McCains would have received $55,000 a year from his capital gains tax cut proposal.
By on Oct 20th, 2008 at 12:29 pm
McCains would have received $55,000 a year from his capital gains tax cut proposal.
Last week, Sen. John McCain (R-AZ) proposed temporarily cutting the capital gains tax from 15 percent to 7.5 percent. On Friday, the McCain campaign released Cindy McCain’s 2007 tax returns, which show that the McCains made $746,395 in capitals gains last year. A new analysis by Michael Ettlinger, Vice President for Economic Policy at the Center for American Progress Action Fund, reveals that McCain’s capital gains cut would have reduced the McCains’ taxes by $55,980 in 2007. This is on top of the more than $350,000 that the McCains would have saved due to the Senator’s other tax proposals. The Wonk Room has more.
UpdateYglesias notes, “You can see why they’re [McCains] opposed to spreading the wealth around. But how many Americans really join McCain in the belief that we need to concentrate the wealth more narrowly in the hands of the wealthiest families?” More here.
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29 Responses to “McCains would have received $55,000 a year from his capital gains tax cut proposal.”
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It's not socialism when you're saving yourself money. /eyeroll
October 20th, 2008 at 12:31 pmMy Friends, if you take care of me and support me, then I'll take care of...
October 20th, 2008 at 12:32 pmME
In sixteen more days, I hope and pray the era of welfare for the rich and corporate America is over.
The spreading of American wealth to the Bush's and McCain's, the exxons and others has been a crime.
October 20th, 2008 at 12:32 pmHey! That's Enlightened Self Interest...is all. IOW -- The biggest hogs at the trough lead a wonderful life...
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October 20th, 2008 at 12:36 pmAnd folks like Joe the Plumber earning $40k worry about having to pay all that capital gains tax. /more eyrolling
October 20th, 2008 at 12:39 pmNotify Joe the Plummer and explain that one to him. As McCain gives speeches about Joe the Plummer poor Joe doesn't even realized he's going to get hosed by his best friend John McCain.
October 20th, 2008 at 12:45 pmAnyway...Isn't it Sam the Plumber...?
Then according to McCain there's also now Wendy the Waitress and Phil the Bricklayer... [NPR]
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October 20th, 2008 at 12:47 pmI think what McCain meant was: The fundamentals of my wife’s beer distributorship are strong…
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October 20th, 2008 at 12:48 pm...and, of course, Alvin the Chipmunk...(One of McCain's relatives...?)
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October 20th, 2008 at 12:50 pmMy friends, I'm getting mighty sick of McCain calling me a friend.
His campaign tactics look, smell & feel just like W's in '00 & '04.
Meanwhile, KKKarl is still looking at his electoral vote map, trying to determine why States like North Dakota are now blue.
Johnny! KKKarl! They're turning blue because of you! Keep up the despicable work you're doing...soon we'll have a super majority, thanks to your self serving, lying campaign.
October 20th, 2008 at 12:54 pmSay it ain't so Johnny Boy! You wouldn't EVER propose something you'd personally benefit from, wouldja!.
Wouldja?
October 20th, 2008 at 12:55 pmThe Rich Get Richer and the Poor Get Prison by Jeffrey Reiman of American University.
October 20th, 2008 at 12:55 pmRove/Schmidt have the math.
All wrong.
October 20th, 2008 at 12:55 pmIsn't America great?! Especially when you don't have to pay for it.
October 20th, 2008 at 12:56 pmMaybe McCain needs the extra money; after all, having cancer can get expensive.
¶ AIO
October 20th, 2008 at 12:57 pmThis is just to crazy for me...His write off's or refund's graff is more than 40 time's what a person on social security get's after working and paying into the system all their life..Not to mention he is also collecting on social security of which he want's to eliminate, for every one else but him I am sure....Jeebos the insanety of many polatician's is stagering...Blessings
October 20th, 2008 at 12:57 pmSam the handiman is more accurate, or sam the plumbers helper.
October 20th, 2008 at 1:02 pmSweet!
October 20th, 2008 at 1:03 pmThat's dope money Cindy can believe in, my friends.
October 20th, 2008 at 1:16 pmYglesias notes, “You can see why they’re [McCains] opposed to spreading the wealth around. But how many Americans really join McCain in the belief that we need to concentrate the wealth more narrowly in the hands of the wealthiest families?”
According to the latest Gallup poll, I'd say about 44% share that belief.
October 20th, 2008 at 1:29 pmSamJoe, the AssCrackInYourFace Day Laborer.
October 20th, 2008 at 1:47 pmIt is great that Obama is so in tuned in the poverty of this nation and world. The Borgen Project is as well. According to The Borgen Project:
$30 billion: Annual shortfall to end world hunger.
$540 billion: Annual U.S. Defense Budget. Go to borgenproject.org to find out more!
In comparison to the 700 billion financial bail out of institutions, only 30 billion dollars is needed for the annual shortfall to end world hunger.
October 20th, 2008 at 2:14 pm"It’s not socialism when you’re saving yourself money."
Well you are right...for once. BTW do you actually think that rich people put all of their money in a big jar and bury it in their backyard?
October 20th, 2008 at 3:22 pm"The Borgen Project has some good info on the cost of addressing global poverty.
October 20th, 2008 at 3:44 pm$30 billion: Annual shortfall to end world hunger.
$540 billion: Annual U.S. Defense Budget."
"$30 billion: Annual shortfall to end world hunger."
World hunger cause = lack of free markets and real democracy.
October 20th, 2008 at 3:45 pmTracy__5 Says:
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BTW do you actually think that rich people put all of their money in a big jar and bury it in their backyard?
No, a lot of them send it to the Cayman Islands so they don't have to pay taxes.
October 20th, 2008 at 5:08 pmActually, the capital gains tax should be eliminated! This, coupled with a few other strategic free-market friendly actions would cause the Stock Market to soar immediately.
Capital flows to where it's treated the best and the United States isn't doing a very good job in this area.
You folks can rail all you want, and your hero can attempt to re-distribute the wealth created by others, but it won't work. You simply can't repeal ther laws of economics any more than the laws of physics!
Business owners are already running the rough estimate calculations based upon the liklihood of an Obama presidency. Do you folks know what the calculations are for?
October 20th, 2008 at 9:40 pm#27
"No, a lot of them send it to the Cayman Islands so they don’t have to pay taxes."
A few do, not a lot. Maybe tax rates should be cut and you wouldn't have the problem of "sheltering" money from taxation. BTW most of the money that "rich people" have is invested into the U.S. economy not locked in some vault in the Cayman Islands as you suggest.
October 21st, 2008 at 1:09 pm"You simply can’t repeal ther laws of economics any more than the laws of physics!"
Yes they could, if enough people agreed with their real, but not publically stated, BS economic theory which isn't based on free markets.
October 21st, 2008 at 1:11 pm