Our guest blogger is James Kvaal, Domestic Policy Advisor at the Center for American Progress Action Fund.
More bad news for regular families today: the median family income is down and income inequality is up. But although John McCain’s tax plan costs $2 trillion, it gives little or nothing to most families.
Instead, McCain chose to earmark 80 percent of his tax relief proposals for corporations. He would cut the top tax rate from 35 percent to 25 percent and allow corporations to immediately write off many investments.
For the ten largest American health insurance companies, the McCain plan is worth nearly $2 billion a year, according to a new analysis released today by the Center for American Progress Action Fund. UnitedHealth Group alone would receive a $700 million tax cut. The tax breaks come in addition to the benefits of McCain’s health care plan for insurance companies.
Read the whole analysis here (pdf).