McCain on CNBC: Curb Capital Gains Tax
Republican Presidential Candidate John McCain says keeping taxes under control is key to economic revival, especially the capital gains tax.
"That signal has been very clear, and I think people ought to pay attention to it," the Arizona senator told CNBC. "It's been tried before in other countries, and policies of other left-liberal Administrations; it doesn't work; it's bad for America. We want to encourage the investor class, and that means capital-gains and dividend taxes are low."
(See complete interview at left)
McCain argued history is on the side of keeping down taxes on capital gains, something his Democratic opponent does not seem to realize.
"Every time it's been lowered since Jack Kennedy, we have seen an increase in revenues," he said. "Now, why anybody would argue, as Senator Obama does, that we need to raise it...we want it lowered, and to keep it low, and encourage investment, especially now, in America, in these difficult times."
He denounced his opponent's tax policies as detrimental to small business, and thus to economic revival itself.
"Senator Obama's proposal would tax half of all small business income," he said. "Some 16 million jobs in America would be at risk, and then you put on top of that, he'll force his mandated health-care plan on small businesses, their employees and their children. It's not good for America."
- Kudlow—My Interview with McCain