washington, D.C. It almost seems ridiculous that anyone would welcome the type of tax increases that Obama will create largely through allowing the Bush tax cuts to expire. How can this possibly be good for a struggling American economy with fuel price issues?
The Los Angeles Times reports:
McCain gave a keynote speech at a small business conference here, charging that Obama’s opposition to extending Bush administration tax cuts would result in “the single largest tax increase” since World War II. In a speech before an event sponsored by the National Federation of Independent Business and eBay, McCain also advocated “an alternative tax system” that he said would include a simpler and flatter tax code.
The full text of the speech is available over at MarketWatch. McCain also hits Obama over his support for an increase in the death tax to absurd levels:
Another of my disagreements with Senator Obama concerns the estate tax, which he proposes to increase to a top rate of 55 percent. The estate tax is one of the most unfair tax laws on the books, and the first step to reform is to keep it predictable and keep it low. After a lifetime building up a business, and paying taxes on every dollar that business earns, that asset should not be subjected to a confiscatory tax.
I urge Senator McCain to continue to clearly illustrate the federal tax burden that Obama advocates. The LPA strongly calls for income tax reform ultimately replacing the current federal income tax with the fair tax and an immediate end to the personal wealth theft committed by the federal government in the form of the death tax.
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