STATEMENT BY JOHN MCCAIN ON SENATE PASSAGE OF THE STIMULUS PACKAGE

.S. Senator John McCain today issued the following statement on the Senate's passage of the economic stimulus bill:

"I applaud the action of the Senate in passing economic stimulus legislation. Americans are blessed with freedoms, imbued with hope, and dedicated to expanding opportunity for greater prosperity. Unfortunately, right now those hopes are confronted with difficult economic times. I have heard first-hand of the difficulties facing so many hardworking families across America, and have argued for swift passage of stimulus measures to help our economy.

"The bill passed today reflects the president's principles of including tax relief for American families and business investment incentives, while avoiding wasteful spending. It was improved by measures to ensure that our senior citizens and disabled veterans are not left out of this stimulus package, and that Illegal immigrants do not benefit from this legislation.

"I have also argued that beyond the short-term economic boost, we must also address the best long term economic approach and to take action accordingly. We need to keep taxes low by making permanent the 2001 and 2003 tax cuts at our soonest opportunity and avoid a crippling tax increase for millions of Americans. We can make taxes simpler and fair by eliminating the AMT, the poster child for the notion of unintended consequences, which threatens to affect millions of middle-class families. These are steps we should take now to end the uncertainty facing American families and businesses.

"We can build a tax system that is pro-growth and can improve our global competitiveness. America has the second highest corporate tax rate in the world. Cutting corporate taxes will spur economic growth immediately and over the long run. We need to allow first-year expensing of technology and equipment investment for businesses, which would further simplify our code and provide incentives for capital expenditure. We must also work to reform and make permanent the Research and Development Tax Credit so that our businesses can do what they do best create jobs and expand innovation without the continued uncertainty of the whims of Congress. These are important and necessary steps toward reforming out tax code to make it simpler, flatter and fairer for all Americans.

"Our families, business owners and entrepreneurs are the foundation of our economic strength. We must be dedicated to stripping away the anchors on their ability to prosper by reducing the burden of their taxes, restricting government spending to national priorities and reforming to taxes to better fuel the engine of growth and economic mobility."