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Read Between the Lines

Posted by Mike Gehrke on April 16, 2008 at 11:39 AM

McCain pledges to offer help for average Americans, but most of his proposals are aimed at the wealthy and corporations:

But much of what he detailed was a corporate special pleader's dream: a cut in the corporate income tax rate, from 35 percent to 25 percent, a proposal to allow businesses to write off the cost of new equipment and technology from their taxes, a ban on Internet and new cellphone taxes, and a permanent tax credit for research and development. [...] But tax cuts, mostly for corporations and wealthy individuals, remain the centerpiece of McCain's economic agenda.

He said his support for making Bush's tax cuts permanent would benefit people from all income levels by making sure that taxes on dividends and capital gains stay low. But most lower- and middle-income investors have the vast majority of their stock and bond holdings in retirement accounts that are exempt from federal taxation.

All in all, McCain's proposals are a veritable dream for high dollar corporations.

And so McCain pledges to continue the irresponsible Bush taxes, but provides no way to pay for them as he slowly backs away from his balanced budget pledge:

Absent from McCain's speech was any pledge to wipe out the federal deficit. Asked about the omission a few hours later at Villanova University outside Philadelphia, McCain told reporters that he would balance the budget within eight years, a retreat from his previous vow to do so within four.

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