Grasping for a foothold on the economy, Sen. John McCain (R-Ariz.) plans to propose new tax cuts this week as part of an econ...
By Mike Allen
Politico Contributor
Grasping for a foothold on the economy, Sen. John McCain (R-Ariz.) plans to propose new tax cuts this week as part of an economic package designed to lure investors back to the stock market, campaign advisers said Sunday.
Sen. Lindsey Graham (R-S.C.), who was helping plan the announcement at a meeting Sunday, said on CBS’ “Face the Nation” that McCain is planning “a very comprehensive approach to jump-start the economy, by allowing capital to be formed easier in America by lowering taxes."
“Now is the time to lower tax rates for investors, capital gains tax, dividend tax rates, to make sure that we can get the economy jump-started,” Graham told host Bob Schieffer. “The worst thing we could do now, Bob, is to increase federal spending and increase taxes on small business like Senator Obama would propose.”
A McCain adviser said Sunday that new economic proposals will be rolled out this week, sometime after Monday.
McCain officials said the measures being considered include tax cuts – perhaps temporary – for capital gains and dividends.
The Charleston Gazette is a member of the Politico Network.
By Mike Allen
Politico Contributor
Grasping for a foothold on the economy, Sen. John McCain (R-Ariz.) plans to propose new tax cuts this week as part of an economic package designed to lure investors back to the stock market, campaign advisers said Sunday.
Sen. Lindsey Graham (R-S.C.), who was helping plan the announcement at a meeting Sunday, said on CBS’ “Face the Nation” that McCain is planning “a very comprehensive approach to jump-start the economy, by allowing capital to be formed easier in America by lowering taxes."
“Now is the time to lower tax rates for investors, capital gains tax, dividend tax rates, to make sure that we can get the economy jump-started,” Graham told host Bob Schieffer. “The worst thing we could do now, Bob, is to increase federal spending and increase taxes on small business like Senator Obama would propose.”
A McCain adviser said Sunday that new economic proposals will be rolled out this week, sometime after Monday.
McCain officials said the measures being considered include tax cuts – perhaps temporary – for capital gains and dividends.
Those were on a menu of roughly 30 options that have been presented to McCain.
“The market’s the focus,” a McCain adviser said. “You want to stop the fleeing.”
Officials would not say which ones he chose during a major strategy meeting Sunday.
No more bailout money is being contemplated, the adviser said. “We’ve written a check to everyone in sight,” the adviser said. “We’re not in that game.”
On ABC’s “This Week,” Washington Post national political correspondent Dan Balz expressed skepticism that McCain’s new plan would be a cure-all.
“He came out with a plan in the last debate — people almost missed it,” Balz told host George Stephanopoulos during the program’s roundtable. “He didn't explain it adequately. I think we're beyond the point in the campaign or one candidate can come out with a proposal that's going the affect voters. I think this crisis has fundamentally changed the election. It broke this open in a way that it hadn't up until now.”
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