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America's richest, like Cindy McCain, are enjoying big tax cuts. And her husband wants more!

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Left of the Hudson: America's richest, like Cindy McCain, are enjoying big tax cuts. And her husband wants more!

Saturday, July 26, 2008

America's richest, like Cindy McCain, are enjoying big tax cuts. And her husband wants more!

Did you enjoy your little government check back in May? Is it gone already? Do you need a real tax break? Well, it's real simple to get one, actually, but first you have to join Cynthia McCain in the ranks of the mega-rich.

From CBS's MarketWatch:
In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation's adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.

Meanwhile, the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years. The group's share of the tax burden has risen, though not as quickly as its share of income.

The figures are from the IRS's income-statistics division and were posted on the agency's Web site last week. The 2006 data are the most recent available.

The figures about the relative income and tax rates of the wealthiest Americans come as the presumptive presidential candidates are in a debate about taxes. Congress and the next president will have to decide whether to extend several Bush-era tax cuts, including the 2003 reduction in tax rates on capital gains and dividends. Experts said those tax cuts in particular are playing a major role in falling tax rates for the very wealthy.

The middle class is continuing to fall behind. Many of us can't afford our homes or the taxes that we pay on them. Some of us can't afford our cars and the gasoline that we put in them.

Our incomes are dwindling. Prices are spiraling. The job market is shrinking (and if they counted the unemployed the way they counted it back in the 1970s, we'd be at a near 25-year high). Meanwhile, the richest Americans are paying a smaller percentage of their income in taxes.

You may say, however, that Bush is a lame duck, or that he'll be out of office soon. There will be new policies one way or another. Well, the man might be out of office, but if John McCain is elected, Bush's policies will live on. In fact, you can't count on McCain to pick up the mantle and charge ahead.
Sen. John McCain has proposed extending the lower [capital gains] tax rates of 15% on long-term capital gains and dividends that apply to most taxpayers, while Sen. Barack Obama has said he will seek to raise them to at least 20%, the rate before the 2003 cut, and possibly higher.

Again, with John McCain, it will only be more of the same. It's only the rich, like his heiress wife and her country-club set, that will enjoy even lower taxes, while the middle class gets screwed again. Oh, a McCain Administration might throw us a bone know and then, probably another useless stimulus check, but Barack Obama is talking about rewriting the tax code so that all Americans pay their fare share.

Again, Senator Obama is offering Americans change that they can believe in. Senator John McCain is offering us four more years of Bush policies.

Or as Cindy McCain might say, "Let them eat cake!"

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2 Comments:

Anonymous Anonymous said...

John McCain better think twice if he's going on the campaign trail in favor of more capital gains and investment tax cuts. People are taxed a bigger percentage for an honest day's work than they are for shorting a stock.

And if McSame doesn't think the voters won't know any better, he better think again.

Two months ago I predicted that Barack Obama is going to wipe the floor with McCain when it comes to taxes, and this blog is helping prove my point.

July 26, 2008 9:22 PM  
Blogger reunionpi said...

See who the first wife of John McCain is working for now and who she contributed to

http://webofdeception.com/#carolsheppmccain

July 29, 2008 12:32 PM  

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