Increasingly confident that framing presumptive Democratic nominee Sen. Barack Obama (D-Ill.) as an empty celebrity is working for them--the McCain campaign on Wednesday unveiled a new radio spot making the point that Obama is wealthy. But he's small change compared to the fortune that Cindy McCain inherited from her father. Obama's team made an ad playing up McCain's wealth; this in part is a reaction to that.
Script For "Millions" (Radio :60)
ANNCR: Celebrities like to spend their millions. Barack Obama is no different. Only it's your money he wants to spend.
Obama's got plans -- big plans -- for your money.
Eight hundred sixty three billion in new government programs -- a 23 percent increase in the size of government.
Massive spending. That will lead to even higher budget deficits.
Piling more debt on the backs of your children and grandchildren.
Even Obama's hometown newspaper, The Chicago Tribune, says Obama has "no interest in eliminating deficit spending".
They're right. So no wonder Obama wants to raise taxes on your income, your electric bills, even your life savings.
Ready to tax. Ready to spend. Not ready to lead.
That's the real Obama.
JOHN MCCAIN: I'm John McCain and I approved this message.
ANNCR: Paid for by John McCain 2008.
AD FACTS: Script For "Millions" (Radio :60)
ANNCR: Celebrities like to spend their millions. Barack Obama is no different. Only it's your money he wants to spend. Obama's got plans -- big plans -- for your money.
· Chicago Tribune: Obama Hasn't Been Talking About Balancing The Budget And "Has A Full Plate Of Spending Initiatives." "Obama's campaign on Monday scoffed at the McCain proposals. But Obama hasn't been talking boldly about the certain path to a balanced budget. He promises to cut taxes for most Americans ... and he has a full plate of spending initiatives." (Editorial, "Failure Of Nerve," Chicago Tribune, 7/8/08)
· The New York Times' David Brooks Said For Barack Obama To Fund His Domestic Programs, He Will Have To Break His Pledge Not To Tax The Middle Class. "Both [Obama and Clinton] promised to not raise taxes on those making less than $200,000 or $250,000 a year. They both just emasculated their domestic programs. Returning the rich to their Clinton-era tax rates will yield, at best, $40 billion a year in revenue. It's impossible to fund a health care plan, let alone anything else, with that kind of money. The consequences are clear: if elected they will have to break their pledge, and thus destroy their credibility, or run a minimalist administration." (David Brooks, Op-Ed, "No Whining About The Media," The New York Times, 4/16/08)
· Investor's Business Daily: Barack Obama Would Have To Tax Middle Class Taxpayers To Fund His Billions In New Spending. "Obama's spending agenda -- exceeding $307 billion a year -- dwarfs that of Bill Clinton a decade and a half ago. And he would be sure to run into the same immovable mathematical obstacle faced by the last Democratic president. Taxing the handful of CEOs and other fat cats won't be enough. The big money Obama wants will have to come from the many millions of middle-class taxpayers." (Editorial, "Only CEOs Need Fear," Investor's Business Daily, 5/9/08)
· The National Journal's John Maggs: "[Obama] Has Rhetorically Committed To A 'Pay-As-You-Go' Approach By Offsetting New Spending And Tax Cuts With New Taxes Or Spending Cuts, But His Proposals Do Not Come Close To Meeting This Standard." (John Maggs, "Obama On The Economy," The National Journal, 5/31/08)
· Los Angeles Times: Barack Obama "Has Not Identified New Revenue Sources Or Spending Cuts To Pay For Some Of" His Proposals. "The Obama campaign responds that tax cuts, once enacted, are usually renewed and do not expire. Therefore, they say, Obama can legitimately claim to be recouping money for other purposes by scaling back the tax cuts. Obama has not identified new revenue sources or spending cuts to pay for some of what he wants to do." (Peter Nicholas, "Adding Up The Cost Of Obama's Agenda," Los Angeles Times, 7/8/08)
ANNCR: Eight hundred sixty three billion in new government programs -- a 23 percent increase in the size of government. Massive spending. That will lead to even higher budget deficits. Piling more debt on the backs of your children and grandchildren.
· If Obama Could Enact All Of His Campaign Proposals, Taxpayers Would Be Faced With Financing $863.352 Billion In New Spending Over One White House Term, Which Averages Out To Be Approximately $216 Billion A Year. (Barack Obama's Spending Proposals: http://www.barackobama.com/index.php, Accessed 8/19/08)
· In Obama's First Year, Implementing $216 In New Spending Would Increase Discretionary Spending By Approximately 23 Percent. (Barack Obama's Spending Proposals: http://www.barackobama.com/index.php, Accessed 8/19/08)
ANNCR: Even Obama's hometown newspaper, The Chicago Tribune, says Obama has "no interest in eliminating deficit spending". They're right.
· Chicago Tribune: Barack Obama Has "No Interest In Eliminating Deficit Spending." "Since winning the nomination, Obama reportedly has been moving toward the middle of the political spectrum. But on the budget, he still sounds left of center, with no interest in eliminating deficit spending." (Editorial, "Failure Of Nerve," Chicago Tribune, 7/8/08)
· The Associated Press: Barack Obama Not "Even Trying" To Balance The Budget And "Frankly Says He's Not Sure He'd Bring It Down At All In Four Years." "Barack Obama says John McCain's plan to balance the budget doesn't add up. Easy for him to say: It's not a goal he's even trying to reach. Not only does Obama say he won't eliminate the deficit in his first term, as McCain aims to do, he frankly says he's not sure he'd bring it down at all in four years, considering his own spending plans." (Nedra Pickler, "Analysis: Obama Won't Try For McCain's Budget Goal," The Associated Press, 7/8/08)
· Barack Obama: "I Do Not Make A Promise That We Can Reduce [The Budget Deficit] By 2013." "'I do not make a promise that we can reduce it by 2013 because I think it is important for us to make some critical investments right now in America's families,' Obama told reporters this week when asked if he'd match McCain's pledge." (Nedra Pickler, "Analysis: Obama Won't Try For McCain's Budget Goal," The Associated Press, 7/8/08)
ANNCR: So no wonder Obama wants to raise taxes on your income, your electric bills, even your life savings. Ready to tax. Ready to spend. Not ready to lead. That's the real Obama. JOHN MCCAIN: I'm John McCain and I approved this message. ANNCR: Paid for by John McCain 2008.
· Barack Obama Has Called For Higher Income Taxes, Social Security Taxes, Capital Gains And Dividend Taxes, And Corporate Taxes, As Well As "Massive New Domestic Spending." "Obama's transformation, if you go by his campaign so far, would mean higher income taxes, higher Social Security taxes, higher investment taxes, higher corporate taxes, massive new domestic spending, and a healthcare plan that perhaps could be the next step to a full-scale, single-payer system. Is that what most Americans want, someone who will fulfill a Democratic policy wish list?" (James Pethokoukis, "Barack Hussein Reagan? Ronald Wilson Obama?" U.S. News & World Report's "Capital Commerce" Blog, www.usnews.com, 2/12/08)
· Barack Obama Would Raise Income Taxes. Obama: "[I] would roll back the Bush tax cuts for those making over $250,000." (Sen. Barack Obama, CNN Democrat Presidential Candidate Debate, Manchester, NH, 6/3/07)
· U.S. Department Of Treasury: Small Business Owners "Are Frequently Subject To The Highest Individual Income Tax Rates." "Changes in the individual income tax affect most businesses in the United States. That is because taxes on business earnings are often paid through the individual income tax when 'passed-through' to business owners. The business income from sole proprietorships, farm proprietorships, partnerships, S corporations, etc., is all taxed at the owners' individual income tax rates. This year 34 million business owners are expected to receive this type of income and pay tax on this income through the individual income tax. These businesses are typically small and often entrepreneurial in nature, and a source of innovation and risk-taking in the economy. Moreover, these business owners are frequently subject to the highest individual income tax rates." ("Topics Related To The President's Tax Relief," U.S. Departm ent Of Treasury, http://www.ustreas.gov/press/releases/reports/president_taxrelief_topics_0508.pdf, May 2008)
· Barack Obama Told A Texas Newspaper: "What We Ought To Tax Is Dirty Energy, Like Coal And, To A Lesser Extent, Natural Gas." ("Q&A With Sen. Barack Obama," San Antonio Express-News, 2/19/08)
· Coal Is The Largest Source Of Electricity In America, Accounting For Nearly 49 Percent Of U.S. Total Net Generation In 2006. (Energy Information Administration Website, www.eia.doe.gov, Accessed 6/9/08)
· Natural Gas Is The Second Largest Source Of Electricity In America, Accounting For 20 Percent Of U.S. Total Net Generation In 2006. (Energy Information Administration Website, www.eia.doe.gov, Accessed 6/9/08)
· Barack Obama Would Raise Capital Gains And Dividend Taxes. "Sen. Obama wants to raise the long-term capital-gains rate for families making more than $250,000 to around 20 percent or somewhat higher but not above the 28 percent level it reached during the Reagan presidency, an Obama economic adviser says. The same rate would apply to most dividend income for these investors." (Tom Herman, "Tax Report Your Tax Bill: How McCain, Obama Differ," The Associated Press, 6/18/08)
· In 2006, Over 26.7 Million U.S. Taxpayers Reported Capital Gains Income. (Internal Revenue Service Website, "Individual Income And Tax Data, By State And Size Of Adjusted Gross Income, Tax Year 2006," www.irs.gov, Accessed 7/30/08)
· In 2006, Over 31.5 Million U.S. Taxpayers Reported Dividend Income. (Internal Revenue Service Website, "Individual Income And Tax Data, By State And Size Of Adjusted Gross Income, Tax Year 2006," www.irs.gov, Accessed 7/30/08)
· Tax Policy Center: Barack Obama Would Raise Taxes On One Out Of Every Three Senior Households. "Even though Senator Obama's plan eliminates individual income taxes for seniors with incomes less than $50,000, his plan would raise taxes for almost 10 million senior households, over a third of the total (not shown in table). On average, seniors would face a tax increase of about 2 percent of income." (Burman et al., "A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans," The Tax Policy Center, 6/11/08)
· Tax Foundation: Seniors "Rely Most On The Stable Flow Of Income That Dividends Provide." "Most debate over whether to extend the reduced rates on dividends and capital gains has focused on the tax benefits of these cuts to high-income taxpayers. What has been largely ignored is the impact these tax policies have on corporations' decisions on how best to distribute their income to shareholders -- including senior citizens, who rely most on the stable flow of income that dividends provide. A recent Tax Foundation analysis illustrated that a large number of those benefiting from dividends are seniors and those on the verge of retirement (See www.taxfoundation.org). A further analysis of these seniors earning dividends reveals that lower-income seniors who file tax returns depend more heavily on divide nd income than high-income seniors." (Gerald Prante, "The Importance Of Dividend Income For Low-Income Seniors," Tax Foundation, http://www.taxfoundation.org/news/show/1354.html, 2/8/06)
· FactCheck.org: "Obama's Votes Indicate A Willingness To Raise Taxes." "Certainly Obama's votes indicate a willingness to raise taxes, and Obama has not been shy about saying explicitly that he will raise some taxes." ("The $32,000 Question," FactCheck.org, http://www.factcheck.org, 7/8/08)