withdrawals from tax-preferred retirement accounts to 10%.
Obama-Biden campaign spokesman Bill Burton said that McCain’s plan provides no tax relief at all to 101 million hard-working families, including 97% of senior citizens. “It does nothing to cut taxes for small businesses or give them access to credit.”
McCain did propose to reduce the federal business tax rate from 35 to 25%. But Sen. Bob Casey (D-Pa.) said that the tax cuts were more of the same trickle-down, President George W. Bush strategies on the economy that won’t strengthen the middle class. “For all the talk you hear about helping businesses, in this plan there is nothing to cut taxes for small businesses or give them access to the credit,” says Casey.
Marcia A. Wade is a reporter at Blackenterprise.com