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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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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