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Update: FactCheck's analysis of this ad: "McCain ad misrepresents Obama's tax plan. Again." Use the link for the full article or see extract below the video clip.

The McCain campaign comes out with a new ad that raises the specter of a large and liberal government waiting to raise your taxes to unbearable levels. The merits of the underlying economic philosophy aside, at least the return of the Republicans' favorite themes - taxes and liberal - makes for a less disjointed message than the newly minted populist rantings of John McCain. The ad is very well done and the visuals evoke the dark and ominous mood that McCain seeks to portray.




From factcheck.org:

The McCain-Palin campaign has released a new ad that once again distorts Obama's tax plans.

• The ad claims Obama will raise taxes on electricity. He hasn't proposed any such tax. Obama does support a cap-and-trade policy that would raise the costs of electricity, but so does McCain.
• It falsely claims he would tax home heating oil. Actually, Obama proposed a rebate of up to $1,000 per family to defray increased heating oil costs, funded by what he calls a windfall profits tax on oil companies.
• The ad claims that Obama will tax "life savings." In fact, he would increase capital gains and dividends taxes only for couples earning more than $250,000 per year, or singles making $200,000. For the rest, taxes on investments would remain unchanged.