The New York Times fact-checker is the latest to take issue with McCain's claim that Obama voted to raise taxes on those making as little as $42,000. "The basis of Mr. McCain's accusation is that Mr. Obama has voted twice this year for Democratic-supported resolutions on the budget for the 2009 fiscal year, which begins Wednesday. In those nonbinding resolutions, Mr. Obama and others, including two Republicans, voted to allow the tax cuts that President Bush pushed through Congress in 2001 and 2003 to expire at the end of 2010, as envisioned in the original legislation. The budget resolutions are merely a blueprint and do not have the force of law."
More: "In his presidential platform, Mr. Obama has also proposed several measures to mitigate the impact of letting the Bush tax cuts expire. Under his plan, only individuals making $200,000 or more and families earning more than $250,000 a year, accounting for less than 2 percent of the population, would pay additional taxes, and more than 90 percent of the population would receive a tax break of some sort."
Yesterday, the RNC pounced on Obama for saying "we've got the long-term fundamentals that will really make sure this economy grows" – after Obama and the Democrats ridiculed McCain for saying that the fundamentals for our economy are strong.
The Obama camp, however, notes that Obama was talking about his economic plan, not the condition of the US economy. Here's the full context, per the campaign: "I have said it before and I'll say it again: we need to pass, after this immediate crisis is over, an economic stimulus plan. Right now. For working families – a plan that will help folks cope with rising food and gas prices, that can save one million jobs by rebuilding our schools and our roads, and help states and cities avoid budget cuts and tax increases. A plan that would extend expiring unemployment benefits. For those Americans who have lost their jobs and have been working hard to find a new one, but haven't found one yet. That's part of the change we need."
And here comes the line: "And then after this immediate problem, we've got the long-term fundamentals that will really make sure this economy grows. Change means a tax code that doesn't reward the lobbyists who wrote it, but the American workers and small businesses that deserve it. As President I am going to eliminate capital gains taxes for small businesses and start-ups. That's how we'll grow our economy and create the high-wage, high-tech jobs of tomorrow. I will cut taxes – cut taxes – but not the way John McCain does things. I'll cut taxes for 95% of all working families."