"the wealthiest 15,000 families -- one one-hundredth of 1 percent of the population -- capturing fully one-fourth of the entire income growth from 2000 to 2006. Their average income rose from $15.2 million per year to $29.7 million per year. Meanwhile, the rest of us -- 133 million households that make up 90 percent of the country -- divided up 4 percent of the nation's income, adding about $305 to our average $30,354 income.
McCain calls for cutting the top corporate rate from 35 percent to 25 percent and allowing corporations to write off investments in the first year. Combined, the Tax Policy Center wonks cost these at more than $1.3 trillion over 10 years. Len Burman of the Tax Policy Center estimates that in total, McCain would cut corporate revenues by about 50 percent from current levels.
According to a study by the Treasury Department, from 2000 to 2006, an average of 2.2 percent of GDP was collected in corporate taxes. This compares to an average of 3.4 percent in other industrial countries. The nonpartisan Congressional Budget Office projects that, under current law, corporate revenues will decline to 1.9 percent of GDP by 2017.
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