Tax Cuts -- Who Really Gets the Breaks

Everybody is worried about taxes so today, we feature a series of "just the facts" items about taxes -- see column on right side of this blog which gives detail on John's McCain's original verbatim answer regarding his commitment to keep the Bush Tax Cuts, which are set to expire in 2010.

The Congressional Budget Office (CBO) study was done when the Majority was held by the Republicans. Other conservative sources agree, e.g.,

• The Wall Street Journal (reporter Martin Vaughan) wrote that “an apt description” for McCain’s tax proposals would be to say “that the wealthy would benefit most.”
• The Cato Institute’s Chris Edwards, director of tax policy studies points out, McCain’s proposals are aimed at the wealthy “even more so than Bush’s'.".... “McCain’s proposals this year are consistently pretty supply-side, even more so than Bush’s were.”
• Earlier this year, the non-partisan Tax Policy Center found that McCain’s economic plan “would primarily benefit those with very high incomes.” In fact, under McCain’s plan, John and Cindy McCain would get a $300,000 tax break while middle class Americans would save only $319. The McCains save $60,016 more under McCain’s tax plan than under Bush’s.

In their more candid moments, McCain’s supporters admit that he is doubling down on Bush’s tax policies. In May, House Minority Whip Roy Blunt (R-MO) said that McCain’s “tax policies” would “be in effect a third Bush term.” Sen. Lindsey Graham (R-SC) told ABC News in June that McCain’s policies would “absolutely” be an “extension” and “enhancement” of Bush’s.

"War's Stresses Take Toll on Military's Chaplains"

The New York Times reports from Killeen, Texas that, "War's Stresses Take Toll on Military's Chaplains." We share this story as a reminder ... Monday was Memorial Day and a time to honor our nation's soldiers. As the story reports, there is much more to appreciate, to learn about and to change so that we truly honor our soldiers and those who take care of them as they return, including how we:

1. Manage health care services to our Veterans.
2. Make decisions about going to war and/or staying in war.
3. Understand the difference between war, occupation and "giving" people democracy.
4. Move forward to repair the damage done to our economy by borrowing money from China.

We can expect it to be a continuing challenge about how to take care of our veterans when they return. PTSD and unprecedented serious injuries will require both patience and resources. A related continuing challenge will be how to rebuild a new, strong economy that includes both good jobs and the resources necessary to take care of our soldiers and our nation's other needs, too. As we approach the November elections, it also becomes increasingly important to consider the trade-offs about how our nation spends our money, e.g.,

• OHIO's taxpayers paid $4.4 Billion for the Bush tax cuts benefiting the richest 10 percent in FY2009. For that kind of money, they could have paid for:
• One year's health care for 1,555,685 people.
  
• For more Ohio trade-offs, go here.
• NEW MEXICO's taxpayers paid $397.7 Million for the Bush tax cuts benefiting the richest 10 percent in FY 2009. They could have paid for:
• 92,839 scholarships for NM's kids to go to college.
• For more New Mexico trade-offs, go here.
• IOWA's taxpayers paid $841.2 Million for the Bush tax cutes benefiting the richest 10 percent of US citizens in FY 2009. They could have paid for:
• 946,483 homes to have renewable electricity for one year.
• For more Iowa trade-offs, go here.

Clearly, Memorial Day is only one day a year, but for those of us who want to honor our veterans, we must find a way to make the wise decisions necessary to honor our returning veterans and also their families with jobs, health care and more opportunities.