John McCain On ABC's "This Week"

John McCain
ABC's "This Week"
April 20, 2008

JOHN MCCAIN: "Well, I have an economic plan. It's good. It's strong. Things have gotten worse in the last several months, as we all know, in our economy. Americans are struggling. American families are sitting around the kitchen table today trying to figure out how they're going to keep their home, keep their job. Times are very, very tough, and the worst thing you can do, the worst thing you can do is raise taxes. Both Senator Clinton and Senator Obama want to raise taxes. That's out of touch, that's out of touch. Senator Obama says that he doesn't want to raise taxes on anybody making over $200,000 a year. Yet, he wants to nearly double the capital gains tax -- nearly double it -- which 100 million Americans have investments in -- mutual funds, 401ks -- policemen, firemen, nurses. He wants to increase their taxes. And he obviously doesn't understand the economy because hist ory shows every time you have cut capital gains taxes, revenues have increased going back to Jack Kennedy. So, out of touch? Yes, they are out of touch when they want to raise taxes at the worst possible time when we're in a recession. We're going to cut taxes. We're going to reduce spending. We're going to put a freeze on discretionary spending. We're going to make wealthy people pay for their own prescription drugs. We're going to scrub every institution of government and put them out of business."

Watch John McCain On ABC's "This Week"