John McCain Has Gone Tax Cut Crazy

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TNR examines John McCain’s speech on the economy today and finds that with his new proposals (a massive corporate tax cut and a doubling of the dependent exemption), he is hitting new heights in tax cut fetishizing.

McCain is now up to about $280 billion per year in tax cuts, far more than the Bush tax cuts in their first 10 years. (His campaign gets a lower number only by claiming that his corporate expensing proposal costs nothing over the long term. This is not a serious argument. A CBO report signed by McCain advisor Douglas Holtz-Eakin shows otherwise.) Against these $280 billion in costs, McCain has still proposed to cut not a single specific discretionary program and not a single specific tax expenditure. His ballyhooed plan to hike prescription drug premiums will save $1 billion per year, again according to CBO. Just $279 billion to go.

Remember, John McCain is pushing all these tax cuts while also proposing an open-ended commitment to the Iraq War. How he plans on doing that without exploding the deficit is anybody’s guess.

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Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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