McCain wants taxes to be simpler, fair, pro-growth and competitive.
John McCain believes taxes should be kept low. He supports keeping the top tax rate at 35 percent, maintain the 15 percent rates on dividends and capital gains, and phase-out the Alternative Minimum Tax.
McCain want to cut the corporate tax rate to 25 percent. Obama wants to raise corporate taxes. You may ask why McCain supports lower taxes on large corporations. Look at the following chart of corporate tax rates across the world:
United Kingdom 28%
Source - Deloitte & Touche, 2008
A lower corporate tax rate is essential to keeping good jobs in the U.S. American workers deserve the chance to make fine products here and sell them around the globe.
Current technologies are essential for Americans to compete, McCain supports allowing first-year deduction, or “expensing”, of equipment and technology. This will provide an immediate boost to capital expenditures and reward investments in cutting-edge technologies.
At a time when our companies need to be more competitive, we need to provide a permanent incentive to innovate and remove the uncertainty now hanging over business as they make research and development decisions. McCain supports the establishment of permanent tax credits equal to 10 percent of wages spent on research and development. This will simplify the tax code, reward activity in the U.S., and make us more competitive with other countries.
After death, many families are forced to sell family businesses to pay the estate taxes due to the federal government. McCain proposes reducing the Estate Tax rate to 15 percent and permit a generous $10 million exemption.