Taxpayers criticize McCain\’s tax cut as too small
WASHINGTON- Republican presidential candidate, Sen. John McCain (R-AZ), today unveiled his proposed tax cut plan. The plan would cut taxes by an estimated $237 billion over five years.
By comparison, Gov. George W. Bush\’s tax cut proposal would cut taxes by an estimated $483 billion over five years and flatten the tax code by reducing the number of tax brackets from five to four. The Steve Forbes\’ plan would replace the current tax code with a single 17 percent flat tax rate resulting in tax savings. Moreover, Congressional Republicans passed a 10-year, $792 billion tax reduction package in 1999. All three plans would dwarf the McCain proposal.
Grover Norquist, president of Americans for Tax for Reform, issued the following statement regarding Sen. McCain\’s tax cut:
"When talking about tax cuts, size does matter, and unfortunately, Sen. McCain\’s proposal, when compared with the Forbes, Bush, and Congressional Republican tax cut proposals, is tiny.
"The Bush proposal would result in an estimated tax cut of $483 billion, a flattening of the tax code, and abolishment of the death tax, among other things. The Forbes plan would implement a 17% flat tax and include generous exemptions. Under the Forbes plan, a family of four would pay not federal income tax on their first $36,000.
"The McCain tax cut shortchanges the American people. Gov. Bush and Mr. Forbes understand that hardworking Americans created this surplus that the federal government currently enjoys. Sen. McCain doesn\’t. So while McCain continues to fund the special interest that is Washington, DC, Bush and Forbes are focused on giving money back to hardworking Americans.
"If Sen. McCain is serious about reducing the influence of special interests in Washington, DC, then the best thing he could do would be to send the non-Social Security government surplus back to the American people so that the politicians in Washington, DC don\’t get their hands on that money."