Occasionally you will hear McCain-Palin insert ‘tax reform’ into their stump. Be careful.
McCain’s economic advisor was President Bush’s chief economist!
“In an ideal world I would like to see the corporate tax system repealed,” says Douglas Holtz-Eakin, senior economic advisor, “But then of course you have the question of how to replace the revenue loss.”
“I think everyone recognises [a tax reform] is coming,” said Holtz-Eakin.…”a single tax system which a PhD economist could understand.” [?]
“Step one would be to move the code toward something that is ultimately more simple, said Holtz-Eakin.
“Senator McCain has proposed to repeal in its entirety the alternative minimum tax so we have only a single tax system. That would by no means exhaust the list of things that one would do in a real tax reform.”
Douglas Holtz-Eakin, senior policy adviser to McCain, said they looked carefully at possible corporate tax reforms, beginning outreach meetings last January. “We met with industry groups, read academic literature, talked to tax experts and then briefed the Senator.”
“Senator McCain has proposed three things,” he continues.
- lower the [corporate] rate from 35% to 25%
- first year expensing to replace depreciation
- make permanent the R&D tax credit
Critics of Obama say he’ll cut taxes by $2.9 trillion from 2009-2018 and McCain would reduce taxes by nearly $4.2 trillion.
Yes, McCain will reduce taxes. Corporate and Crony taxes.
Obama cuts taxes for nearly all families, ends the war in Iraq, and breaks America’s dependence on Mideast oil within a decade.
We must purge manipulative fraud and habituated misuse from our government.