John McCain claims that the Republicans have fought to have tax cuts targeted for small businesses, but apparently not if it means getting rid of the Bush tax cuts for the rich. And apparently the Democrats proposing this are waging "class warfare". He's right that there's class warfare going on right now. He just failed to mention that it's his side that's waging and winning it.
WALLACE: Senator, President Obama is set to announce a new economic plan this week that will reportedly center on tax cuts for business to boost hiring and investments. It sounds like something straight out of the Republican play book. What's your reaction?
MCCAIN: Well my reaction is that we always like to see the deathbed conversions but the fact is that if we had done this kind of thing nearly a couple of years ago we'd be in a lot better shape. Look, they're just flailing around. Every place I go in my state where people are hurting very badly and one of the major things that small business and large business people tell me is they want some kind of certainty.
I run into CPA's that say I can't tell my clients exactly what they should do with their money or with their future because nobody knows when the next regulation is going to come down, what are the taxes going to be, what's the... you know we tell them small businesses... there's a $600... every transaction over $600 now has to be reported to the IRA thanks to Obamacare, so it isn't going to be resolved... this incredible uncertainty out there that large and small businesses have about their financial future and so I hopt that they'll do a payroll tax cut but the first thing, the first thing we need to do is extend the tax cuts that are in existence so people have that certainty.
WALLACE: Well, let me ask you about that because the Democrats are talking, and this is all reportedly at this point about framing it this way; let's end the tax cuts for the wealthy and use that $35 billion instead to have targeted tax cuts for small business that does most of the hiring and for lower income employees. Would you support that?
MCCAIN: Well let's get into the old class warfare again. Let's get the rich. Just extend the tax cuts then let's talk about the payroll tax holiday, which for small businesses is... which is something we have fought for for a long period of time and pay for it out of the unused stimulus funds or cut other spending.
The American people want us to stop spending and so let's just give 'em some certainty and let's extend the tax uh... existing tax cuts and then let's give some more tax breaks to small businesses and large and then maybe the American people will have some confidence. They have lost confidence in this administration's ability and this president's ability to get this economy going again.
