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"A comprehensive, collaborative elections resource."
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Election Year Folly - Mr. McCain's irresponsible economic plan
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Candidate
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| Contributor | RP |
| Last Edited | RP Apr 22, 2008 12:23am |
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| Category | Analysis |
| Media | Newspaper - Washington Post |
| News Date | Monday, April 21, 2008 06:00:00 AM UTC0:0 |
| Description | Mr. McCain's tax cuts would cost more than $300 billion a year in 2012, according to estimates from the Urban Institute and the Brookings Institution's Tax Policy Center . That sum does not include the cost of extending the Bush tax cuts (around $110 billion a year beyond the extensions that Sens. Hillary Clinton and Barack Obama also endorse), and it assumes any president would end up taking the costly step of fixing the alternative minimum tax. The McCain campaign posits an array of ways to pay for this -- slashing discretionary spending, abolishing earmarks, getting rid of corporate tax breaks -- but it has failed to give details about what, exactly, it would cut. In addition, it assumes that allowing immediate write-offs for all new investment would be cost-free. The Bush Treasury Department scored a plan to allow immediate write-off of 65 percent of the cost of new investments at $1.2 trillion over 10 years. Mr. McCain is making it awfully hard to take seriously his proclamations of fiscal responsibility. |
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