http://www.boston.com/news/nation/articles/2008/01/18/mccains_economic_plan_takes_long_view/The Republican presidential candidate proposed cutting the corporate tax rate to 25 percent from 35 percent, saying it would expand the economy, creating jobs and opportunity. He said his plan was "progrowth, less taxes, and less spending." He contrasted it with what he called the Democrats' "tired ideas of tax and spend."
http://useconomy.about.com/od/fiscalpolicy/p/John_McCain.htmMcCain's Economic Stimulus Plan: Cut the corporate tax rate to 25% from 35%. Fund the reductions with cuts in "pork-barrel spending", such as the 10,000 local projects, totaling over $10 billion, in legislation recently signed by President Bush.
Allow expensing of businesss equipment and technology investment for the first year.
Establish a tax credit equal to 10% of wages spent on research and development.
McCain's Long-term Economic Platform: McCain's Economic Platform includes his short-term stimulus measures, and adds the following: Repeal the Alternative Minimum Tax (AMT) saving middle class families nearly $60 billion a year. This tax was originally designed to fall on the wealthiest but, thanks to inflation, each year it snags more middle-income taxpayers who claim a lot of deductions.
Extend expiring tax cuts from Bush's first term.
Approve the President's line item veto.
Add personal accounts to Social Security.
More trade agreements.
Increase troops in Iraq.
More nuclear energy.
Tax credit of $2,500 per person / $5,000 per family towards health care insurance.
Reduce wasteful government spending, control Medicare costs, reform unemployment training.
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my comments on a few of the items:
---Cut the corporate tax rate to 25% from 35%.
more tinkled-on.. instead of cutting corp/business taxes - give them a tax credit for every NEW job created, and penalties for every job shipped out of the country---Repeal the Alternative Minimum Tax.
This is good if you fall into that catagory, I don't so it means doodly-squat to me as far as paying taxes. the AMT was another tax insituted by st. reagan---Approve the President's line item veto.
Supreme court ruled this was unconstitutional back in 1998 ( http://www.cnn.com/ALLPOLITICS/1998/06/25/scotus.lineitem/ )
---Increase troops in Iraq. couldn't figure out why this would be in his economic stimulus package - then it occured to me: more troops in Iraq means the military has to recuit/draft more people, the more people in the military means less competition in the civilian job market - and that will artificially reduce the unemployment levels.
However, while it may make unemployment levels go down, it will increase our deficits and make us even more beholden to our foreign bankers who are providing loans to us for the iraq occupation
---Tax credit of $2,500 per person Health insurance. doesn't say if co-pay's through employer qualifies, and if you don't have health insurance because you can't afford it - what the hell good does the tax credit do you?
---reform unemployment training. don't need unemployment training. been unemployed, know how to be unemployed. what's needed is to repeal the income tax on unemployment benefits (instituted by st. reagan), and real job training classes, unemployment office that actually helps people find jobs.
There was a time when you were unemployed, in addition to the usual job search methods, the unemployment office actually helped you find a job. In the short term - since it's going to take a few years to dig ourselves out of the bush economy, unemployment benefits should be extended.
In my area alone, 3 large employers are laying off or shutting down. 500 jobs lost in a month's time. Who knows what the actual figure is if you add in the smaller employers shutting down/laying off
all in all - McCain=More of the Same
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