Best to listen to what John McCain said about these a few years ago when he was running against Bush: âI donât think the governorâs tax cut is too bigâitâs just misplaced. Sixty percent of the benefits from his tax cuts go to the wealthiest 10% of Americansâand thatâs not the kind of tax relief that Americans need. ⦠Gov. Bush wants to spend the entire surplus on tax cuts. I donât believe the wealthiest 10% of Americans should get 60% of the tax breaks. I think the lowest 10% should get the breaks. ⦠âIâm not giving tax cuts for the rich.â Hell, that's better than Obama's argument.' Better is this one, and note the argument AGAINST cutting the 39% rate that all the Joe the Plumber fuss is all about : âMr. President, the principle that guides my judgment of a tax reconciliation bill is tax relief for those who need it the mostâlower- and middle-income working families. I am in favor of a tax cut, but a responsible one that provides significant tax relief for lower- and middle-income families. And I commend Sen. Grassley for moving in that direction. But I am concerned that debt will overwhelm many American households. That is why tax relief should be targeted to middle-income Americans. The more fortunate among us have less concern about debt. It is the parents struggling to make ends meet who are most in need of tax relief. âI had expressed hope that when the reconciliation bill was reported out of the Senate Finance Committee, the tax cuts outlined would provide more tax relief to working, middle-income Americans. However, I am disappointed that the Senate Finance Committee preferred instead to cut the top tax rate of 39.6% to 36%, thereby granting generous tax relief to the wealthiest individuals of our country at the expense of lower- and middle-income American taxpayers.â âThereâs one big difference between me and the othersâI wonât take every last dime of the surplus and spend it on tax cuts that mostly benefit the wealthy.â [McCain campaign commercial, January 2000] âI am disappointed that the Senate Finance Committee preferred instead to cut the top tax rate of 39.6% to 36%, thereby granting generous tax relief to the wealthiest individuals of our country at the expense of lower- and middle-income American taxpayers.â [McCain Senate floor statement, May 21, 2001] âBut when you look at the percentage of the tax cuts thatâas the previous tax cutsâthat go to the wealthiest Americans, you will find that the bulk of it, again, goes to wealthiest Americans.â [NBCâs âToday,â Jan. 7, 2003]
He used to be a better man, principled, before he won the nomination and toed the party line. He consolidated his (utterly stupid retarded evangelical) base and lost everybody else.
Well thank goodness John McCain has learned from his past mistakes. As it turned out W's tax cuts turned out to be very beneficial for the economy. Too bad he agreed with congress to spend so much. (And too bad affirmative action regulation and banking has cut the economy off at the knees.) But more good news is that McCain is promising to cut spending as well. Broad tax cuts and spending cuts is the right plan with an economy under stress.
It's the ONLY option at this particular economic crossroads. I suspect if the Democrat's enact an aggressive, stimulative spending package funded with increased cap gains we'll see long bond yields ramp from 4.25% to 6.25% without pausing.
If he Stopped there, my vote would have been different. Bush and Delay passed the humongous medicare benefits bill. I'll never forgive them that. A second stimulus package is peanuts compared to that and the 700 B the banks got. Cut the crap, the GOP are the biggest spenders.
If Obama comes in with his tax increases and massive increase in government spending we will end up like the Carter years... But remember - it took a Carter to get a Reagan...
Except I can tell you for sure the next "Reagan" won't be Palin. Seriously, except for Gov spending (Alternative energy tax credits, infrastructure investment ) I have a hard time imagining what the private sector is going to come up with to revive the economy. this time. looks like we'll go through some very low growth years. Tech bubble, burst..... housing bubble, burst...... Credit bubble, burst...... Military spending ? maybe another BIIG FAT war ? Ig oil prices maintain around 80, alternative energy will pick up....otherwise, though long slog as the US consumer slowly starts saving and rebuilds his/her personal balance sheet... .
That's what I meant with had Bush stopped "there" (just before spending.) My intent was not to manipulate your post. My intent was to point that the GOP would have been a viable alternative for me if they had stopped at Tax Cuts and enforced strict spending. too bad they didn't. They need to lose.
I'm sorry, but considering that Bush and Co spent more than all the previous administrations put together (spending that mccain voted with 90% of the time)..I don't think the whole "Obama is going to spend spend spend" argument doesnt hold much water.