Tax Cuts, Job Growth, Health Care

Sen. John McCain drew a contrast between his plans and that of his predecessor, and his opponent, Barack Obama.

"We both disagree with President Bush on economic policies," McCain said. "My approach is to get spending under control. The difference between us is he thinks taxes have been too low, and I think that spending has been too high."

His most dramatic claim was a pledge to turn around a plunging stock market. Most of the progress he promised would come from the economic stimulus sparked by big tax cuts he's pushing, McCain said.

"I will create millions of jobs through tax cuts that spur economic growth," McCain said. The capital gains tax cut he's proposing would encourage investors, Bounds said. [snip]

"The difference between myself and Sen. Obama is my plan will create jobs, it's a difference of millions of jobs in America," McCain said. "My approach will lead to rising stock market prices, a stabilized housing market, economic growth and millions of new jobs."

In the WSJ, an analysis of the McCain health care plan. Robert Carroll, "Almost Everyone Would Do Better Under the McCain Health Plan":

The McCain health-care insurance tax credit may well be one of the most misunderstood proposals of this presidential election. Barack Obama has been ruthless in his attacks. But the tax credit is highly progressive and will provide a powerful incentive for people to purchase health insurance. These features under normal circumstances should endear Democrats to the proposal. [snip]

Not only do most Americans receive a tax cut under the McCain proposal, but the tax cut is directed toward low and moderate income taxpayers.

McCain's plan will increase the number of insured Americans and encourage a true insurance policy for catastrophic rather than routine expenses, which will reduce costs overall and give us better control over entitlement spending in the long run.