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DavidB
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| Joined: | Thu Jul 3rd, 2008 |
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Posted: Wed Oct 29th, 2008 07:15 pm |
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Bambi wrote: Please notice what he says about Social Security......personal accounts. That means to me, accounts that are subject to the Stock Market. Not for me.
To me what it means is that you can invest your retirement money in your investment vehicle of choice. Stocks aren't the only option. I can tell you one thing, it wouldn't be very hard to get a better ROI than the government is providing for that money ( negative ROI ) even if you just stuck it in a bond or CD.
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QCVillager
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Posted: Wed Oct 29th, 2008 05:32 pm |
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| http://www.johnmccain.com/TaxFacts/Family.htm
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Bambi
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Posted: Wed Oct 29th, 2008 05:26 pm |
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Here's McCain's Tax Plan from his own website.
Pro-Growth Tax Agenda
John McCain believes taxes should be low, simple, and fair and has a track record of commitment to these principles.
Cut Taxes On The Middle Class
- Cut Taxes For Middle Class Families: Hard-working American families need lower taxes. John McCain will permanently repeal the Alternative Minimum Tax (AMT) -- a tax that will be paid nearly exclusively by 25 million middle class families. John McCain will repeal this onerous tax, saving middle class families nearly $60 billion in a single year. Under McCain's plan, a middle class family with children set to pay the AMT will save an average of over $2,700 -- a real tax cut for working families.
Pro-Growth Tax Policy
- Keep Tax Rates Low: Entrepreneurs are at the heart of American innovation, growth and prosperity. Entrepreneurs create the ultimate job security -- a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission. John McCain will fight the Democrats' crippling plans for a tax increase in 2011. Left to their devices, Democrats will impose a massive $100 billion tax hike, almost $700 per taxpayer every year.
- Make It Harder To Raise Taxes: John McCain believes it should require a 3/5 majority vote in Congress to raise taxes.
- Cut The Corporate Tax Rate From 35 To 25 Percent. A lower corporate tax rate is essential to U.S. competitiveness. America was once a low-tax business environment, but as our trade partners lowered their rates, America failed to keep pace, leaving us with the second-highest rate among the world’s advanced economies.
- Reward Saving, Investment and Risk-Taking: Low taxes on dividends and capital gains promote saving, channel investment dollars to innovative, high-value uses and not wasteful financial planning. John McCain will keep the current rates on dividends and capital gains and fight anti-growth efforts by Democrats.
- Allow First-Year Deduction, Or “Expensing”, Of Equipment And Technology Investments. Expensing of equipment and technology will provide an immediate boost to capital expenditures and reward investments in cutting-edge technologies.
Pro-Innovation Tax Cuts
- Ban Internet Taxes: John McCain believes we must make a farsighted, robust, and fervent commitment to innovation and new technologies to sustain our global competitiveness, meet our national security challenges, achieve less costly and more effective health care, reduce dangerous dependence on foreign sources of oil, and raise the quality of education in the United States. John McCain has been a leader in keeping the Internet free of taxes. As President, he will seek a permanent ban on taxes that threaten this engine of economic growth and prosperity.
- Ban New Cell Phone Taxes: John McCain understands that the same people that would tax e-mail will tax every text message -- and even 911 calls. John McCain will prohibit new cellular telephone taxes.
- Establish Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D. This reform will simplify the tax code, reward activity in the United States, and make us more competitive with other countries. A permanent credit will provide an incentive to innovate and remove uncertainty. 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 businesses as they make R&D investment decisions.
Retirement Tax Cut
- Lower Medicare Premiums: Seniors face a growing threat from higher Medicare premiums that tax away their Social Security and retirement savings. John McCain has proposed comprehensive, pro-market health care and Medicare reforms to reduce health care costs and control increases in premiums -- while delivering high-quality health care.
REFORMING WASHINGTON TO REGAIN THE TRUST OF TAXPAYERS
Wasteful spending in Washington has gone from irresponsible to indefensible. Right now, even the government reports that one-fifth of programs are receiving failing marks. John McCain will restore the trust that Americans have lost in their government spending their hard earned money wisely. (John McCain's detailed government reform plan may be found here.)
Eliminating Wasteful Spending
- Stop Earmarks, Pork-Barrel Spending, And Waste: John McCain will veto every pork-laden spending bill and make their authors famous. As President, he will seek the line-item veto to reduce waste and eliminate earmarks that have led to corruption. Earmarks restrict America's ability to address genuine national priorities and interfere with fair, competitive markets.
- Leadership, Courage And Choices: Reduced spending means making choices. John McCain will provide the courageous leadership necessary to control spending, including:
- Eliminate broken government programs. The federal government itself admits that 1 in 5 programs do not perform.
- Reform our civil service system to promote accountability and good performance in our federal workforce.
- Eliminate earmarks, wasteful subsidies, and pork-barrel spending.
- Reform procurement programs and cut wasteful spending in defense and non-defense programs.
Budgetary Reform To Give Tax Cuts A Fair Chance
- Congress Has Unfairly Stacked The Deck To Spend More And Raise Taxes.
- If a spending program is on the books, budgets assume that it is on the books forever -- and continues to grow -- even if the law says it expires.
- If low taxes are on the books, budgets don't assume that they last forever. When they expire, those taxes are automatically raised.
- John McCain will reform budgeting to treat equally spending and taxes and to stop damaging tax hikes.
Reforming Entitlement Programs For The 21st Century
- Reform Social Security: John McCain will fight to save the future of Social Security and believes that we may meet our obligations to the retirees of today and the future without raising taxes. John McCain supports supplementing the current Social Security system with personal accounts -- but not as a substitute for addressing benefit promises that cannot be kept. John McCain will reach across the aisle, but if the Democrats do not act, he will. No problem is in more need of honesty than the looming financial challenges of entitlement programs. Americans have the right to know the truth and John McCain will not leave office without fixing the problems that threatens our future prosperity and power.
Please notice what he says about Social Security......personal accounts. That means to me, accounts that are subject to the Stock Market. Not for me.
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