Sen. John McCain says President Barack Obama’s American Jobs Act is “clearly a campaign ploy” and even Democrats are nervous about the president’s proposals. The Arizona Republican also told Fox News’ Greta Van Susteren Tuesday that Obama’s strategy to “bash the rich” has not worked for past administrations.
“I think the whole thing is unfortunate because it’s clearly a campaign ploy — the president keeps going around the country saying: ‘Pass it now’ — pass what?” McCain said “You know that they have not sent over legislation that they want us to pass? One of the reasons is because there are a number of Democrat senators who are up in the 2012 election who are very nervous about something like this.
“The second thing about it I think is, it’s obvious this bash the rich, class warfare kind of thing has not worked in the past — and I don’t think it’s working now,” he said. “Greta, in I think it was 1968, I’m not sure, they were worried about a small number of millionaires . . . and so that we passed this thing called the Alternate Minimum Tax, that very rich people would pay a certain amount. That now affects some three million Americans. And every year, we have to defer it because of the devastating effects that it would have.”
McCain said Obama announcing he would go throughout the country selling his jobs plan shows it is a campaign ploy.
“And I look forward to the announcement that Mr. Buffett will send a billion-dollar check to the Treasury — because I know of nothing that would keep him from doing so,” he said referring to Obama labeling part of the payment for job creation the “Buffett rule,” where millionaires would have to pay their fare share — higher taxes than those in the middle class.
Van Susteren asked McCain whether he understands the concept of “fair share” and whether millionaires indeed are not bearing their rightful tax burden.
“By dollar amount or percentage, the wealthiest Americans pay the majority of taxes in America,” McCain said. “And you could argue that they need to pay more — you can argue that,” McCain said. “Or you can argue — and I think legitimately — that there are loopholes that are exploited. I understand that.
“But to somehow say that wealthy Americans are not paying a large amount of taxes is contradictory to the facts. And as you know, there are a large number of Americans — and I’m not unhappy about it — lower-income Americans who pay no taxes. Now, they still pay sales tax, excise taxes, and a lot of other taxes. But there’s a large percentage — I think 47 percent of Americans — who pay no income taxes.”
McCain said if Obama is serious about creating jobs, he should put a moratorium on all federal regulations and pursue fixing the tax code, “to make it fair and close the loopholes.”
“And have, say, three tax categories, and do the things that would give the businesses — large and small — in America the confidence to go ahead and invest and hire,” he said. “Any businessperson you will talk to — whether large or small — will say: ‘I’m holding back. I'm sitting on a lot of cash because I don't know when the next regulation is coming down.’
“And despite what the president said, there have been billions of dollars — billions and billions of dollars — in new regulations, which cost businesses the ability to keep that money and save, but most importantly, to have the confidence to invest and hire,” McCain said.
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