2008 Elections Handbook is a series outlining the 2008 presidential candidates stances on issues key to college students. The economy, education, healthcare and the war in the Middle East are a few of the issues to be covered in the series.

In the first installment, Politics Editor Austin Baird outlines Sen. John McCain's plans for the future of the U.S. economy as well as a brief economic history. The first half of each part of the series will be the politician's self-described plan, while the second half will be detailed information about the politician's history on the issue.

Check back soon for the same information about Sen. Barack Obama and the leading third-party candidates.

Senator John McCain, Republican Party

IN HIS OWN WORDS

BAN INTERNET TAXES

John McCain believes we must make a farsighted, robust, and fervent commitment to innovation and new technologies to sustain our global competitiveness, meet our national security challenges, achieve less costly and more effective health care, reduce dangerous dependence on foreign sources of oil, and raise the quality of education in the United States. John McCain has been a leader in keeping the Internet free of taxes. As President, he will seek a permanent ban on taxes that threaten this engine of economic growth and prosperity.

BAN NEW CELL PHONE TAXES

John McCain understands that the same people that would tax e-mail will tax every text message -- and even 911 calls. John McCain will prohibit new cellular telephone taxes.

McCain believes it should require a 3/5 majority vote in Congress to raise taxes. Sen. McCain's Web siteKEEP TAX RATES LOW

Entrepreneurs are at the heart of American innovation, growth and prosperity. Entrepreneurs create the ultimate job security -- a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission. John McCain will fight the Democrats' crippling plans for a tax increase in 2011. Left to their devices, Democrats will impose a massive $100 billion tax hike, almost $700 per taxpayer every year.

MAKE IT HARDER TO RAISE TAXES

John McCain believes it should require a 3/5 majority vote in Congress to raise taxes.

REWARD SAVING, INVESTMENT AND RISK-TAKING

Low taxes on dividends and capital gains promote saving, channel investment dollars to innovative, high-value uses and not wasteful financial planning. John McCain will keep the current rates on dividends and capital gains and fight anti-growth efforts by Democrats.

CUT THE CORPORATE TAX RATE BY 10 PERCENT

A lower corporate tax rate is essential to U.S. competitiveness. America was once a low-tax business environment, but as our trade partners lowered their rates, America failed to keep pace, leaving us with the second-highest rate among the world's advanced economies.

ALLOW FIRST-YEAR DEDUCTION OF TECHNOLOGY INVESTMENT

Expensing of equipment and technology will provide an immediate boost to capital expenditures and reward investments in cutting-edge technologies.

PERMANENT TAX CREDIT OF 10 PERCENT FOR WAGES SPEN ON R&D

This reform will simplify the tax code, reward activity in the United States, and make us more competitive with other countries. A permanent credit will provide an incentive to innovate and remove uncertainty. At a time when our companies need to be more competitive, we need to provide a permanent incentive to innovate, and remove the uncertainty now hanging over businesses as they make R&D investment decisions.

MCCAIN'S ECONOMIC TRACK RECORD

DON'T BAIL OUT HOMEOWNERS WHO SPECULATED

Q: You gave a speech recently in which you said, "It's not the duty of government to bail out & reward those who act irresponsibly, whether they're big banks or small borrowers." What would you do to help the thousands of Americans who right now are in the process of losing their homes? Or do you feel, as you said in your speech, that's not the duty of government?

The key to it is not to bail out people who speculated or people who engaged in unsavory practices. The key to it is get the lender and the borrower together. Sen. John McCainA: Look, Americans are hurting right now. They don't know if they have to get another job. The challenges are enormous right now. The key to it is not to bail out people who speculated or people who engaged in unsavory practices. The key to it is get the lender and the borrower together. We know how hard that is because of identifying the lender, but there's ways to do it. Of course there's a role for government, but it's not to reward greedy speculators. It is not to reward people who misbehave. And it certainly isn't a huge expenditure of taxpayers' dollars which, in the long run, could exacerbate the problems that exist.

Source: Fox News Sunday: 2008 "Choosing the President" interviews

 

WE'RE BETTER OFF NOW THAN IN 2000

Q: Are Americans better off than they were eight years ago?

A: You could argue that Americans overall are better off, because we have had a pretty good prosperous time, with low unemployment and low inflation and a lot of good things have happened. A lot of jobs have been created. But let's have some straight talk. Things are tough right now. Americans are uncertain about this housing crisis. Americans are uncertain about the economy, as we see the stock market bounce up and down. But I think what we're trying to do to fix this economy is important. We've got to address the subprime housing problem. We need to make the Bush tax cuts permanent, which I voted for twice to do so. I think we need to eliminate the alternate minimum tax.

A: I think we are better off overall if you look at the entire eight-year period, when you look at the millions of jobs that have been created, the improvement in the economy, etc.

Source: 2008 Republican debate at Reagan Library in Simi Valley

 

REFORM INSURANCE INDUSTRY TO COVER VIOLENT WEATHER PATTERNS

As more and more violent weather patterns take place, people's homes are more and more in jeopardy. We can address it regionally. We can address it with the governors and the legislatures working with the federal government to have insurance spread across state lines, increasing the risk pool. We can reform insurance. I will call the regulators, the governors and the legislators and work together to provide every American that's in jeopardy to have the insurance that they need and deserve.

Source: 2008 GOP debate in Boca Raton, Fla. on Jan. 24, 2008

 

STOP OUT-OF-CONTROL SPENDING

Q: If we're talking about a recession in the next few months, in 2008, what kind of short-term, more immediate government fixes would you propose to try to keep the slowdown diminished or to reverse it? And would you support them even if they added to th government deficit?

A: The first thing we need to do is stop the out-of-control spending. Out-of-control spending is what caused the interest rates to rise. It causes people to be less able to afford to own their own homes. We need to stop the spending And the way we can get our budget under control is to have strong, fundamental fiscal underpinnings. The second thing that we need to do, of course, is stop spending $400 billion a year overseas to oil-producing countries that come right out of our economy immediately. Some of that money goes, unfortunately, to fund terrorist organizations. We've got to develop technologies to reduce this dependency on foreign oil, and eventually eliminate it, and stop this outflow of some $400 billion a year.

Source: 2008 GOP debate in S.C. sponsored by Fox News Jan. 10, 2008

 

CONGRESS SPENDS MONEY LIKE A "DRUNKEN SAILOR"

We lost the election in 2006 because we lost our way. We began to value principle over power, and spending got out of control. Spending lurched completely out of control. Ronald Reagan used to say, we spend money like a drunken sailor. I never knew a sailor, drunk or sober, with the imagination of the Congress. I received an e-mail recently from a guy who said, "As a former drunken sailor, I resent being compared to members of Congress."

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Check back soon for the following presidential candidates economic plans: Democrat Barack Obama, Libertarian Bob Barr, Socialist and Liberationist Gloria La Riva, Prohibitionist Gene Admondson and Green Cynthia McKinney.

Also, be sure to do your own research for more detailed information about McCain's past regarding economic issues as well as the Senator's plans for the future.