McCain Goes After Obama On Trade And Taxes

John McCain hit Barack Obama for his economic proposals Tuesday, a day after Obama laid them out in a major speech.

McCain focused on Obama’s call for re-opening the North American Free Trade Agreement and for his suggestion that lawmakers raise the payroll tax cap so that it applies to income above $90,000.

“Unfortunately, Sen. Obama has a habit of talking down the value of our exports and trade agreements. He even proposed a unilateral re-negotiation of NAFTA — our agreement with Canada and Mexico that accounts for 33 percent of American exports,” McCain said. “But we have a sharp disagreement here that I look forward to debating. If I am elected president, this country will honor its international agreements, including NAFTA, and we will expect the same of others. And in a time of uncertainty for American workers, we will not undo the gains of years in trade agreements now awaiting final approval.”

McCain said that raising the payroll tax cap would hurt small businesses.

“Currently, there are the 21.6 million sole proprietorships filing under the individual income tax,” McCain said. “When Sen. Obama talks about raising income tax rates on those making over 250,000 dollars — that includes these businesses as well. He also proposes increases in dividend and capital gains taxes. Under Sen. Obama’s tax plan, Americans of every background would see their taxes rise — seniors, parents, small business owners, and just about everyone who has even a modest investment in the market. He proposes to eliminate the Social Security earnings cap, and thereby to increase the tax on employers. He proposes to eliminate the secret ballot for union votes, and to raise the minimum wage and then index it, which is a sure way to add to your costs and to slow the creation of new jobs. You work hard in small businesses to grow and to create new jobs and opportunities for others — and the federal government shouldn’t make your work any harder.”