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In the wake of the current financial markets meltdown – and the meltdown of his own campaign – John McCain unveiled a set of initiatives aimed at stimulating the economy. The centerpiece of McCain’s proposal is a reduction of the capital gains and dividend tax rate from 15% to 7.5%.
McCain’s chief economic adviser, Douglas Holtz-Eakin described the proposal as being:
“targeted at people who have been hurt by the recent financial crisis — seniors, savers, workers, people who are trying to get to college.”
The Tax Policy Center fired up their computers to crunch some numbers on the McCain dividend and capital gains tax cut. The results are summarized below: