Fayetteville (North Carolina, US), Oct. 20 : Democratic presidential candidate Barack Obama has rubbished the McCain campaign''s oft-repeated charge that he is promoting a brand of socialism and welfare that could have dangerous implications for the future of the United States.

Taking McCain head on at a rally here on Sunday, Obama forcefully, called McCain''s tactics "the oldest trick in the book," a scare tactic, and nothing more than name calling.

"Socialism!" he said incredulously to a crowd of more than 10,000. "It''s kind of hard to figure how Warren Buffet endorsed me. Colin Powell endorses me and John McCain thinks I''m passing socialism," he said with more than a hint of disbelief.

Obama repeated what he has been saying all along -- that he would implement a tax cut for those making under 250,000 dollars – 95 percent of Americans.

"John McCain thinks that giving these Americans a break is socialism. Well I call it opportunity, and there is nothing more American than that," Fox News quoted Obama, as saying.

Obama said that if McCain wanted to have a debate about redistributing wealth, he was ready for it.

He said the Republican nominee''s plan of giving tax breaks to those who don''t need it and don''t deserve it was completely flawed.

"Let''s talk about the 100 million middle-class Americans who John McCain doesn''t want to give a single dime of tax relief. Don''t tell me that CEOs and oil companies deserve a tax break before the men and women who are working overtime day after day and still can''t pay the bills," Obama said as the crowd cheered.

Obama asked those in the crowd to raise their hands if they made under 250,000 dollars and then promised them - nearly every single person in the arena - they would not see a dime of tax increases. For those making more than that, he promised to put rates back where they were under Bill Clinton''s administration.

"We have tried it George Bush''s way. We''ve given more and more to those with the most and hoped that prosperity would trickle down to everyone else. And guess what? It didn''t work. So it''s time try something new," he said. (ANI)