Debate topic-Two-Thirds Of The Benefits From McCain’s New Tax Cut Go To Millionaires

[Ichingcarpenter]

As part of his new economic outline - The Pension and Family Security Plan - Sen. John McCain (R-AZ) has proposed cutting the tax rate on long term capital gains and dividends to 7.5 percent in 2009 and 2010. The current tax rate for these capital gains is 15 percent.

Today, the non-partisan Tax Policy Center (TPC) released an analysis showing who would benefit from this cut. Like the rest of McCain’s tax cuts, this one overwhelmingly aids the wealthy, with two-thirds of the benefit going to those making over $1 million:

In 2009, under a plan that lowers taxes on both gains and dividends, those making $1 million or more would get two-thirds of the benefit, and an average tax cut of more than $72,000. Those making less than $50,000 would get, on average, nothing.

As the TPC pointed out, “75% of the benefit of low taxes on capital gains and dividends already go to those making $600,000 or more. Half goes to those making $2.8 million or more.”

http://thinkprogress.org/2008/10/15/mccain-cap-gains-benefit/

[Ilsa]

1. Yeah, because they fared so poorly under Bush*.

Sorry if they lost a ton in investments, but that is the risk they accepted. They prospered immensely during the Bush* Regime. They need to ante up for all the debts incurred on their behalf.

[Ichingcarpenter]

2. This new analysis of McCain's economic plan is devastating because

it shows him not a helping the middle class.

I'm betting the analysis will be used by Obama in the debate.

[Rosa Luxemburg]

3. McCain is Robin Hood in reverse. Robbing the poor to pay the rich!