McCain’s Unconvincing Claim That Obama Favors Tax Hikes

August 12, 2008

Original publication: The Hill

Date of publication: August 12, 2008

Tax law says that in 2011 the estate tax will have an exemption of $1 million per spouse, and a top rate of 55 percent. Sen. Barack Obama (D-Ill.) proposes an exemption of $3.5 million per spouse and a 45 percent tax rate. How does Sen. McCain count that as raising taxes?In fact, Sen. Obama's estate tax proposal would lose about $320 billion over 10 years compared to current law, while the cost of complete repeal is about $670 billion. (McCain's much more costly plan will gut the estate tax.)

Read the full letter in The Hill.