ARLINGTON, VA -- Today in New Hampshire, John McCain released a comprehensive economic plan for American prosperity. John McCain issued the following statement on his new economic plan:
"It is time to cut $60 billion in taxes for middle-class families. It's time to cut wasteful spending, support economic growth, and keep taxes low. It is time for Washington to work for our families and not special interests."
MCCAIN ECONOMIC PLAN: BOLD SOLUTIONS FOR AMERICAN PROSPERITY
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.
REFORMING WASHINGTON TO REGAIN THE TRUST OF TAXPAYERS
Wasteful spending in Washington has gone from irresponsible to indefensible. Right now, even the government reports that one-fifth of programs are receiving failing marks. John McCain will restore the trust that Americans have lost in their government spending their hard earned money wisely. (John McCain's detailed government reform plan may be found here.)
Eliminating Wasteful Spending
Stop Earmarks, Pork-Barrel Spending, And Waste: John McCain will veto every pork-laden spending bill and make their authors famous. As President, he will seek the line-item veto to reduce waste and eliminate earmarks that have led to corruption. Earmarks restrict America's ability to address genuine national priorities and interfere with fair, competitive markets.
Leadership, Courage And Choices: Reduced spending means making choices. John McCain will provide the courageous leadership necessary to control spending, including:
Eliminate broken government programs. The federal government itself admits that 1 in 5 programs do not perform.
Reform our civil service system to promote accountability and good performance in our federal workforce.
Eliminate earmarks, wasteful subsidies, and pork-barrel spending.
Reform procurement programs and cut wasteful spending in defense and non-defense programs.
Budgetary Reform To Give Tax Cuts A Fair Chance
Congress Has Unfairly Stacked The Deck To Spend More And Raise Taxes.
If a spending program is on the books, budgets assume that it is on the books forever -- and continues to grow -- even if the law says it expires.
If low taxes are on the books, budgets don't assume that they last forever. When they expire, those taxes are automatically raised.
John McCain will reform budgeting to treat equally spending and taxes and to stop damaging tax hikes.
Reforming Entitlement Programs For The 21st Century
Reform Social Security: John McCain will fight to save the future of Social Security and believes that we may meet our obligations to the retirees of today and the future without raising taxes. John McCain supports supplementing the current Social Security system with personal accounts -- but not as a substitute for addressing benefit promises that cannot be kept. John McCain will reach across the aisle, but if the Democrats do not act, he will. No problem is in more need of honesty than the looming financial challenges of entitlement programs. Americans have the right to know the truth and John McCain will not leave office without fixing the problems that threatens our future prosperity and power.
Control Medicare Growth: The growth of spending on Medicare threatens our fiscal future. John McCain has proposed comprehensive health care reforms that will reduce the growth in Medicare spending, protect seniors against rising Medicare premium payments, and preserve the advancements in medical science central to providing quality care.
Trade and Displaced Workers
Lower Barriers to Trade: John McCain believes that globalization is an opportunity for American workers today and in the future. Ninety-five percent of the world's customers lie outside our borders and we need to be at the table when the rules for access to those markets are written. To do so, the U.S. should engage in multilateral, regional and bilateral efforts to reduce barriers to trade, level the global playing field and build effective enforcement of global trading rules.
Competitive American Workers: John McCain understands that globalization will not automatically benefit every American. We must prepare the next generation of workers by making American education worthy of the promise we make to our children and ourselves. We must be a nation committed to competitiveness and opportunity. We must fight for the ability of all students to have access to any school of demonstrated excellence. We must place parents and children at the center of the education process, empowering parents by greatly expanding the ability of parents to choose among schools for their children.
John McCain will overhaul unemployment insurance and make it a program for retraining, relocating and assisting workers who have lost a job. The unemployment insurance system needs to be modernized to meet the goals of helping displaced workers make ends meet between jobs and moving people quickly on to the next opportunity. John McCain will reform the half-dozen training programs to approaches that can be used to meet the bills, pay for training, and get back to work. John McCain believes that we can strengthen community colleges and technical training, and give displaced workers more choices to find their way back to productive and prosperous lives.
Health Care Reform
Comprehensive Health Care Reform: John McCain believes health care reform should address the rising costs that threaten families' budgets, business competitiveness, and government programs by making the entire system responsive to the needs of American families. Families should receive quality, accountable care at lower costs by harnessing market competition. (John McCain's detailed plan to reform our health care system may be found here.)
Market-Based Energy Reform
National Strategy For Energy Security:John McCain will deliver a national energy strategy that declares independence from the risk bred by our reliance on oil imported from petro-dictators the vulnerability to the troubled politics of their lands. John McCain is a proven conservative, and his strategy will not rely on subsidies, rifle-shot tax breaks, line-items for lobbyists, or big-government debacles. It will promote the diversification and conservation of our energy sources and substantially reduce the impact of our energy consumption on the planet. It will rely on the genius and technological prowess of American industry and science. Government must set achievable goals, but the markets should be free to produce the means. (John McCain's full energy security plan may be found here.)