McCain Proposes 10% Tax Cut For Businesses

by Mike Godfrey, Tax-News.com, Washington

18 January 2008

US Republican presidential candidate John McCain has spoken out this week about implementing a new set of agendas which would see the country's corporate income tax rate significantly reduced, as well as providing a number of other tax breaks for business.

If his proposals were approved, McCain would cut corporate tax rates by 10%, from 35% to 25%.

McCain has commented that reducing tax rates for business would greatly benefit the American economy by creating far more job opportunities.

“Now is the time to act to stimulate our economy,” McCain said during a visit to Columbia, according to a report from The Hill news service. He continued:

“I offer a genuinely conservative, pro-growth plan to provide much-needed stimulus to our economy, creating more prosperity and opportunity for American families.”

McCain was additionally quoted by the AP as explaining that the plan aims to “cut taxes, spur investment and innovation, and make American business more competitive in the global marketplace”.

In addition, the plan would also see the permanent establishment of a research and development tax credit, amongst other measures.

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