What does McCain call redistribution for the wealthy?
In this final phase of the campaign we see and hear something transparently duplicitous from the McCain camp. The candidate and his supporters express dismay and sound the alarm because Barak Obama”s tax plans amount to socialism that will take wealth from people to deserve it and give it to those who don”t.
Well check this out: It was John McCain that supposedly suspended his campaign and rushed to Washington to lead the way to a rescue package for financial institutions in the midst of a melt down from frozen credit markets. The plan McCain backed is about to manifest itself in the form of government (in the name of you and me) buying shares in banks and other financial institutions to provide a speedy flow of capital that will give these institutions confidence to begin lending to each other, businesses, and individuals again. Buying shares equates to the government partially nationalizing the financial institutions, or taking part ownership through expenditures of yours and my tax dollars. This is an example of precisely a redistribution of wealth.
In this case it is redistribution from middle and working class folks to the richest among us. And this is fine with Mr. McCain. But Senator Obama”s proposal is a modest proposal that would tilt the existing tax system somewhat more favorably to the 95% of us making a quarter million dollars or less per year, and slightly increase the burden on those making over that amount.
So I would ask Mr. McCain to be honest and disclose that what he opposes is tax cuts for most of us while favoring the use of our money to shore up the fat cats at the top of the food chain.
Douglas M. Harris
Clearlake
