GOP presidential hopeful John McCain has recently let it be known where he stands on taxes. He's against them. All of them. According to McCain, "We should all be ashamed of a system that taxes your salary, your investments, your property, your expenses, your marriage and your death." Well, let's see, no income taxes, no payroll taxes, no property taxes, no sales taxes, no inheritance taxesthat about covers it. To be sure, McCain goes on in his statement (you can watch him deliver it at www.freedomchannel.com) to detail a more modest list of specific upper-income tax breaks that he'd push for as president. But obviously these are only the first baby steps in his master plan.
The 1990s saw lots of federal tax legislation enacted. The biggest changes included the modestly progressive tax increases that President George H.W. Bush reluctantly signed in 1990, Bill Clinton's 1993 tax hikes on the rich, and the generally regressive 1997 tax cut deal worked out between Clinton and the Republican Congress. So what did all these tax changes accomplish? The answer may surprise you.