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Friday, June 27, 2008

McCain: I need a $400,000 tax cut

Posted by: Hammer / 7:55 PM

Why does John McCain want a personal tax cut of $400,000? What is he planning to do with the money?:

The big difference is how much. In the Obama [tax] plan, the Obamas would have saved about $6,000 off their tax bill in 2006. The McCains would have kept a bit more than $5,000. Notice that the savings get smaller as you travel up the income ladder. Under the McCain plan, by contrast, the Obamas would have saved $49,000. And the McCains? They would have pocketed an extra $373,000! In other words, if you think the primary problem with our tax code is that it should do more to make the top .1 percent of earners even richer, then the McCain plan has got you covered. It's rather remarkable that the candidate who's always talking about sacrifice is trying to give himself a $400,000 tax break during wartime and despite massive deficits, but it's okay because everyone knows McCain is a good guy and lots of fun to talk to.


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