McCain's 'No new taxes' redux

According to an article on income taxes on dallasnews.com, has made the same promise that George Bush 41 made in 1988: “No new taxes”…

As he received former President George H.W. Bush's endorsement in Houston, John McCain noted that they had two things in common: Both were naval pilots, and both were shot down.
A day earlier, however, the presumptive Republican nominee added a third similarity, when he echoed Mr. Bush's most ill-fated 1988 campaign promise: "No new taxes."

On ABC's This Week with George Stephanopoulos, Mr. McCain pledged that under "no" circumstances would he increase taxes. He reiterated his support to make permanent the 2001 Bush tax cuts he once opposed, adding that he'd also like to eliminate the Alternate Minimum Tax.

It's a multibillion-dollar promise that Mr. McCain could rue if he wins the White House – and one more example of how appeals to various groups in primary campaigns can create problems down the road for a winning candidate.

The problem is not confined to the Republicans. Barack Obama and Hillary Clinton have promised to increase federal programs beyond what they may be able to deliver. Mr. Obama also says he'd withdraw all U.S. combat troops from Iraq within 16 months.

According to the Center on Budget and Policy Priorities, a liberal think tank, making permanent both the Bush tax cuts and the AMT fix would cost the government $3.6 trillion in revenues over the next decade. Repealing the AMT would cost even more.

Upper-income taxpayers would be prime beneficiaries of both moves.

A recent NBC-Wall Street Journal poll showed those surveyed evenly split on the economic merit of tax cuts. In an Associated Press/Ipsos poll, respondents put tax cuts below pulling out of Iraq and increasing federal domestic spending when asked what would help fix the economy significantly.

Reciting the tax-cut mantra may help Mr. McCain overcome some GOP doubts about his fealty to conservative principles, but it could cause him grief if he wins.

McCain, Romney and the Bush Tax Cut

Arizona Sen. John McCain and former Massachusetts governor Mitt Romney’s debated their positions on the Bush tax cut Wednesday night in California, less than a week before the Super Tuesday contests that could decide the GOP nomination.

Here are the facts about their positions on the Bush tax cut, according to an article on USAToday.com:

The claim: Romney criticized McCain during the debate for voting against tax cuts backed by President Bush and passed by Congress in 2001 and 2003.

The facts: McCain did vote against both tax bills, saying Bush's plan cut taxes too much for the wealthy and not enough for everyone else. "I cannot in good conscience support a tax cut in which so many of the benefits go to the most fortunate among us, at the expense of middle-class Americans who most need tax relief," McCain said in 2001.

During debate in 2004 on a different, smaller tax cut package that he supported, McCain said: "I support extending this tax relief to American families, but we have got to wake up and take a long, hard look at how we are going to pay for all of this." He has since voted to make the Bush tax cuts permanent.

As governor, Romney opposed broad-based tax hikes but signed legislation closing what he called corporate tax "loopholes" that resulted in some businesses paying more taxes. Romney also raised some fees for state services. During the debate, McCain said Romney had raised fees by $730 million, while Romney said the total was $240 million.