Pittsburgh, PA:
John McCain makes a populist economic pitch and offers some relief today at Carnegie Mellon University in Pittsburgh.
done
The gas tax holiday is part of the short term economic stimulus plan, he will push in Congress as a senator this year, but he has long term plans for his presidency too.
“I will send to Congress a reform to increase the exemption – with the goal of doubling it from 3,500 dollars to 7,000 dollars for every dependent, in every family in America”.
McCain would eliminate the alternative minimum tax entirely.
“I will also send to the Congress a middle-class tax cut – a complete phase-out of the Alternative Minimum Tax to save more than 25 million middle-class families more than 2,000 dollars every year.”
There is help on the way for small businesses too:
“I will send to Congress a proposal to cut the taxes these employers pay, from a rate of 35 to 25 percent”.
Young people can look forward to changes in the student loan program designed to make college more affordable.
To pay for it all McCain would freeze non-military & veteran discretionary spending and begin a “prompt and thorough review” of the budgets of every federal program, department and agency. McCain says it will save $100 billion a year.
He’d reform the Medicare Rx drug benefit by charging more to wealthier patients.
“Those who can afford to buy their own prescription drugs should be expected to do so.”
He’d form a Bipartisan commission on reforming social security and medicare and says all options including privatization are on the table.
He hit both Barack Obama and Hillary Clinton’s plans to let the Bush tax cuts expire which he says would amount to the biggest tax hike since the Great Depression.
” All these tax increases are the fine print under the slogan of “hope”: They’re going to raise your taxes by thousands of $s per year – & they have the audacity to hope you don’t mind”.
He slammed both Democrats for opposing free trade and the Columbian Free Trade Agreement
“We can compete with anyone. Senators Obama and Clinton think we should hide behind walls, bury our heads and industries in the sand, and hope we have enough left to live on while the world passes us by”
But he also criticizes the GOP for congressional pork barrel spending and President Bush for not using his veto pen enough.
“For Republicans, it starts with reclaiming our good name as the party of spending restraint. Somewhere along the way, too many Republicans in Congress became indistinguishable from the big-spending Democrats they used to oppose. The only power of government that could stop them was the power of veto, and it was rarely used.”
More to come as Tax Day 2008 unfolds.