John McCain and the Economy: More Tax Break Extensions for the Elite

People have long fallen victim to Republicans on the issue of taxes. It’s not that our policies are bad, mind you, it’s simply that they have a much better strategy when it comes to playing politics about them.

The dance is a familiar one. No matter what we want to do, it’s always billed as a tax increase that will hurt Americans. It doesn’t matter if we want to cut taxes on 99% of all people, while only raising taxes on the wealthiest 1% and major corporations, it’s still a tax increase, and a tax increase is a tax increase is a tax increase.

Meanwhile, Republicans emphasize their tax cuts to the elite, and advertise to the voters that they are for the common man because they aren’t trying to take as much of your money as the Democrats.

This is, of course, something we’re going to have to learn to deal with.

Now, we already know that part of McCain’s economic plan includes extending Bush’s tax cuts for the elite, but he recently outlined more of his economic plan, and Think Progress lets you know what it all means.

For instance, enacting a 1.7 TRILLION dollar tax cut on major corporations. This despite the fact that, as Think Progress points out, there doesn’t seem to be much evidence that our flailing economy is suffering from over taxation.

Also, germane to what I was discussing above, is how the tax break benefits break down across class:

Deliver Most of Its Benefit to the Top: Before today, McCain was running on an extremely regressive tax agenda that delivered 58 percent of its benefits to the top 1 percent of taxpayers and only 9 percent to the bottom 80 percent. Doubling the dependent exemption – while not as regressive as McCain’s earlier plan – still gives less to regular families than to high-income families in higher tax brackets:

– It is worth $1225 per child for a high-income earner.

– It is worth $525 per child for a middle-income earner.

– It is worth nothing to many members of the working poor, who do not pay income taxes (despite paying thousands in payroll and other taxes).

And this is the point. I have absolutely no doubt in my mind that once we get to the General Election, McCain is going to follow his Republican imprinted DNA and paint himself as the champion of the common man by pointing to his tax cuts. We need to make sure that he doesn’t get away with it. That voters need to understand that not all tax cuts are created equal, and that just because you cut taxes for the wealthy doesn’t mean that you are in touch.

In fact, it kinda makes you an elitist… You know, in the sense that you are hooking up the elite on the backs of the working poor.

Just a thought.

Also, it’s worth noting that for all the bluster we hear from McCain about fiscal responsibility and pork barrel spending and all that, his own budget is very far from balanced, leaving a $150 billion price tag for his tax cuts that will go unpaid for.

So when I talk about McCain not having clue one on the economy, this is kind of what I’m talking about. I’m just saying.

(edited by DrGail)

2 Responses to “John McCain and the Economy: More Tax Break Extensions for the Elite”

  1. DrGail says:

    I laughed out loud when I learned that McCain’s BFF “Huckleberry” Graham wrote an op-ed yesterday ( insisting that the real problem in the current economy is people’s concern that the Bush tax cuts might expire.

    I expect that even those ultra-rich people who would be impacted by the sunsetting of the Bush tax cuts see the ridiculousness of Graham’s argument.

    This one is a keeper, to be hauled out in the General Election. “Out of touch” indeed!

  2. Bruce says:

    1) Took the Towers Down (Saved his ass from embarrassment. Yeah he gets to play GOD NOW.
    2.) Did not examine extensively the evidence from the Towers
    3.) Cheney Running Air Force Drills that day????? Unheard of!
    4.) Poor investigation
    5.) Lied about Weapons of Mass Destruction and got away with it!!!!! WOW!!!
    6.) A big dummy stated, “We can forgive Germany but we must punish France”.
    7.) Many Americans began to mimic Bush’s stupidities and there are many to mimic.
    8.) Reagan Tax Breaks-Massive Inflation, extremely weak Dollar and highest energy cost. Yes, Reaganomics was a failure in the past and is a total failure now.
    9.) Illusions and fake images is what the Republican Party is all about.
    10.) Republican’s know that the average American is a dumb son-of-bitch and they can
    say anything without any accountability.
    11.) Important-we get to call ourselves CONSERVATIVES (CONS) and why would anyone in their right mind what to call themselves this? North Korea has a VERY CONSERVATIVE GOVERNMENT so why don’t these idiots move there? It’s what they want!

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