John McCain believes that taxes should be simple, low and fair. His plan calls for cutting taxes on the middle class, being pro-growth, pro-innovation and senior friendly. His plan also includes eliminating wasteful spending, reforming Washington, address social security, lowering unemployment, removing trade barriers and reforming health care. Here are high level actions he proposing to take if he is elected president of the United States:

Elimination of Alternative Minimum Tax (AMT)
25 million middle class families are effected by the AMT Tax. According to John’s proposal, the permanent elimination of this tax will save a middle class family with children, who would have to pay AMT Tax, an average of $2,700.

His plan also calls for cutting the corporate tax rate from 35% to 25%. In recent years, U.S trade partners have lowered their rates, which in effect, have made America less competitive. He also proposes keeping tax rate low to provide better opportunities for U.S. entrepreneurs.  In the same light, John believes that low taxes on dividends and capital gains will promote savings and stir investment into innovative, high-value uses.  His plan also includes allowing first-year deduction of expenses on equipment and technology. This action will dramatically benefit America’s heartland, especially in cities like Cleveland and Detroit.

His pro-innovation tax cut proposition is to ban Internet and Cell phone taxes. It also calls for simplifying the tax code by establishing a Permanent Tax Credit equal to 10% of wages spend on research and development (R&D). This Permanent Tax Credit provide incentive for innovation while providing confidence in making R&D investment decisions.

The McCain tax plan calls for lowering Medicare premiums for the elderly by taking actions to reform the Medicare system. His plan addresses the need to reduce health care costs and control increases in premiums while preserving high-quality care.

John acknowledges that the spending in Washington has gone beyond being irresponsible; he cites than 20% of government programs are receiving failing grades. His ideas on this subject are to stop Pork-Barrel spending and waste by invoking the line-item veto of such bills. He also would address the wasteful spending in defense and non-defense programs.

Mr. McCain believes in lowering barriers to trade, so that American workers can take advantage of globalization. With 95% of the world’s customers outside the United States, we need to level the playing field by engaging in multilateral, regional and bilateral efforts to reduce trade barriers.

It is critical to keep American workers competitive by educating our youth and rewarding schools that demonstrate excellence.

Unemployment insurance is also an area that John proposes to modernize by providing retraining, relocating and assisting workers who have lost a job. He also believes in strengthening our community colleges and technical training institutes.

Finally, John is committed to comprehensive health care reform by addressing the rising costs that threaten families’ budgets, business competitiveness, and government programs.