Senator John McCain (R-AZ) has proposed two major changes to the corporate tax code: cutting the corporate tax rate from 35 percent to 25 percent and allowing corporations to deduct the full cost of investments in technology and equipment in the first year, an accounting process known as expensing. The first proposal aims to enhance U.S. economic competitiveness, create jobs, and increase wages. The second proposal aims in particular to boost capital expenditures and “reward investment in cutting-edge technologies.”1
Avi-Yonah, Reuven S. "Senator McCain's Corporate Tax Proposals A Critical Examination." Report for the Center for American Progress Action Fund. Washington, D.C.: (April 2008).