2008 third presidential debate, in New York: on Corporations

Barack Obama: We both cut taxes; but McCain offers $200B to corporations

OBAMA: Let me tell you what I’m actually going to do. Tax policy is a major difference between Sen. McCain & myself. We both want to cut taxes; the difference is who we want to cut taxes for. The centerpiece of Sen. McCain’s economic proposal is to provide $200 billion in additional tax breaks to some of the wealthiest corporations in America. Exxon Mobil, and other oil companies, for example, would get an additional $4 billion in tax breaks. About small businesses: not only do 98% of small businesses make less than $250,000 [and hence below my tax increase cutoff], but I also want to give them additional tax breaks, because they are the drivers of the economy. They produce the most jobs.

Barack Obama: No capital gains tax on earnings under $250K

McCAIN: Sen. Obama was in Ohio and he had an encounter with a plumber, his name is Joe. Joe wants to buy the business, but he looked at your tax plan and saw he was going to pay higher taxes, which was going to cause him not to be able to employ people. Joe, I’ll not only help you buy that business you worked your whole life for, I’ll keep your taxes low. I will not stand for a tax increase on small business. And what you want to do to Joe and millions like him is have their taxes increased and not be able to realize the American dream of owning their own business.

John McCain: Cut taxes for small business so they can thrive

OBAMA: What I’ve said is I want to provide a tax cut for 95% of working Americans. If you make less than a quarter million dollars a year, then you will not see your income tax go up, your capital gains tax go up, your payroll tax. Not one dime. In fact, independent studies have looked at our respective plans and have concluded that I provide three times the amount of tax relief to middle-class families than Sen. McCain does.