Republican Presidential candidate John McCain has released his tax plan:
Pro-Growth Tax Agenda. John McCain believes taxes should be low, simple, and fair and has a track record of commitment to these principles.
Cut Taxes On The Middle Class
- Cut Taxes For Middle Class Families: Hard-working American families need lower taxes. John McCain will permanently repeal the Alternative Minimum Tax (AMT) — a tax that will be paid nearly exclusively by 25 million middle class families. John McCain will repeal this onerous tax, saving middle class families nearly $60 billion in a single year. Under McCain’s plan, a middle class family with children set to pay the AMT will save an average of over $2,700 — a real tax cut for working families.
Pro-Growth Tax Policy
- Keep Tax Rates Low: Entrepreneurs are at the heart of American innovation, growth and prosperity. Entrepreneurs create the ultimate job security — a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission. John McCain will make the Bush income and investment tax cuts permanent, keeping income tax rates at their current level and fighting the Democrats’ plans for a crippling tax increase in 2011. Left to their devices, Democrats will impose a massive $100 billion tax hike, almost $700 per taxpayer every year.
- Make It Harder To Raise Taxes: John McCain believes it should require a 3/5 majority vote in Congress to raise taxes.
- Reward Saving, Investment and Risk-Taking: Low taxes on dividends and capital gains promote saving, channel investment dollars to innovative, high-value uses and not wasteful financial planning. John McCain will keep the current rates on dividends and capital gains and fight anti-growth efforts by Democrats.
Pro-Innovation Tax Cuts
- Ban Internet Taxes: John McCain believes we must make a farsighted, robust, and fervent commitment to innovation and new technologies to sustain our global competitiveness, meet our national security challenges, achieve less costly and more effective health care, reduce dangerous dependence on foreign sources of oil, and raise the quality of education in the United States. John McCain has been a leader in keeping the Internet free of taxes. As President, he will seek a permanent ban on taxes that threaten this engine of economic growth and prosperity.
- Ban Cell Phone Taxes: John McCain understands that the same people that would tax e-mail will tax every text message — and even 911 calls. John McCain will eliminate cellular telephone taxes.
- Permanent R&D Tax Credit: Innovation is fueled by access to sufficient risk capital, a light regulatory burden, skilled workers, and good incentives to pursue new ideas. John McCain will reform and make permanent the research and development (R&D) tax credit to keep America competitive and provide a stable environment for entrepreneurs.
Retirement Tax Cut
- Lower Medicare Premiums: Seniors face a growing threat from higher Medicare premiums that tax away their Social Security and retirement savings. John McCain has proposed comprehensive, pro-market health care and Medicare reforms to reduce health care costs and control increases in premiums — while delivering high-quality health care.
Press coverage:
For a detailed look at the tax plans of the presidential candidates, see:
