John McCain Has Gone Tax Cut Crazy

TNR examines John McCain's speech on the economy today and finds that with his new proposals (a massive corporate tax cut and a doubling of the dependent exemption), he is hitting new heights in tax cut fetishizing.

McCain is now up to about $280 billion per year in tax cuts, far more than the Bush tax cuts in their first 10 years. (His campaign gets a lower number only by claiming that his corporate expensing proposal costs nothing over the long term. This is not a serious argument. A CBO report signed by McCain advisor Douglas Holtz-Eakin shows otherwise.) Against these $280 billion in costs, McCain has still proposed to cut not a single specific discretionary program and not a single specific tax expenditure. His ballyhooed plan to hike prescription drug premiums will save $1 billion per year, again according to CBO. Just $279 billion to go.

Remember, John McCain is pushing all these tax cuts while also proposing an open-ended commitment to the Iraq War. How he plans on doing that without exploding the deficit is anybody's guess.

Comments

It doesn't really matter how he's going to pay for it, does it? Americans want cake and McCain's more than willing to give it to them.

Posted by: John on 04/15/08 at 1:17 PM Respond

When McCain initially said he did not know much about economy, he meant it. More of the same that got this country into this mess.

Posted by: Nick on 04/15/08 at 5:49 PM Respond

John McCain considers our Government coffers the final frontier--he's lacing up his jack-boots to boldly go where cruel men of the past have only dreamed of going...

It is difficult to imagine the showpiece of a great stimulus package being $3.8 billion in tax breaks to the 5 biggest oil companies..., and $1.9 billion to the 10 biggest health insurers...

Did you say BILLION, babe--with a Capitol B...?

Our politicians need to start heavily spending on road building--there's not going to be any social security money left, and we're all going to have to live under highway overpasses...

Posted by: Michael L. Wagner on 04/15/08 at 7:07 PM Respond

Yippee!

McCain is going to lead the charge to halt the very oppressive 16 cents federal tax per gallon of gas for the Summer driving season! Lessee...after gas goes up 48 cents a gallon from where it is now by Memorial Day weekend, I'll only be paying 32 cents MORE a gallon.

Thank you, my friend. Now if you just make that tax cut permanent, we won't have any interstate highways in driveable condition in about 5 years...just when it becomes some other President's problem.

Genius!

Posted by: Egalitare on 04/15/08 at 9:10 PM Respond

"Now if you just make that tax cut permanent, we won't have any interstate highways in driveable condition in about 5 years...just when it becomes some other President's problem."

Yes, but think of all the extra room under the overpasses! You see, things balance out in the end.

Posted by: John on 04/16/08 at 4:04 AM Respond

hey Egalitare, if gas prices under McCain's never-ending war would continue to rise at the same rate they have under Bush's never-ending war, in 5 years no one will be able to afford to buy any gas so the condition of the roads won't matter much.

Posted by: DaveD on 04/16/08 at 4:11 AM Respond

I think McCain is controdicting himself. How can he have a tax cut and still be in Iraq?

Its not possible for America to stay in Iraq fo even another two years without our economy completely failing!!!

Posted by: AudreyL on 04/16/08 at 5:42 AM Respond