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McCain would also ban taxes on online sales, and would act in advance to prohibit taxes on cell phone calls and text messages. He would require a three-fifths vote in Congress to raise taxes. And he would give Americans the opportunity to opt out of the current income tax structure for a 'vastly less complicated system with two tax rates and a generous standard deduction.'
For Businesses: McCain would dramatically lower the top corporate income tax rate from 35 percent to 25 percent. At the same time, the Tax Policy Center reports that he has proposed, without offering specifics, measures that would expand the corporate income tax base. He has pledged to end preferential treatment for oil and companies, but he's also proposed a summer gas tax holiday that most economists believe benefits only oil and gas companies.
McCain would raise the research and development tax credit to ten percent of wages spent on R-D. He would also change the way businesses can deduct expenses. On the one hand, he would allow -- for just the next five years, according to the Tax Policy Center -- businesses to expense equipment purchases immediately
Obama would bring utilities on board by 'flipping' their incentives -- decoupling profits from increased energy use.
Obama supports clean coal technology, and would partner with the private sector to build five first-generation coal plants that capture and sequester CO2. (He is less enthusiastic about technology that turns coal to liquid fuel.) He also backs nuclear power in principle -- provided the U.S addresses the 'security of nuclear fuel and waste, waste storage, and proliferation.'
How he's voted: Barack Obama's 'lifetime' score (for four years in the Senate) on environmental issues from the League of Conservation Voters is 86 percent, and the League's David Sandretti says it would be higher but for missing four votes last year while campaigning for president. He voted in favor of the 2005 energy bill, which provided huge investments in renewable fuels and large subsidies for the oil and gas industry alike, but later voted to repeal the fossil fuel subsidies. The League of Conservation Voters has endorsed Obama for president.
THE MCCAIN AGENDA, IN DETAIL
Responding to the high price of both oil and gasoline in the spring, John McCain proposed a summertime holiday on federal gas taxes and new rules to regulate energy trading and discourage speculation. He has also proposed lifting a moratorium on drilling for oil and natural gas offshore, in the outer continental shelf. (McCain continues to oppose drilling in the Artic National Wildlife Refuge.) Over this longer term, McCain's energy agenda means both to make the country energy independent by 2025 and to reduce global warming. Increasing domestic oil and gas production serves the first goal, but not the second
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