Middle class families pay almost no dividend or capital gain taxes. Insofar as they hold stock, it is almost entirely in retirement accounts. This money will be taxed as ordinary income at the point when it is withdrawn regardless of whether or not it came from dividends or capital gains. Current tax law provides very generous exemptions for capital gains on homes, so few middle class people will ever pay capital gains taxes on their house.
This means that when Senator McCain proposed a cut in dividend and capital gains taxes, he was proposed a tax cut for rich people. He was not "considering additional economic measures aimed directly at the middle class" as claimed by Politico in an exclusive story.
A second Trump administration will cement a right-wing majority on the Supreme Court for a generation, and put our collective future in the hands of someone who will be virtually unchecked by our institutions. The country has shifted rightward, and the reverberations will ensue for potentially the next few decades. In this climate, a robust independent media ecosystem will be more important than ever. We're committed to bringing you the latest news on how Trump's agenda will actually affect the American people, shining a light on the stories corporate media overlooks and keeping the public informed about how power really works in this country.
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