Tax Refunds & Advice

John McCain, the Republican presidential candidate, has outlined his plan on cutting taxes while also touching on how this will benefit both individuals and small businesses.

A story on CNNmoney.com details the moves that McCain plans on making if he wins the White House in November:

McCain promised to “sign into law a reform to permit the first-year expensing of new equipment and technology.” He also vowed to keep capital gains taxes low “so that businesses like yours can expand and create jobs instead of just sending more of your earnings to the government.”

McCain also has big plans for reducing the corporate tax rate. Right now, this rate is the second highest in the world. The senator wants this rate to instead be on par with prominent trading partners, which he feels will allow the United States to keep more “businesses and jobs in the country”

While speaking of his proposed plan, McCain also took the time to lash out against Democratic candidate Barack Obama. “Will we enact the single largest tax increase since the Second World War as my opponent proposes, or will we keep taxes low for families and employers,” he said.

As the days go by and the November election closes in, both McCain and Obama will be trading barbs over future taxes, health insurance, the war in Iraq, and many other sticking points. For now, McCain seems to be appealing to a large group of voters as far as his proposed tax plans are concerned.