McCain: No new taxes if elected prez Republican presidential hopeful Sen. John McCain of Arizona stands next to a painting of former President Ronald Reagan at the American Serb Memorial Hall in Milwaukee during a campaign stop on Friday. McCain says he will institute no new taxes if elected president. No new taxes," the likely Republican presidential nominee said during a taped interview broadcast Sunday.McCain told ABC television's "This Week" that under no circumstances would he increase taxes, and added that he could "see an argument, if our economy continues to deteriorate, for lower interest rates, lower tax rates, and certainly decreasing corporate tax rates," as well as giving people the ability to write off depreciation and eliminating the alternative minimum tax.McCain was defending his support for an extension of tax cuts sought by President George W. Bush, which McCain had originally voted against.In 2001, McCain said the Bush tax cuts helped the wealthy at the expense of the middle class, and in 2003 he said there should be no tax relief until the cost of the Iraq war was known. Those votes upset the party's conservative base, which he is now trying to rally to his side. The Arizona senator now says allowing the tax breaks to expire would amount to an unacceptable tax increase.Democratic presidential contender Barack Obama said last week he admired McCain when he was one of the few Republicans to stand up and say "it offended his conscience to support the Bush tax cut for the wealthy in the time of war." But the Illinois senator accused McCain, who calls his campaign bus the "Straight Talk Express," of bowing to political expediency to appease Republican conservatives."Somewhere along the road to the Republican nomination, the Straight Talk Express lost its wheels because now it is all for those same tax cuts," Obama said.McCain's "no new taxes" statement marked a turnaround. Last September, he was forced to defend his refusal to sign a no-new tax pledge offered by the conservative Americans for Tax Reform."I stand on my record," he said during a televised debate in Durham, New Hampshire. "I don't have to sign pledges."The leading contender for his party's presidential nomination, McCain blamed out-of-control spending for a lack of enthusiasm among Republican voters."Spending restraint is why our base is not energized," he said. "I think it's very important that we send a signal to the American people we're going to stop the earmark pork-barrel spending."McCain said the $35 billion worth of spending on special projects that Bush signed into law in the last two years amounts to a $1,000 tax credit for every child in America, and would have been better for the economy if spent that way.McCain also said he was open to the idea of helping homeowners facing foreclosure, provided they were "legitimate borrowers" and not "engaged in speculation."Copyright 2008 The Associated Press. All rights reserved. All you hear from Obama is increasing the social security payroll tax, and capital gains tax. I can see a lot of dem baby boomer voters(55+) going with McCain over Obama they will show up to vote, lets see if the under 30 crowd shows up for Obama come election day. Bottom line don't under estimate McCain