McCain's Capital Gains Proposal Would Give The McCains $55,000 A Year

On Friday, the McCain campaign released Cindy McCain's 2007 tax returns. Sadly for the McCains, Mrs. McCain shows over $1.8 million dollars less tax return income in 2007 than 2006. Of course, she still reported over $4 million of income ($4,197,028) which -- when added to the Senator's tax return income in 2007 ($405,409) -- brought their total to over $4.5 million ($4,602,437 to be precise).

A large source of income for the McCains came in the form of capital gains. This is an example of how, though many people have capital gains income sporadically throughout their lives, the wealthy have them quite consistently and they constitute an important source of income. In 2006, the McCains reported a total of $743,476 in capital gains. In 2007 they reported $746,395.

Last week, as part of his new Pension and Family Security Plan, Sen. McCain proposed temporarily cutting the capital gains tax from 15 percent to 7.5 percent. The proposal -- had it been in effect in these years -- would have reduced the McCains' taxes by $55,761 in 2006 and $55,980 in 2007 (a two-year total of $111,740).

Read the whole story here.

Comments

[PT6]

Joe Lieberman helped pay for the NEW ATTACK ADS!

This is coming from NewsMax which with a TOP Donner Senator Lieberman!

This is "ALL OUT WAR by RICH" for FE@R of Losing Tax Breaks! And not getting MORE!

Tax Breaks Obama wants to give to the Middle Class!

Radio Talk Show Hosts and FOX want These Attack Ads and this is where McCain gets his IDEAS!

Vote for Obama and all Democrats so we do not need Lieberman's vote!

[bluecatz]

Well, fancy that.

[kpckma]

I hope that people see this an realize who McCain is really thinking of.

[gevan]

Give the McCain's a break. They need that money for the upkeep on their seven (or eleven) houses.