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Monday, April 21, 2008

Tax-cuts and gas tax holiday being stressed by McCain

From the Milwaukee Journal-Sentinel:

A day after unveiling an economic agenda built heavily around cutting taxes, Republican John McCain is to bring the debate over how to revive a wilting economy to South Milwaukee today. ..."I intend to act quickly and decisively," McCain said Tuesday in Pittsburgh. "We need reforms that promote growth and opportunity. We need rules that assure fairness and punish wrongdoing in the market. We need tax policies that respect the wage-earners and job-creators who make this economy run, and help them to succeed in a global economy." ...McCain is to host two roundtable discussions at Bucyrus International this morning with a group composed largely of business executives, part of an effort to promote the economic ideas of a candidate far better known for his foreign policy views. ...The plan that McCain outlined Tuesday mixes an array of tax cuts with pledges to scale back domestic spending and offer some relief from the most urgent economic pressures facing many Americans: gas prices, college loans and home mortgages. ...Among the highlights: lowering the corporate tax rate from 35% to 25% (the biggest tax cut in the plan); elimination of the alternative minimum tax; doubling the personal exemption for dependents from $3,500 to $7,000; making wealthier Americans pay higher premiums for Medicare prescription drugs; and giving drivers a summer-long holiday from federal gas taxes. ...McCain's blueprint drew immediate fire from Democrats, who said it would drive up the deficit, favor the wealthy and reprise the priorities of the two-term Bush presidency. ...In an interview Tuesday with the Journal Sentinel, McCain backer and former Hewlett-Packard Chief Executive Officer Carly Fiorina said McCain's plan featured several elements that President Bush never proposed, including the corporate tax cut and a proposal to create a system of training and education programs for displaced workers based on the community college system.

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