McCain's Latest Economic Package

Senator McCain announced his Economic Package at Carnegie Mellon University in Pittsburgh a few weeks ago.  It follows the same failed economic packages of Reagan-Bush and Bush 43 ---trickle down economics that favor the wealthy and corporate America and that do nothing to grow and sustain the economy and the middle class that is once again forgotten.  Here is his package:

 

Reduce corporate tax rate from 35% to 25% and offer other corporate write-offs --- a double whammy, in other words, for corporate America and the wealthy.  The Reagan-Bush and Bush 43 administration have already given corporate America and the most wealthy the largest tax breaks in the past 28 years, and now McCain is following their reckless agenda.  Will the American people let themselves be fooled for a fourth time?  This tax cut and other write-offs will cost the treasury $100 Billion a year.  And to think McCain said there will be no more corporate welfare during his administration.

 

He said he would also repeal the alternate minimum tax which affects 93% of those making between $200,000.00 and $1 million per year.  This will cost the treasury $1.6 Trillion over 10 years.  McCain would like to suspend the gasoline tax for the summer months that would cost the treasury $9 Billion, without any real way to make up the lost revenue.  In other words, don't address the problem of high gasoline prices and Big Oil, just suspend the gasoline tax for 3 months, deprive the government of that revenue and then go back to $111/barrel oil and $3.40/gallon gasoline.  In short: Ignore the real problem.

 

As one can see, the middle class is once again on the short end of any tax relief.  More over, the money lost by the treasury because of McCain's lack of a true economic policy will just keep adding more to the deficit and debt the Republicans are experts at creating.  At the same time, it does absolutely nothing to grow and sustain the economy and the loss of revenue reduces the governments ability to provide the needed services to the people and the country.  If the American people think the economy is bad now and McCain is the next President, the Republicans will accomplish what Russia tried to do years ago, but failed, --- bury us.

 

So called Republican conservatives have no shame being in the pocket of corporate America and creating debt for the country and its people.  We are in an economy now that is out of control and have a President who has failed to act.  If McCain is the next President, the middle class will be no more, mark my words.  That should scare the hell out of everyone.