McCain on Tax Policy
Words: McCain opposed the Bush administration tax cuts, but now feels they must be extended. He feels that the tax system should be simplified, closing special interest loopholes, and that the child tax credit should be doubled. He also advocates removing the charitable deduction.
Actions: McCain voted FOR requiring a super-majority for raising taxes (1998), AGAINST an across-the-board spending cut (1999), FOR phasing out the estate tax (2000), FOR eliminating the “marriage penalty” (2000), AGAINST increasing tax deductions for college tuition (2001), FOR reducing the “marriage penalty” rather than cutting top tax rates (2001), AGAINST $350 billion in tax breaks over eleven years (2003), FOR extending the tax cuts on capital gains and dividends (2005), FOR retaining reduced taxes on capital gains and dividends (2006), AGAINST raising $47 billion for the military by repealing the capital gains tax cut (2006), FOR permanently repealing the estate tax (2006), FOR supporting a permanent estate tax cut (2006), AGAINST raising estate tax exemption to $5 million (2007), and FOR repealing the Alternative Minimum Tax (2007). The NTU has given him a rating of 72%.
UPDATE: Larry Kudlow, Steve Moore and Greg Valliere assail John McCain’s litany of liberal economic policies, including his attacks on Wall Street and his failure to support the Bush tax cuts as well as his opposition to the repeal of the death tax.
