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Fiscal Conservatism

Posted by Michael Link on March 31, 2008 at 01:08 PM

The best quote from this piece in Newsweek: "Reading McCain's economic agenda, and listening to his speech, it appears that the problem with the last eight years is that we haven't seen enough tax breaks for the wealthy..." It's a solid indictment of the (lack of) McCain economic policy, asking a key question: is his economic plan a joke or a fantasy?

But McCain wants to see Bush's tax relief and raise it some. McCain would slash the corporate-income-tax rate from 35 percent to 25 percent (because corporate profits as a percentage of GDP didn't spike enough this decade?), and he'd abolish the Alternative Minimum Tax, which would be a welcome move for many upper-middle-class taxpayers. "In all, his tax-cutting proposals could cost about $400 billion a year, according to estimates of the impact of different tax cuts by CBO and the McCain campaign," the Wall Street Journal reported.

I wrote about the flip-flops, specifically on the Bush tax cuts, Friday. But while I suggested he had his finger in the wind, it's also possible he just has no idea what his economic platform is.

And don't forget to add in the cost of 100 years in Iraq.

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