Focus Point - McCain's Tax PlanCommentary by Pete du Pont
February 29, 2000
Hi...looking at specific programs offered by leading presidential candidates has brought me to John McCain's tax plan. Like a lot of proposals this year, it has its ups and its downs, but the ups are interesting.
He loses me on the biggest issue: his tax cut is smaller than George W. Bush's. It tilts to lower income taxpayers -- nothing wrong with that - by raising the threshold for the 15 percent bracket. But Bush would lower marginal rates for everybody, and across the board tax cuts grow the economy.
On the other hand, McCain would permanently ban taxation on the Internet, which Bush hedges on. And he'd create new tax-deferred savings plans for families.
McCain wants private accounts in which workers could invest up to 20 percent of their Social Security taxes. Again, a very good idea.
He's for a flat tax and ending corporate welfare -- almost enough to make me forget his liberal notions about campaign spending reform and the tobacco tax. I said, almost.
Those are my ideas, and at the NCPA we know ideas can change the world. I'm Pete du Pont, next time, Tom Landry.