That’s Right Nate

Thoughts from a right thinker.

McCain Rolls Out Economic Initiatives

with one comment

John McCain rolled out three important economic initiatives for Summer.  I’m not sure how this works because technically he isn’t President yet, but hopefully he can work this out with Bush to make this a reality.

1.  Lower corporate tax from 35% to 25% – “High tax rates are driving many businesses and jobs overseas — and, of course, our foreign competitors wouldn’t mind if we kept it that way,” McCain said in a speech in Pittsburgh.   Now some people may complain, but with less taxes these business can start hiring more American workers.  Actually, I’m not sure what businesses we still have, but this is very good news for them.

2. A new tax system – McCain said that Americans don’t mind paying their fair share, but that Americans are drowning in the complexities of the tax code.  His plan would simplify taxes by creating another tax system and giving tax payers the option of filing under either system depending on which is better for them based on their gross income and witholding.  For some Americans the current system will be better, but for other the new one might make sense. 

3. A gast tax holiday – Between Memorial Day and Labor Day the federal gas tax would be suspended.  For an average driver like myself I drive 50 miles per day and with the air conditioner going my Jeep Grand Cherokee gets about 8 miles to the gallon in the city.  The federal tax is 18 cents per gallon.  What that means for me is an extra $1.08 in my pocket everyday.  Now as any Supply Sider can tell you I will use that money to buy more gas and drive more.  This will create more jobs for people working at gas stations, cleaning streets, car washes, etc.  As more of us are able to drive more we’ll be stroking the fires of this economy.  The total cost is $10,000,000,000 which may sound like a lot, but in a country this size that’s only the cost of a month of the war in Iraq.

I have to give McCain a big A+ for these proposals.  Economics may not be his expertise, but it is ideas like these that will help avoid any possible recession.

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Written by thatsrightnate

April 15, 2008 at 3:28 pm

One Response

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  1. […] “For an average driver like myself I drive 50 miles per day and with the air conditioner going my Jeep Grand Cherokee gets about 8 miles to the gallon in the city.  The federal tax is 18 cents per gallon.  What that means for me is an extra $1.08 in my pocket everyday.  Now as any Supply Sider can tell you I will use that money to buy more gas and drive more.  This will create more jobs for people working at gas stations, cleaning streets, car washes, etc.  As more of us are able to drive more we’ll be stroking the fires of this economy.  The total cost is $10,000,000,000 which may sound like a lot, but in a country this size that’s only the cost of a month of the war in Iraq.”  (https://thatsrightnate.wordpress.com/2008/04/15/mccain-rolls-out-economic-initiatives/).  […]


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