Obama Set to Air Second Olympic Ad
By Jonathan Weisman
The Ad: Barack Obama's campaign will release a new, feel-good economic advertisement this afternoon extolling the senator from Illinois's economic plan and slated to begin a nationwide run on Monday during the Olympics.
After two negative attack ads on John McCain, the latest ad is all about Obama, with light music and imagery of a nation at work.
"It begins with a plan, a plan to build, a plan to put hard-working Americans first," the narrator begins, before talking up plans to end tax breaks for companies that send jobs overseas, helping businesses create jobs in the United States, increasing spending on education, offering a $1,000 tax break for most middle-income families and prioritizing efforts to make the nation energy independent.
"Barack Obama, he'll put the middle class ahead of corporate interests," the ad states.
Analysis: Obama took a page from Sen. John Kerry's campaign in 2004 when he proposed ending the ability of companies to defer taxation on profits earned by their overseas subsidiaries until that money is brought back to the United States. Democrats maintain that tax break encourages firms to invest overseas and to never bring those profits home. Sen. John McCain and other Republicans say the entire corporate income tax structure is too onerous and needs to be remade to cut taxes on business and help U.S. industries be more internationally competitive.
Both Obama and McCain have embraced energy independence as a campaign mantra, but Obama aides note that in eight successive votes in the Senate this Congress, McCain has failed to show up to say where he stands on legislation to extend tax credits for renewable energy production, financed in part by ending tax breaks for oil companies reaping record profits. Obama has proposed a tax cut to help offset the burden of Medicare and Social Security taxes for the working poor and middle income families while allowing President Bush's tax cuts for more affluent families to expire. McCain aides say his plan to make all of Bush's tax cuts permanent would help all Americans, but he has yet to detail how that plan would be paid for.
The ad's timing could prove auspicious. The government reported today that the consumer prices have been rising by 5.6 percent this year, the highest inflation rate since 1991. Jason Furman, an Obama campaign economic adviser, called that "truly shocking news."
Posted at 11:16 AM ET on Aug 14, 2008
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