America’s debt is now approaching $17 trillion (over $53,000 per person). Senator McCain believes efforts to reduce the federal debt and deficit by reducing spending are critical to the future of our nation. Spending cuts, however, must be part of a comprehensive plan that includes comprehensive tax reform and entitlement reform, both of which encourage job creation in the private sector and lead to stable, long-term economic growth.
Senator McCain does not believe the country can tax its way to prosperity. Currently, the tax code is so old, complicated, and burdensome that even the most competent tax professionals have difficulties understanding. Congress must consider tax reform that will lower both personal and corporate tax rates, as well eliminate tax loopholes, and insist upon responsible federal budgeting in order to fully enable Americans to pursue financial success.