Rising gas prices are stressing the finances of New Jersey families and threatening our summer tourism industry. John McCain will help New Jersey families hurting from high gasoline and food costs. We need relief right now from high gas prices. John McCain will act immediately to reduce the pain of high gas prices.
John McCain Believes We Should Institute A Summer Gas Tax Holiday. Hard-working American families are suffering from higher gasoline prices. John McCain calls on Congress to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day.
John McCain Will Stop Filling The Strategic Petroleum Reserve (SPR) To Reduce Demand. International demand for oil is bolstered by federal purchases for the SPR. There is no reason to fill it when oil is so expensive, the overall SPR is of adequate size, and when it places further upward pressure on prices.
John McCain Will End Policies That Contribute To Higher Transportation And Food Costs. Ethanol subsidies, tariff barriers and sugar quotas drive up food prices and hurt Americans. However, we cannot take the wrong direction and cut off trade for American goods.
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In addition, John McCain outlined several new initiatives to help Americans confront economic challenges while focusing government on actually helping families.
STUDENT LOANS: John McCain Is Proposing A Student Loan Continuity Plan. Students face the possibility that the credit crunch will disrupt loans for the fall semester. John McCain calls on the federal government and the 50 governors to anticipate problems and expand the lender-of-last resort capabilities for each state's guarantee agency.
MIDDLE CLASS TAX CUTS: John McCain Will Double The Personal Exemption For Dependents. John McCain believes the tax code should be less of a burden on those, whether they are mothers and fathers or single parents, who are trying to raise a family. He proposes to raise the personal exemption for each dependent from $3,500 to $7,000.
A SIMPLER TAX CODE: John McCain Will Propose An Alternative New And Simpler Tax System – And Give America A Real Choice. When this reform is enacted, all who wish to stay under the current system could still do so, but everyone else could choose a vastly less complicated system with two tax rates and a generous standard deduction. Americans do not resent paying their rightful share of taxes – what they do resent is being subjected to thousands of pages of needless and often irrational rules and demands from the IRS.
GOVERNMENT SPENDING: John McCain Proposes A One-Year Spending Pause To Evaluate Programs. He believes that outside of essential military and veterans programs there should be a one-year discretionary spending pause that should be used for a top-to-bottom review of the effectiveness of federal programs.
MEDICARE GROWTH: John McCain Believes That We Should Not Subsidize The Prescription Drugs Of America’s Most Affluent Individuals. He will propose reforms to reduce the large subsidies in the Medicare drug program.
