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Sen. John McCain (R-Ariz.) called for a repeal of the Alternative Minimum Tax (AMT) on Tuesday as part of his “pro-growth, pro-jobs tax agenda.”
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If elected president, McCain said he would make it harder to raise taxes. “It should require a three-fifth-majority vote in Congress to raise taxes,” he said.
McCain also called for a “permanent and immediate reform of the estate tax.” He said he wants to exempt estates valued up to $10 million from taxation and cut the tax rate to 15 percent.
He also called for the enactment of “a new and simpler tax system that would give the American people a choice.”
“As president, I will propose an alternative tax system,” he said. If enacted, McCain’s plan potentially would increase the federal income tax exemptions for dependents from $3,500 to $7,000.
McCain said he wants “a simpler, a flatter, and a fair tax code” with the options of either paying under the current system or choosing from “a vastly less complicated system with two tax rates and a generous standard deduction.”
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The presidential candidate also proposed the enactment of a law that would lower the business income tax from 35 percent to 25 percent, although he was critical of “the extravagant salaries and severance deals of CEOs.”