Good to see T-Paw out there carrying water for McCain, even if he's not first in line for a VP slot. Or fourth. From Media Matters:
On the June 22 edition of CNN's Late Edition, host Wolf Blitzer did not challenge a false claim by Minnesota Gov. Tim Pawlenty (R) that under Sen. Barack Obama's proposal to increase the capital gains tax rate, "if you have an IRA or a 401(k), which a lot of middle Americans do, and you go to retire or, you know, use that money, you're going to pay almost double the rate in taxation." In fact, most distributions from 401(k) and IRA accounts are taxed as regular income, not as capital gains. Additionally, Blitzer did not point out that Obama has said he would not raise the capital gains tax rate on individuals with income of less than $250,000.
...PAWLENTY: Well, but when you look at $97,000 of income, I think that's people who are clearly middle income or upper middle income, but that affects a lot of Americans.
He also doesn't want to address, very clearly, the AMT, and he wants to boost capital gains taxes from 15 percent to almost double that. So if you have an IRA or a 401(k), which a lot of middle Americans do, and you go to retire or, you know, use that money, you're going to pay almost double the rate in taxation.
Senator McCain, on contrast, wants to increase the exemption for dependents from $3,500 to $7,000. He wants to make sure that we address the AMT. He wants to keep capital gains where it is now.
The other thing is, when Senator McCain talks about the economy, he talks about growing the economy, not increasing burdens. And a lot of the tax analysis that gets done about the Obama and McCain campaign plans lumps in corporate tax reductions as, you know, for the wealthy. But most tax analysts who are nonpartisan will tell you that increasing taxation on businesses is quite regressive, because they pass it on to consumers, in most instances.