Your Umpteenth Reminder On The Tax Cuts

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THE PLANK OCTOBER 7, 2008

Your Umpteenth Reminder On The Tax Cuts

John McCain, just now in the debate:

I am not in favor of tax cuts for the wealthy.

The Tax Policy Center, in a report last month:

The two candidates' tax plans would have sharply different
distributional effects. Senator McCain's tax cuts would primarily
benefit those with very high incomes, almost all of whom would receive
large tax cuts that would, on average, raise their after-tax incomes by
more than twice the average for all households. Many fewer households
at the bottom of the income distribution would get tax cuts and those
tax cuts would be small as a share of after-tax income. In marked
contrast, Senator Obama offers much larger tax breaks to low- and
middle-income taxpayers and would increase taxes on high-income
taxpayers. The largest tax cuts, as a share of income, would go to
those at the bottom of the income distribution, while taxpayers with
the highest income would see their taxes rise significantly.

Hmmm, didn't I blog about this during the last debate? I should have just copied and pasted it.

--Jonathan Cohn 

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