28 APR 08 / "McCain's Plan for the Economy"

On 15 April in a speech at Carnegie Mellon University, John McCain unveiled more details about his economic plan. The highlights included:

• Making the Bush tax cuts permanent.

• Doubling the tax exemption for dependent children.

• Permanently repealing the Alternative Minimum Tax.

• Cutting the corporate tax rate and crediting companies for research and the first year expenses for equipment.

• Eliminating wasteful spending.

While McCain is not an ardent supply-sider, conservatives can find some solace in these measures. Cutting taxes spurs economic growth and often generates more revenue for the government.

McCain has proposed eliminating the 18 cent per gallon federal gas tax.

McCain has also been an advocate of reduced federal spending throughout his tenure in Congress. As president, he would certainly attempt to hold the line on spending, but this would be extremely difficult since the Democrats are likely to maintain their majorities in both the House of Representatives and Senate.

National security is McCain's strongest issue, but he will have to articulate a coherent economic message in the general election campaign given the current state of the American economy. He has a congressional voting record and a policy team in place that can help him do just that.