It’s lipstick! It’s a pig! It’s a new “middle class” tax cut!
From Politico yesterday: “…Sen. John McCain is considering additional economic measures aimed directly at the middle class that are likely to be rolled out this week…. Among the measures being considered are tax cuts – perhaps temporary – for capital gains and dividend.”
Stop. Right. The fuck. There.
This helps the middle class how, John McCain? Capital gains and dividend tax only applies when 1) your taxable investments 2) are turning a profit. I don’t know about the rest of you middle-classers, but my (meager) taxable investments dropped 15% last week. Also, much of the middle class’s investment in the stock market is in 401K plans. It’s not capital gains tax that’s making people scared to stick their 401K money in the market, okay?
So basically, what you’re saying, guy, is LOOK AT MY NEW PIG! NO REALLY, IT’S A NEW PIG!
(I know that many people who live off of their investment earnings fit in the middle, and even lower, income classes, and I’m by no means against a reduction in investment taxes—I think the government should encourage people to save and invest by lowering the tax burden on that income. It’s not the reduction in capital gains and dividends idea that I’m attacking here, it’s the “Read my lips: no new ideas” thing McCain has repeatedly got going on…combined with the fact that THERE’S NOT A LOT OF MIDDLE CLASS INVESTMENT INCOME TO TAX RIGHT NOW, MR McWHATTHEFUCKERY.)
More: “McCain advisers hope that by being specific, he can pose a contrast to Sen. Barack Obama (D-Ill.), who has been benefited from taking a vague but consistent approach to policy during the economic crisis.”
Except…didn’t I just read today in the Associated Press that “After consulting with Barack Obama, Democratic leaders are likely to call Congress back to work after the election in hopes of passing legislation that would include extended jobless benefits, money for food stamps and possibly a tax rebate”?
And “House Democrats have announced plans for an economic forum on Monday ‘to help Congress develop an economic recovery plan that focuses on creating jobs and strengthening our economy.’”
I know, I know: “House Democrats,” the article says, not “Barack Obama,” but do you really think Obama and his team is not going to be a part of the discussion and plans? Who do you think he is—Maverick McBush?
Back to the Politico story: “Officials could not say what [McCain's] package might include because more than 30 ideas have been put in front of McCain during the current crisis, and they said he has to choose what to unveil and when” …and perhaps his advisors need time to make sure he understands what he’s offering, so he doesn’t throw out one thing at a debate and then have to turn around a day later and change completely the basis of it…again: “The McCain campaign tweaked the [background document describing the housing plan] overnight Tuesday in a slight, but very significant way, removing a single sentence that indicated the government would buy mortgages from lenders at a discounted rate.”
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