McCain makes “no new taxes” pledge

This Week: Transcript:

* STEPHANOPOULOS: So on taxes, are you a “read my lips” candidate, no new taxes, no matter what?
* MCCAIN: No new taxes I do not — in fact, I could see an argument if our economy continues to deteriorate for lower interest rates, lower tax rates and certainly decreasing corporate tax rates, which are the second-highest in the world, giving people the ability to write off depreciation in a year, elimination of the AMT. There’s a lot of things that I would think we should to relieve that burden, including, obviously, as we all know, simplification of the tax code.
* STEPHANOPOULOS: But under no circumstances would you increase taxes?
* MCCAIN: No.

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