McCain Campaign Press Release - McCain-Palin 2008 Launches New Web Ad: "Life Savings"

ARLINGTON, VA -- Today, McCain-Palin 2008 released its latest web ad, entitled "Life Savings." The ad features John McCain talking directly to the American people about protecting their life savings at a time of financial crisis. The American people cannot afford Barack Obama's proposed tax increases on savings that will only hurt those saving for their retirement.

VIEW THE WEB AD HERE: http://www.youtube.com/watch?v=gCzw2-5ZQu8

Script For "Life Savings" (Web :30)

JOHN MCCAIN: The last eight years haven't worked very well, have they?

I'll make the next four better.

I know your life savings have been hit hard, but we'll rebuild them.

Barack Obama wants to increase taxes on your savings.

You can't afford that.

He's quite a talker.

But that's just bad judgment.

ANNCR: Experience. Leadership. McCain.

JOHN MCCAIN: I'm John McCain and I approve this message.

AD FACTS: Script For "Life Savings" (Web :30)

JOHN MCCAIN: The last eight years haven't worked very well, have they? I'll make the next four better. I know your life savings have been hit hard, but we'll rebuild them. Barack Obama wants to increase taxes on your savings. You can't afford that. He's quite a talker. But that's just bad judgment. ANNCR: Experience. Leadership. McCain. JOHN MCCAIN: I'm John McCain and I approve this message.

• Barack Obama Will Raise Capital Gains And Dividend Taxes. "Obama would raise the top rate on capital gains and dividend income, now 15 percent, to 20 percent for families making over $250,000." (Tom Raum, "Next President Will Be Handed A Fragile Economy," The Associated Press, 10/5/08)
• In 2006, Over 26.7 Million U.S. Taxpayers Reported Capital Gains Income. (Internal Revenue Service Website, "Individual Income And Tax Data, By State And Size Of Adjusted Gross Income, Tax Year 2006," www.irs.gov , Accessed 7/30/08)
• In 2006, Over 31.5 Million U.S. Taxpayers Reported Dividend Income. (Internal Revenue Service Website, "Individual Income And Tax Data, By State And Size Of Adjusted Gross Income, Tax Year 2006," www.irs.gov , Accessed 7/30/08)
• Tax Policy Center: Barack Obama Would Raise Taxes On One Out Of Every Three Senior Households. "Even though Senator Obama's plan eliminates individual income taxes for seniors with incomes less than $50,000, his plan would raise taxes for almost 10 million senior households, over a third of the total (not shown in table). On average, seniors would face a tax increase of about 2 percent of income." (Burman et al., "A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans," The Tax Policy Center, 6/11/08)
• Tax Foundation: Seniors "Rely Most On The Stable Flow Of Income That Dividends Provide." "Most debate over whether to extend the reduced rates on dividends and capital gains has focused on the tax benefits of these cuts to high-income taxpayers. What has been largely ignored is the impact these tax policies have on corporations' decisions on how best to distribute their income to shareholders--including senior citizens, who rely most on the stable flow of income that dividends provide. A recent Tax Foundation analysis illustrated that a large number of those benefiting from dividends are seniors and those on the verge of retirement (See www.taxfoundation.org ). A further analysis of these seniors earning dividends reveals that lower-income seniors who file tax returns depend more heavily on dividend income than high-income seniors." (Gerald Prante, "The Importance Of Dividend Income For Low-Income Seniors," Tax Foundation, http://www.taxfoundation.org/news/show/1354.html, 2/8/06)