Posted on 12/22/2007 11:35:47 PM PST by Norman Bates
SALEM – Presidential candidate Sen. John McCain outlined a detailed tax plan that he said would put $60 billion back in the pockets of middle class families in the first year he'd be President.
The plan described as a "pro-growth" tax policy emphasized keeping taxes low for the middle class as well as for entrepreneurs who McCain said are responsible for creating jobs from market innovations.
Speaking in front of an audience of about 100 people at Andover Corp., a company specializing in optical filter technologies, McCain outlined needs for tax reform to an income tax code that's become "disgraceful and distorted." "It's contradictory to what we American need to do and that's to save and invest," he said.
His broad proposal calls for a repeal to the alternative minimum tax, known as the AMT, which was passed in 1969 to prevent a small amount of high-income earners from deducting their entire tax liability.
Since the AMT was never attached to inflation, its burden is expected to creep up to affect 23 million taxpayers in the middle class when it was never intended to, McCain said.
An immediate repeal, as McCain directed, would save middle class families with children that are taxed by the AMT an average of $2,700.
"I worry about obviously any reduction in revenues but to have basically two tax codes in America is not an acceptable situation," he said.
The AMT repeal is a centerpiece for work McCain called for to simplify the tax code that's grown bigger and more complicated with each congressional bill.
"You paid $14 billion last year to pay someone to do your taxes and you had no idea - American families had no idea whether it was valid or legitimate in anyway," McCain said.
To direct the tax code revisions, McCain said he'd appoint a commission headed by former Federal Reserve Chairman Alan Greenspan to make recommendations for a reform for Congress to support.
"Have them report out and then Congress would vote up or down," McCain said.
Saving Social Security and Medicare are also priorities, McCain said. Supporting personal accounts to supplement the social security crisis, McCain said he'd reach across the aisle to Democrats to make sure promised benefits are honored.
"Now are we going to fix it the way Ronald Reagan and Tip O'Neil did back in 1983 or are we going to hand it off to an unluckier generation of Americans?" McCain asked.
Other incentives in the tax policy called for a permanent tax ban on the Internet and cellular phone communications while rewarding savings and investment with lower taxes on dividends and capital gains.
What do you think?
Sounds familiar....
McCain voted against the Bush tax cuts.
~Next.~
“McCain voted against the Bush tax cuts.”
What was McCain’s reasoning on that?
McCain also maintained we would be looking at more tax cuts today had spending been reined in as a condition for the first cuts.
Because there was no mechanism to restrain spending. And look at the spending now - he was right. However he supports making them permanent because not doing so would be a de fact tax increase.
“The McCain List.
Common sense conservatism
-Repeal the AMT
-Put $60 billion back in the pockets of middle class families in the first year
-Keeping taxes low for the middle class as well as for entrepreneurs
-Commission headed by Alan Greenspan to make recommendations for tax reform
-Saving Social Security and Medicare are priorities
-Personal accounts to supplement the social security crisis
-Permanent tax ban on the Internet and cellular phone communications
-Reward savings and investment with lower taxes on dividends and capital gains
John McCain’s Comprehensive Pro-Growth Tax Agenda”
McCain has been in Senate since 1986 and before that, the House.
That’s where laws are actually made. What’s he been doing all that time?
Oh, wait he actually did vote against the Bush tax cuts before he was for them.
“To direct the tax code revisions, McCain said he’d appoint a commission headed by former Federal Reserve Chairman Alan Greenspan to make recommendations for a reform for Congress to support.”
Just what government needs, another damn commission. It isn’t hard to decide what to do about taxes.....flat tax, pure and simple.
“What was McCain’s reasoning on that?”
It’s all about McCain.
He comes first.
I think it’s a bit more complicated then that. A flat tax would be ideal however given political will it is something that needs to be moved toward in steps.
“McCain also maintained we would be looking at more tax cuts today had spending been reined in as a condition for the first cuts.”
If spending cuts come first, taxes will never be cut again.
“McCain has been in Senate since 1986 and before that, the House. That’s where laws are actually made. What’s he been doing all that time?”
Why jump shark every time when there is clearly no political will to do so?
“Oh, wait he actually did vote against the Bush tax cuts before he was for them.”
I already covered this. But you knew that...
“”Now are we going to fix it the way Ronald Reagan and Tip O’Neil did back in 1983 or are we going to hand it off to an unluckier generation of Americans?” McCain asked.”
What’s the difference?
“Because there was no mechanism to restrain spending. And look at the spending now - he was right. However he supports making them permanent because not doing so would be a de fact tax increase.”
Other than flap his gums, what has McCain ever done on controlling spending?
“It’s all about McCain.
He comes first.”
It can’t come that simple!? He must have had some excuse...
“Just what government needs, another damn commission. It isn’t hard to decide what to do about taxes.....flat tax, pure and simple.”
McCain has been in Senate since 1986 and before that, the House.
That’s where laws are actually made. What’s he been doing all that time?
Oh, wait he actually did vote against the Bush tax cuts before he was for them.
Just what we need, another commission to spin their wheels on tax reform. Ugh!
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