Who benefits the most from his plan? Wealthy millionaires like buddies Dick DeVos and George Bush. From the Wonk Room:
Today, the non-partisan Tax Policy Center (TPC) released an analysis showing who would benefit from this cut. Like the rest of McCain’s tax cuts, this one overwhelmingly aids the wealthy, with two-thirds of the benefit going to those making over $1 million:And according to Jared Bernstein:In 2009, under a plan that lowers taxes on both gains and dividends, those making $1 million or more would get two-thirds of the benefit, and an average tax cut of more than $72,000. Those making less than $50,000 would get, on average, nothing. [emphasis mine]
The average tax savings for the top 0.1%--income above $3 mil--is $244,000.Besides, in what world is John McCain living? In case he hasn't noticed, the stock market has been losing value, and losses are already deductible from our taxes.
Jared Bernstein summed it up best: "This isn't a recipe for helping families hurt by the financial crisis and recession. It's a recipe for more income inequality."
(Cross-posted at Blogging for MI.)