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The $2.8 Trillion Deficit Gap: Holtz-Eakin Responds
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Jul 26, 2008 07:48pm |
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| Category | General |
| News Date | Friday, July 25, 2008 01:00:00 AM UTC0:0 |
| Description | John McCain’s tax policy has come under fire in the past, particularly for its dependence on huge revenue windfalls to balance the budget. But now a new study from the nonpartisan Tax Policy Center (a joint venture between Brookings and the Urban Institute) suggests there’s another flaw: a rhetoric gap.
According to the study, the tax plan McCain’s campaign laid out privately is different from the one he’s selling on the stump. If you include the policies he has advocated publicly—such as repealing the Alternative Minimum Tax, increasing the dependent exemption to $7,000 right away, and reducing the corporate tax rate to 25 percent immediately—then the deficit after 10 years would actually be $2.8 trillion greater than if you go by his private plan. There’s also a rhetorical gap for Obama, but in his case the public version generates more revenue than the private one, thanks to a suggested hike in payroll taxes for people who make $250,000 or more. (Read the full study here [PDF].) |
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