Economy

McCain Flip-Flops On The Estate Tax

CREDIT:

Our guest bloggers are Center for American Progress Action Fund fellows Robert Gordon and James Kvaal.

Sen. John McCain, in September 2005:

I follow the course of a great Republican, Teddy Roosevelt, who talked about the malefactors of great wealth and gave us the estate tax. I oppose the rich passing on fortunes.

McCain today:

The estate tax is one of the most unfair tax laws on the books.

McCain also continues to claim that full repeal of the Alternative Minimum Tax will be a tax cut for “25 million middle-class families.” This is false. Compared to existing policy — the comparison McCain always makes when he tallies up the cost of his program — McCain’s proposal will provide a tax break for fewer than 3.6 million taxpayers, and nearly half of them make more than $500,000 a year.