Sen. John McCain, R-Ariz., has announced his tax plan, saying he would permanently repeal the alternative minimum tax and make the Bush tax cuts permanent.
McCain’s plan would also make it harder to raise taxes by requiring a three-fifths majority vote in Congress to pass a tax increase. The senator wants to keep the current low tax rates on capital gains and dividends, as well as ban Internet taxes and cell phone taxes.
McCain also said he would make the research and development tax credit permanent. He hopes to lower Medicare premiums, which would provide a “retirement tax cut.”
McCain also wants to treat spending programs and tax cuts on an equal basis, so that tax cuts don’t automatically expire.
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