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.
Yglesias 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.