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October 31, 2008
Fact check: Would McCain 'only reward wealth'?
Posted: 04:43 PM ET
Is Obama right about McCain's tax plan?
The Statement:
At a rally Thursday, October 30, in Columbia, Missouri, Sen. Barack Obama said, "The choice in this election isn't between tax cuts and no tax cuts, it's whether you believe we should only reward wealth or whether we should also reward work and the workers who create it."
Get the facts!
The Facts:
Sen. John McCain's tax plan offers across-the-board tax cuts for all income brackets, according to the nonpartisan Tax Policy Center. As the CNN Truth Squad has reported previously, McCain offers larger tax cuts to higher income brackets. Obama offers larger tax cuts for lower- and middle-income Americans than McCain does, and Obama vows to raise taxes on individuals making more than $200,000 and families making more than $250,000.
The context of Obama's remarks in Columbia makes clear the "reward" he is referring to involves tax cuts. He goes on to speak about his plan to give tax breaks to virtually all American workers who pay taxes. Obama has argued previously that McCain's plan gives 100 million middle-class Americans no tax relief. The CNN Truth Squad ruled that "false."
Both candidates have put forward numerous proposals to help lower- and middle-income families, as well as small businesses. McCain has pointed to his call for lowering the corporate tax rate from 35 percent to 25 percent, which he says would assist those trying to build businesses. McCain certainly views that as rewarding "work and the workers who create it."
The Verdict:
False. McCain offers policies to help workers at all income levels. While he offers higher tax cuts to higher income brackets, he does not "only reward wealth."
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