Tax cuts should go to middle- & lower-income people

McCAIN: I have never engaged in class warfare. [But] there’s a growing gap between the have’s and have-not’s in America and that gap is growing and it’s, unfortunately, divided up along ethnic lines. We ought to cut middle-income and lower-income taxes. But I’m not sure we need to give two-thirds of that tax cut [money] to the wealthiest 10% of America.

BUSH: I believe everybody ought to get a tax cut. I believe it’s important to cut the top rates. I think it’s important to drop the 39.6% [top tax rate] to 33%. I also know it’s important to make sure people who are on the outskirts of poverty get a tax cut as well. And my plan does both.

Leaving money in Washington means President vetoes spending

BUSH: I have a plan that takes $2 trillion over the next 10 years & dedicates it to Social Security. My plan has been called risky by voices out of Washington. In my judgment what’s risky is to leave a lot of unspent money in Washington, because guess what’s going to happen. It’s going to be spent on bigger federal governments.

McCAIN: Your tax plan over the next five years not only spends all of the surplus, it spends $20 billion in addition to that. But this idea that somehow if the money is left. -- you don’t understand the role of the president. The president of the US will veto bills that spend too much. I’ll veto bills that force Congress to spend less. That’s what’s being president is all about.

Large contributions distort tax system against taxpayers

Cut taxes by eliminating loopholes & corporate welfare

Tax code should favor savings, marriage, & small business

Expand the 15% tax bracket; close business loopholes

McCain’s tax relief proposal will:
• expand the lowest 15% tax bracket
• eliminate the unfair marriage penalty, death taxes, and the Social Security Earnings Test
• and encourage savings and investment.

Use tax code to address unemployment & working conditions

McCain supports the following principles concerning employment:
• Provide tax credits for companies that move into areas with high unemployment
• Reduce government regulations to encourage investment
• Establish empowerment zones in areas with high unemployment
• Encourage employers to offer flex-time scheduling, comp-time and unpaid leave to attend to their family responsibilities
• Provide tax credits for businesses that provide on-site child care.

More tax-deductible health costs; limits on malpractice

McCain supports the following principles regarding tax support of health care:
• Allow small business owners & the self-employed to have the same deductibility for health costs
• Expand eligibility for tax-free medical savings accounts
• Establish limits on the amount of damages awarded in medical malpractice lawsuits.

Decrease taxes across-the-board; maintain deductions

McCain would “greatly decrease” the following taxes:
• Income taxes in all income categories
• Capital gains taxes
• Estate taxes.

McCain would “slightly decrease”
• Corporate income taxes.

McCain would “maintain status” on: on:
• Charitable deductions
• Child tax credit
• Earned Income Tax Credit
• Medical expense deductions
• Mortgage deductions.

McCain would “slightly increase”
• Cigarette taxes.

For flat tax; against nat’l sales tax & marriage penalty

McCain supports the following statements regarding taxes:
• Replace the US income tax structure with a flat income tax
• Eliminate the Internal Revenue Service
• Do not institute a national sales tax
• Married couples filing jointly should pay the same taxes as if they were an unmarried couple filing separately
• Require a super-majority vote in both houses of Congress to raise taxes.