TPC's Katherine Lim has crunched some numbers on John McCain's proposal to temporarily cut capital gains tax rates from 15 percent 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.
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The McCain and Obama Stimulus Plans: An Update
by
Howard Gleckman
on Tue 14 Oct 2008 09:46 PM EDT | Permanent Link
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Comments
Re: The McCain and Obama Stimulus Plans: An Update
by
ultima
on Mon 03 Nov 2008 04:20 PM EST | Profile | Permanent Link
I am puzzled why neither candidate has addressed the issue of capital gains indexation so that only real gains are taxed not phantom gains due solely to inflation.
In one interview, Obama said retirees would not be affected by a capital gains tax increase. Wouldn't the net income of pension funds and 401ks be reduced by a capital gains tax increase and wouldn't this in turn reduce the earnings available to annuitants or pensioners? Trackbacks
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