"Will McCain Balance His Tax Cuts For The Wealthy On The Backs Of The Poor?"
To his credit, Sen. McCain has begun to talk about the need to address America’s “forgotten places” that have been “ignored for long years by the sins of indifference and injustice.” But what would Sen. McCain’s agenda mean for these forgotten places?
Sen. McCain has proposed more than $300 billion in tax cuts and said that, unlike President Bush, he will pay for these tax cuts by “cutting spending.” But he has “failed to give details about what, exactly, [he] would cut.” According to an analysis released today, he would need to cut more than $250 billion from spending, above and beyond the spending cuts he has already identified.
Sen. McCain could cut approximately 20 percent from all discretionary programs. Alternatively, he could protect defense spending and cut 40 percent from domestic programs. Either scenario would result in massive cuts in key anti-poverty programs.
Of course, it may be that no president and no Congress would make such dramatic cuts. But if Sen. McCain campaigns on massive tax cuts for the wealthy, he should also acknowledge the enormous harm to “forgotten places” that these tax cuts would ultimately cause.