These marginal tax rate increases would dramatically discourage savings, investment, business expansion and job creation. Such tax increases would consequently slow the economy even further and reduce jobs and wages for working people and the middle class, while simultaneously weakening the dollar.

Republicans should promote additional middle-class tax cuts through fundamental reform of our confusing, contradictory and confiscatory tax code. Rep. Paul Ryan, R-Wis., proposes to allow workers to choose a flatter tax system with a standard deduction of $25,000 for couples ($12,500 for singles), plus a personal deduction of $3,500 per family member (exempting the first $39,000 for a family of four).

A 10 percent tax rate would then apply to the next $100,000 for couples ($50,000 for singles), with a 25 percent rate above that. Currently, a 15 percent tax rate starts at $15,650 for couples ($7,825 for singles), with a 25 percent rate starting at $63,700 for couples ($31,850 for singles). Ryan's plan, which McCain has praised, would promote a powerful economic and investment boom, while creating jobs and good wages for millions.

Finally, the biggest middle-class tax cut of all would be allowing workers the freedom to choose personal accounts for Social Security, which McCain has also praised. These accounts should grow eventually to replace the entire payroll tax for those who choose them, with the accounts financing all the benefits now paid through the tax.

To the extent workers make this choice, this would eliminate payroll taxes on working people and the middle class, now the highest tax they pay. Instead, working people would be paying into their own personal store of family wealth, opening up broad new vistas of opportunity.