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REPUBLICAN CONSIDERING PROPOSAL TO CUT DIVIDEND, CAPITAL GAINS TAX
America’s economy is in trouble and voters in South Carolina and across the country are looking to both presidential candidates for real solutions.
While Democratic presidential nominee Barack Obama is taking the Herbert Hoover approach and proposing massive tax increases during an economic crisis, Republican John McCain is working on a new comprehensive economic package to tackle the situation, according to Sen. Lindsey Graham.
“I think it goes along the lines that now is the time to lower tax rates for investors, capital gains tax, dividend tax rates, to make sure that we can get the economy jump-started,” Graham told Reuters Sunday.
By all means, McCain is still putting the finishing touches on this, but he’s on the right track. With the economic rescue plan in place, it’s time to cut the corporate and capital gains tax rates to bring in new investments and, in turn, revenue and economic stimulus.
McCain has always been in favor of slashing the corporate tax rate by 10 percent, but he needs to propose a greater cut and make it the centerpiece of his campaign for the final three weeks (especially at the final presidential debate Wednesday).
Lowering the corporate tax is just a start though. By reducing or eliminating the tax rate on dividends and capital gains — even if just for a year or two — McCain would offer one of the most sure-fire ways to rejuvenate our economy.
The National Center for Policy Analysis released a study in January showing that “President Bush’s investment tax cuts helped stimulate the economy and increase government revenue, and raising the capital gains tax rate, as some are now proposing, would be harmful to the economy at a time when it is once again in need of stimulus.” And for the doubters, the Heritage Foundation has done a great job of dispelling the myths.
For political purposes, this plan will give McCain a substantive position that will positively juxtapose him against Obama — who plans to raise the tax on capital gains back to 20 or 28 percent (depending on when you ask him) — on the economy.
(Photo: AFP/Getty Images)
kudos McFogle for finally getting it., hope Johnny Mac is wit you. Just get rid of cap gains forever and chop corp tax to what they done i n europe.. 13% or something like that.
As much as I am a fan of cutting ANY tax, this plan will not get him elected. Voters want their own taxes cut, and when you talk about Capital Gains and Dividends, they view that as cutting taxes for rich people. Sure, part of that cut will help Joe Six pack, especially by keeping jobs here, but this is so easy for Obama to attack.
By now, we all should realize that the best plan isn’t what will get McCain in office, but what SOUNDS good will likely get Obama there. Maybe doing this afterwards will work, but this plan will give sufficient ammo to make us look like we don’t care about the average voter, but if it appeases the right wing…..
OCTOBER 12, 1998 OCTOBER 12,2008
TEN YRS AGO TODAY
REST IN PEACE….MATTHEW SHEPARD, SON, BROTHER, FREIND
No one voter in America, at this stage in the election, is going to change their vote because of some tax plan.
McCain needs to gut that imposter. He will not do it…so President Obama it will be.
Huckabee, or Mitt would have beaten Obama…but McCain and pansy assed Graham developed a plan of being “just a little bit pissy”…and that never, ever works.
Hail to the new leader, hail Obama. (just getting prepared)
Check out the following NY Times article today….McCain had to take back Graham’s assertion that a “new proposal” will be coming from his campaign on the economy….campaign in total melt down now!
http://www.nytimes.com/2008/10/13/us/politics/13plan.html_r=1&oref.slogin
Welcome to Carter II with Obama.