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.

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is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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