Thursday, March 13, 2008

John McCain, Republican for President, on the Estate Tax

Although U.S. Senator (Republican - Arizona) John McCain's has been criticized by conservatives in his party for his inconsistent support of President Bush's tax cuts, his recent no-new-taxes pledge and his prior Senate votes on the estate tax seem to indicate that as president he would be likely to preserve the status quo on the estate tax: in 2007, McCain voted to increase the estate tax exemption to $5 million and to reduce the maximum estate tax rate to 35%; and in 2006, McCain voted to permanently repeal the death tax and to make the Bush estate (and income) tax cuts permanent.

Source: OnTheIssues.Org: John McCain on Tax Reform

The conservative Club for Growth, which favor repeal of the estate tax, rated McCain's voting record 76 out of 100 for 2006 for pro-growth economic policies.

See also:

Barack Obama, Democrat for President, on the Estate Tax
Hillary Clinton, Democrat for President, on the Estate Tax
John McCain Official Site: McCain Tax Cut Plan

October 2008 update: McCain has clarified that he supports raising the estate tax exemption amount to $10 million for a husband and wife and cutting the tax rate on larger estate to 15 percent. He also supports lowering the federal corpoarte tax rate from 35 to 25 percent.

1 comment:

real estate supplies said...

McCain voted no on 6 tax cuts including the two big votes - final passage of the 2001 and 2003 tax cuts.

McCain voted yes on 3 tax cuts including 2 which received near unanimous support in the Senate and were relatively non controversial.

McCain was not present for an additional 3 tax votes, including 2 on the very important American Jobs Creation Act of 2004.

McCain does not support permanent repeal of the estate tax, a major goal of the taxpayer movement.

McCain has told reporters “off the record” that he would raise taxes if elected President

McCain No Vote on Tax Cuts

Economic and Growth Tax Relief Reconciliation Act, Conference Report - May 26, 2001

McCain Voted No