McCain Releases Economic Plan

Arizona Senator John McCain, a candidate for the Republican Party's nomination for President in 2008, has released details of his economic plan for America if he is elected to the presidency. The plan, available on the McCain for President web site, is called "Bold Solutions for American Prosperity."

In releasing his plan, Senator McCain said in a statement, "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."

A key provision of the McCain plan includes a permanent repeal of the Alternative Minimum Tax that Congress has been trying to fix for years. More than 20 million middle class households are expected to be hit with the tax this year, unless Congress comes up with a solution before tax season arrives. The McCain web site says that almost $60 billion can be cut from the middle class tax burden in just one year, a figure that works out to just under $3,000 per middle class household.

The McCain plan also calls for making income and investment tax cuts passed during the Bush presidency permanent, and requires a 60 percent majority vote in Congress in order to enact a tax increase. McCain also wants to implement a permanent ban on Internet taxation and to get rid of taxes on cell phones. And, the McCain plan says, to keep the United States competitive requires a permanent research and development tax credit.

The McCain plan goes on to say that if elected President, McCain would favor the line-item veto and would use his authority as president to veto spending bills containing special earmark projects for Congressional districts and home states. Controlling federal spending, according to the McCain plan, means getting rid of government programs that do not work and getting rid of wasteful spending projects and procurement efforts.