This is just a basic summary of McCain's tax plan. If you'd like to see the whole plan click on the link below.The Basic Summary:
- Voted against 2001 and 2003 Bush tax cut laws, but later voted in favor of extending tax cuts through 2010.
- Says he would keep the current rates on dividends and capital gains, and maintain the current income and investment tax rates.
- Says he opposes a proposal supporters call the "Fair Tax," which would repeal income taxes and other taxes and abolish the Internal Revenue, but has previously said he would sign it into law as president.
- Says he would double the child deduction from $3,500 to $7,000 and permanently repeal the alternative minimum tax.
- Says he would reduce the corporate tax rate from 35 percent to 25 percent.
- Advocates raising the exemption from taxation on estates up to $10 million while cutting the tax rate to 15 percent.
- Proposes that a three-fifths majority vote in Congress be required to raise taxes.
- Says he would permit corporations to immediately deduct the cost of equipment investment. Would prohibit new cellular telephone taxes and ban Internet taxes.
- Wants to establish a permanent tax credit equal to 10 percent of wages spent on research and development.
Personal Taxes:
Wants wealthy people who are enrolled in the Part D drug coverage program to pay more.·
Wants to reform the payment system so health care providers don't get paid when medical errors or mismanagement occurs.
· Favors importing low-cost prescription drugs from Canada.
"People like Bill Gates and Warren Buffett don't need their prescriptions underwritten by taxpayers. Those who can afford to buy their own prescription drugs should be expected to do so."-- McCain *
· Make 2001 and 2003 tax cuts permanent for everyone.
· Permanently reduce the reach of Alternative Minimum Tax, the so-called "wealth tax" that threatens the middle class.
"I will...propose...a middle-class tax cut -- a phase-out of the Alternative Minimum Tax to save more than 25 million middle-class families as much as $2,000 in a single year." -- McCain*
Taxing Wealth:
Preserve the 15% tax rate on carried interest - the cut that private equity and hedge fund managers take when the funds they manage make a profit.· Increase the amount of money exempt from the estate tax to $5 million.· Reduce the top estate tax rate to 15% from 55% - where it otherwise will be in 2011 under current law.· Keep capital gains and dividend tax rates where they are."Sharply raising taxes on investment is a step in the wrong direction for the competitiveness of U.S. capital markets." -- McCain*
All information listed found on the CNN.Com website
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