In order to provide immediate relief to drivers, John McCain called for a "gas-tax holiday" which would drop the price of gasoline by 18.4 cents and diesel by 24.4. His time frame was from Memorial Day to Labor Day.
Another proposal McCain reiterated was for the U.S. to quit adding to the Strategic Petroleum Reserve, which increases the demand for oil.
He said these two actions would cut down on gas prices right away, and offer "help to spread relief across the American economy."
Other Economic Ideas from McCain:
* Tax exemption raised from $3,500 to $7,000 for dependent children
* Couple with a combined income of over $160,000 pay a higher premium for Medicare than lower income people
* Suspend discretionary spending for agencies while launching a review of all federal programs and how effective they are. Exemption would be the miliarty and veterans. McCain says he'd suspend spending increases for a year.
* Develop a simpler tax system which would include a standard deduction and two tax rates. People could choose the one they wanted to use.
"We know from experience that no serious reform of the current tax code will come out of Congress, so now it is time to turn the decision over to the people," McCain said in an economic speech at Carnegie Mellon University.
McCain also blasted Democratic competitors Barack Obama and Hillary Rodham Clinton for wanting to force the largest tax increase on the American people since World War II, speaking of their promise to they made of not making the tax cuts in 2001 and 2003 permanent.
"Both promise big 'change.' And a trillion dollars in new taxes over the next decade would certainly fit that description," McCain said. "All these tax increases are the fine print under the slogan of 'hope:' They're going to raise your taxes by thousands of dollars per year - and they have the audacity to hope you don't mind."
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