McCain reversed himself so that he could play to this central tenet of Republican philosophy (that being "never say you will raise taxes - any kind of taxes"). Obama of course wants to roll back some of the breaks for those who earn 250 grand or more, though his revival of some capital gains taxing could affect people of lower income than that. McCain is trying to hit hard on this, but even free market apologists aren't making taxes a big issue in this recession time, not even the "stagflation" we're experiencing reminiscent of the late 1970s.
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