Briefly: McCain say Obama wants to redistribute tax dollars. He's saying that a lot. [Aside: cutting the taxes for the most wealthy is also a redistribution of wealth, just in an upwards direction.] He wants you to think that the whole election centers on voting for him to reject the change Obama will use the state to redistribute income. [Which puts McCain's rhetoric to the right of Otto von Bismark.]
The point, simply put, is that by making this the most important issue, he transforms the election into a referendum on a "liberal agenda" (it's in quotes because I'm a liberal and I still don't know exactly what the "liberal agenda" Republicans are talking about in remarkably Apocolyptic tones). If Obama wins the White House, then, he also wins a mandate to enact a "liberal agenda."
Ezra Klein says it better.
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