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McCain: Obama Tax Plan "Government Giveaway"

From CBS News' John Bentley:

(CONCORD, N.C.) – John McCain continued to hammer away on Barack Obama's tax plan here today, calling it a "government giveaway."

"He believes in redistributing wealth, not in policies that grow our economy and create jobs and opportunities for all Americans. This explains some big problems with my opponent's claim that he will cut income taxes for 95 percent of Americans. You might ask: how do you cut income taxes for 95 percent of Americans, when more than 40 percent pay no income taxes right now? How do you reduce the number zero?" McCain said. "That's the key to Barack Obama's whole plan: since you can't reduce taxes on those who pay zero, the government will write them all checks called a tax credit."

McCain went on to say his tax cuts are the "real thing," but Obama will take issue with that later today, according to excerpts released by his campaign.

"Sen. McCain has been attacking my middle class tax cut. He actually said it goes to, 'those who don't pay taxes,' even though it only goes to working people who are already getting taxed on their paycheck," Obama will say. "John McCain is so out of touch with the struggles you are facing that he must be the first politician in history to call a tax cut for working people 'welfare.' The only 'welfare' in this campaign is John McCain's plan to give another $200 billion in tax cuts to the wealthiest corporations in America."

McCain has proposed to cut the corporate tax rate; however, this would affect every business in the country, not just the wealthiest ones.

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