John McCain's Economic Plan
John McCain's Economic Plan
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John McCain's vision and policies for the future of
American innovation are designed to provide broad pools of
capital, low taxes and incentives for research in America, a
commitment to a skilled and educated workforce, and a dedication to
opening markets around the globe. McCain is committed to streamlining
burdensome regulations and effectively protecting American
intellectual property in the United States and around the globe.
Transformative information and communications technologies permeate
every aspect of our daily lives. In the last decade, there has been
an explosion in the ways Americans communicate with family, friends,
and business partners; shop and connect with global markets; educate
themselves; become more engaged politically; and consume and even
create entertainment. America has led the world into this technology
revolution because we have allowed innovation to take root, grow,
Nurturing technology and innovation is essential for
solving the critical problems facing our country: developing
alternative fuels, addressing climate change, stopping the spiraling
expense of health care, and better educating our children.
To maintain American leadership in the world, John McCain
believes we must nurture the conditions under which entrepreneurs
can prosper and the American people can reap the rewards.
As President, John McCain would:
Encourage investment in innovation
Develop a skilled work force
Champion open and fair trade
Reform intellectual property protection
Keep the Internet and entrepreneurs free of unnecessary
Ensure a fully connected citizenry
John McCain Will Encourage Investment in Innovation
John McCain Supports Risk Capital For Investment In American
Innovation. Innovation requires risk capital to turn bold ideas into
reality. A ready supply of capital willing to invest in innovative
ventures has been a hallmark of America. To maintain our innovative
edge, our next President must promote conditions favorable to
investment. John McCain knows the stakes – and he knows what it will
take for America to remain competitive. Federal tax and fiscal
policy must create and protect the incentives to innovate.
John McCain Will Not Tax Innovation By Keeping Capital Gains
Cutting edge ventures fail more than they succeed and it
takes daring to invest in unproven ideas. High capital gains taxes
dampen incentives to create something new. Many will undoubtedly
lose money trying to build clean energy technologies. It discourages
the effort, to the detriment of society, if the government
confiscates too large a share of the profits for those who succeed.
John McCain Will Reform And Make Permanent The R&D Tax Credit.
Basic research and development is the lifeblood of an innovative
economy and is essential to keeping America competitive. A top
priority needs to be putting private capital to work in research and
development. As President, John McCain will establish a permanent
Research and Development (R&D) tax credit equal to 10 percent of
wages spent on R&D. Offering a tax credit for R&D wages will
encourage the creation of innovation-driven jobs in the United
John McCain Will Lower the Corporate Tax Rate To 25 Percent To
Retain Investment In U.S. Technologies.
Currently, the United States
has the second highest corporate tax rate in the world, and it is
the American worker who suffers the consequences. When corporations
put their money and investment into countries with lower tax rates,
those companies invest less in American facilities, new hires,
worker training, and employee compensation. A 2006 study by the
Congressional Budget Office found that 70 percent of the corporate
tax burden falls on the American workers. John McCain will help our
nation compete more aggressively against the likes of China, South
Korea, Singapore, and Ireland by bringing taxes to a competitive
level that encourages entrepreneurs to reinvest their earnings in
John McCain Will Allow First-Year Expensing Of New Equipment And
To provide an immediate boost to capital expenditures
and reward investments in cutting edge technologies, John McCain
would allow companies to expense the costs of new equipment or
technology in the first year. The additional investment stimulated
by such expensing will drive economic growth.
John McCain Will Ensure Technology And Innovation Is Not Hampered
By Taxes On Internet Users.
Ten years ago, Senator McCain led the
bipartisan fight for legislation to keep the Internet free of
taxation. From its inception, John McCain has seen the Internet as
an engine of growth for the next generation of American innovation.
Burdening that engine of growth with heavy taxes only harms American
competitiveness in this vital sector.
John McCain Opposes Higher Taxes On Wireless Services.
McCain has opposed new state and local discriminatory taxes and fees
on wireless services, which are relied upon by over 250 million
Americans. Taxes account for over 20 percent of many mobile phone
users’ bills. Such excessive taxation dampens innovation and hits
John McCain Will Ensure the American Workforce is Skilled and
Ready to Lead the Technological Revolution.
America Must Educate Its Workforce For The Innovation Age.
America’s ability to compete in the global market is dependent on
the availability of a skilled workforce. Less than 20 percent of our
undergraduate students obtained degrees in math or science, and the
number of computer science majors has fallen by half over the last
eight years. John McCain will fully fund the America Competes Act to
help address these trends in education and training. Our nation’s
education system should also help re-train displaced workers.
Invigorating our community college system is a good place to start.
John McCain has long supported grants for educational instruction in
digital and wireless technologies, targeted to minorities and
low-income students who may not otherwise be exposed to these
Fill Critical Shortages Of Skilled Workers To Remain Competitive.
American workers should always be the first choice for highly
skilled technology jobs. However, there is a critical shortage of
these workers and American competitiveness is suffering as a result.
John McCain will expand the number of H-1B visas to allow our
companies to keep top-notch talent – often trained in our graduate
schools – in the United States. The Department of Labor should be
allowed to set visa levels appropriate for market conditions. Hiring
skilled foreign workers to fill critical shortages benefits not only
innovative companies, but also our economy. For every foreign worker
hired, corporations generally hire five to ten additional American
Technology Plan Part 2
John McCain Believes in a Global Marketplace and Will Champion
Fair and Open World Trade.
Trade greatly benefits America and the American worker.
The best protection for American workers is to ensure that they have
access to the world’s customers, 95 percent of whom live outside the
United States. This access is particularly important for workers in
the information technology sector where the United States has so
much to offer the rest of the world. Lower tariffs on American
products benefit American companies and create American jobs.
Moreover, the Internet allows a global marketplace to emerge as the
Internet knows no boundaries. As President, John McCain will promote
fair trade agreements to give America’s high tech workers the
opportunity to compete and continue to win in the global
Competition Has Been A Great Strength For America — Offering
Opportunity, Low Prices, And Increased Choice For Our Citizens.
Markets work best when there is robust competition. Competition
means that any new devices invented cost less because there are more
choices. This ensures more Americans can afford to be part of the
John McCain Will Protect The Creative Industries From Piracy.
entertainment industry is both a vital sector of the domestic
economy and among the largest U.S. exporters. While the Internet has
provided tremendous opportunity for the creators of copyrighted
works, including music and movies, to distribute their works around
the world at low cost, it has also given rise to a global epidemic
of piracy. John McCain supports efforts to crack down on piracy,
both on the Internet and off.
John McCain Will Protect Inventors Intellectual Property.
The patent system has been with us since the founding of our
nation. Protecting intellectual property creates the incentives for
invention and investment in commercial innovations. Yet too much
protection can stifle the proliferation of important ideas and
impair legitimate commerce in new products to the detriment of our
John McCain Will Push For Greater Resources For The Patent
The increased workload at the United States Patent and
Trademark Office threatens to undermine the quality of our patent
examinations. New resources to hire and train quality examiners are
needed to ensure timely, predictable and effective patent review.
John McCain Will Pursue Protection Of Intellectual Property
Around The Globe.
Intellectual property protection is increasingly
an issue for U.S. innovators operating in the global economy. John
McCain will seek international agreements and enforcement efforts
that ensure fair rewards to intellectual property.
Provide Alternative Approaches To Resolving Patent Challenges.
For many important technologies, the only effective way to challenge
a patent in the United States is through litigation, but litigation
on patents is much too expensive. The lack of an affordable,
reliable means to ensure that the Government only grants valid
patents has led to overly broad, frivolous lawsuits designed to
force innovative companies into big settlements.
John McCain Has Fought to Keep the Internet Free From Government
The role of government in the Innovation Age should be focused on
creating opportunities for all Americans and maintaining the
vibrancy of the Internet economy. Given the enormous benefits we
have seen from a lightly regulated Internet and software market, our
government should refrain from imposing burdensome regulation. John
McCain understands that unnecessary government intrusion can harm
the innovative genius of the Internet. Government should have to
prove regulation is needed, rather than have entrepreneurs prove it
John McCain Will Preserve Consumer Freedoms.
John McCain will
focus on policies that leave consumers free to access the content
they choose; free to use the applications and services they choose;
free to attach devices they choose, if they do not harm the network;
and free to chose among broadband service providers.
When Regulation Is Warranted, John McCain Acts.
John McCain does
not believe in prescriptive regulation like “net-neutrality,” but
rather he believes that an open marketplace with a variety of
consumer choices is the best deterrent against unfair practices.
John McCain has always believed the government’s role must be rooted
in protecting consumers. He championed laws that penalized
fraudulent marketing practices, protected kids from harmful Internet
content, secured consumer privacy, and sought to minimize spam. When
businesses struggled to assess the legal role of electronic
signatures, John McCain led legislative efforts to ensure that these
Innovation Age signatures were legally sufficient so that e-commerce
could thrive. His record reflects the careful balance between
protecting the essential elements of the Internet and securing the
Internet as a safe tool of commerce, education and entertainment for
our citizens. Offering simple common sense solutions to real
problems is at the core of the McCain’s innovation agenda.
John McCain Will Ensure America is a Connected Nation
America cannot afford to lag in providing its citizens access to
21st Century infrastructure. Our children cannot count on a good
education without high-speed Internet access. Without access, our
citizens risk being left out of the societal and cultural changes
that are sweeping the planet on a wave of innovation. Solving the
problems of health care, immigration, climate change, and energy
dependence all require connecting our citizens to a world-class
John McCain Will Pursue High-Speed Internet Access For All
John McCain has long believed that all Americans, no
matter if rich or poor, rural or urban, old or young, should have
access to high-speed Internet services and receive the economic
opportunities derived from technology. Access to high-speed Internet
services facilitates interstate commerce, drives innovation,
promotes educational achievements, and literally has the potential
to change lives. As President, John McCain would continue to
encourage private investment to facilitate the build-out of
infrastructure to provide high-speed Internet connectivity all over
America. However, where private industry does not answer the call
because of market failures or other obstacles, John McCain believes
that people acting through their local governments should be able to
invest in their own future by building out infrastructure to provide
high-speed Internet services. For this reason, Senator McCain
introduced the “Community Broadband Bill,” which would allow local
governments to offer such services, particularly when private
industry fails to do so.
John McCain has fought special interests in Washington to force
the Federal government to auction inefficiently-used wireless
spectrum to companies that will instead use the spectrum to provide
high-speed Internet service options to millions of Americans,
especially in rural areas. As President, John McCain would continue
to encourage research and development in technologies that could
bring affordable alternatives to Americans, especially in rural
John McCain would seek to accurately identify un-served or
under-served areas where the market is not working and provide
companies willing to build the infrastructure to serve these areas
with high speed internet services incentives to do so. He also
supports private/public partnerships to devise creative solutions
and help rural area and towns and cities in their efforts to
build-out broadband infrastructure through government-backed loans
or low-interest bonds.
John McCain will establish a “People Connect Program” that
rewards companies that offer high-speed Internet access services to
low income customers by allowing these companies offset their tax
liability for the cost of this service.
Ubiquitous connectivity can allow employees to telecommute, or
better yet, open up job possibilities to millions of Americans who
wish to work from their home. As President, John McCain would pursue
an agenda that includes encouragement of telecommuting in the
federal government and private companies.
John McCain Would Place A Priority On Science And Technology
As President, John McCain will be committed to bringing
talented men and women of science into the federal government. He
will strive to ensure that Administration appointees across the
government have adequate experience and understanding of science,
technology and innovation in order to better serve the American
John McCain Would Ensure That The Federal Government Led By
Government can advance Americans’ access to high speed
Internet services by using it to better serve the people. Government
services should be available online and government can better serve
the American people by operating more efficiently through the use of
technology, including videoconferencing and collaborative networks.
For over a decade, John McCain has supported placing more government
information online for the benefit of all of the American people.
Since 2001, he has called for an Office of Electronic Government to
set a strategic vision for implementation of electronic government.
Government must also use these important tools to protect our
nation. John McCain has led the fight for the creation of a
nationwide public safety network that would support our local, state
and federal first responders. As President, John McCain will ensure
the network is being deployed by the end of his first term.
John McCain Would Support The Federal Government As An Innovator.
John McCain as president would push for a renewed emphasis on
innovation through Cooperative Research and Development Agreements (CRADAs)
where industry and government enter into public/private projects,
sharing in the cost, benefiting from solving real problems,
accelerating the application of technology in the government. This
way the government is a leader of the technology revolution and not
simply a beneficiary.
John McCain Would Make Sure that All Citizens Can Participate In
The Technology Revolution.
For his 26 years in Congress, John McCain
has consistently stood up for those Americans who might lag behind
this tide of innovation. For example, when Americans with
disabilities found their paths to innovative technologies sometimes
blocked, John McCain led the charge for closed captioning, hearing
aid compatibility, and video description. He will bring these
priorities to the Presidency.
About John McCain:
John McCain is the former chairman of the Senate
Committee on Commerce, Science and Transportation. The Committee
plays a major role in the development of technology policy,
specifically any legislation affecting communications services, the
Internet, cable television and other technologies. Under John
McCain’s guiding hand, Congress developed a wireless spectrum policy
that spurred the rapid rise of mobile phones and Wi-Fi technology
that enables Americans to surf the web while sitting at a coffee
shop, airport lounge, or public park.
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