Republican presidential candidate, Sen. John McCain (center), shakes hands with Mike Younts during a tour of the Worth and Company factory in Pipersville, Pennsylvania, on Monday, June 30, 2008.
©LM Otero/AP Images

John McCain
John McCain hopes to stimulate the economy by keeping President Bush’s tax cuts of 2001 and 2003 in place. Under Bush’s plan, all Americans received a tax break. Bush’s tax cuts were designed to boost consumer spending, fuel economic growth, and create new jobs.

McCain also says that he will cut the federal corporate tax rate from 35 percent to 25 percent. By lowering taxes for American employers, McCain hopes to keep companies from taking their business overseas, where the cost of labor is considerably less than in the United States.

With gasoline prices climbing above the $4 mark this summer, McCain was in favor of giving American drivers a summertime gas tax holiday. The idea, however, died in Congress.