McCain Says He’s Open To Tax Revenue, But Not Higher Rates

Sen. John McCain (R-AZ) said that he is open to raising new revenue through taxes but not by raising tax rates, during an interview on “Fox News Sunday,” joining  growing number of Republicans who say they are open to new tax revenues. 

“I would be very much opposed to raising tax rates, but I do believe we can close a lot of loopholes,” McCain said. “And two other things. One is a limit on the amount of deduction on charitable giving, a limit on the amount you can take on your home loan mortgage deduction. And, obviously, we’re gonna have to look at entitlement reform.”

McCain said he opposed raising tax rates on the wealthy because he believes it would hurt the United States’ fragile economy.