Republican White House hopeful John McCain is banking on the threat of Obama tax increases to help wrestle the initiative from his Democrat rival.

McCain is promising tax cuts and more jobs and claiming that Obama wants to punish small businesses with tax hikes.

“Do you want to keep it invested in your future or do you want to have it taken by the most liberal person ever to run for the presidency? And the Democratic leaders, most liberal, who have been running Congress for the past two years, (House speaker) Nancy Pelosi and (Senate majority leader) Harry Reid. You know my friends, this is a dangerous threesome,” McCain said in a speech in Cleveland, Ohio.

Democrat hopes of retaining control of the Senate have been boosted after a court found veteran Republican Alaska senator Ted Stevens guilty on corruption charges.

The state’s governor, McCain’s running mate Sarah Palin, said it showed the fight against corruption was being won.

For the Republicans the ‘victory’ could have come at a better time.

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