Who Benefits From McCain’s Proposal to Cut Capital Gains Taxes?

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Surprise! It’s the wealthy! Here’s TaxVox:

TPC’s Katherine Lim has crunched some numbers on John McCain’s proposal to temporarily cut capital gains tax rates from 15 percent to 7.5 percent. 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.

The man who stood strong (and largely alone) against the Bush tax cuts because they disproportionately benefited the wealthy is suggesting making our tax code less progressive. Here are the numbers used in the calculations, and here is more on McCain’s newly proposed economic policies.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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