Sen. John McCain to vote yes on Senate tax reform bill

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PHOENIX (3TV/CBS 5) -

Senator John McCain released a statement Thursday morning saying that he plans to vote in support of the Senate tax reform bill. McCain was notably on the fence about the bill but finally decided he will vote yes.

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"After careful thought and consideration, I have decided to support the Senate tax reform bill. I believe this legislation, through far from perfect, would enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families," McCain's statement said.

[READ MORE: Senate passes procedural vote on tax bill]

Critics of the bill say that it focuses too much on lowering the corporate tax rate and less on benefiting families and point out that the bill will add to the national deficit. Proponents say that lowering the corporate tax rate to 20 percent will create a more competitive market, thus creating jobs.

"By lowering our high corporate tax rate to 20 percent, the bill would make our markets far more attractive for investment. It would also encourage American companies to repatriate assets now held overseas," McCain said.

[RELATED: Here are the Senate Republicans who will decide the fate of the tax bill]

McCain stated that one of the reasons he was on the fence was the national deficit, but said the benefits outweigh the negatives.

"This is not a perfect bill, but it is one that would deliver much-needed reform to our tax code, grow the economy, and help Americans keep more of their hard-earned money," McCain said.

[SPECIAL SECTION: Arizona Politics

John McCain's full statement on the Senate tax reform bill: 

“After careful thought and consideration, I have decided to support the Senate tax reform bill. I believe this legislation, though far from perfect, would enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families.

“For too long, hardworking people in Arizona and around the country have not seen a raise in their paychecks. This bill would directly benefit all Americans, allowing them to keep a higher percentage of what they earn. According to the non-partisan Joint Committee on Taxation, every income bracket would see tax relief under this bill. The child tax credit would be doubled to $2,000 per child and the tax code would be substantially simplified.

“By lowering our high corporate tax rate to 20 percent, the bill would make our markets far more attractive for investment. It would also encourage American companies to repatriate assets now held overseas. Small businesses, which are vitally important to the dynamism of our economy, would also receive essential tax relief. Combined, these commonsense steps would promote economic growth and stimulate job creation here at home. 

“For months, I have called for a return to regular order, and I am pleased that this important bill was considered through the normal legislative processes, with several hearings and a thorough mark-up in the Senate Finance Committee during which more than 350 amendments were filed and 69 received a vote. 

“I have also argued that health care reform, which is important both to the well-being of our citizens and to the vitality of our economy, should proceed by regular order. This bill does not change that. As a matter of principle, I’ve always supported individual liberty and believe the federal government should not penalize Americans who cannot afford to purchase expensive health insurance. By repealing the individual mandate, this bill would eliminate an onerous tax that especially harms those from low-income brackets. In my home state of Arizona, 80 percent of people who currently pay the individual mandate penalty earn less than $50,000 per year.

“Finally, I take seriously the concerns some of my Senate colleagues have raised about the impact of this bill on the deficit. However, it’s clear this bill’s net effect on our economy would be positive. This is not a perfect bill, but it is one that would deliver much-needed reform to our tax code, grow the economy, and help Americans keep more of their hard-earned money.”

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