"I will cut your taxes; I will encourage the growth," he said on the stump in South Carolina. "This is still the greatest nation on earth."

In addition, the plan would allow for the expensing of equipment and technology investments, the U.S. senator from Arizona said Tuesday in a news release.

McCain said his plan would reduce taxes, spur investment and make U.S. businesses more competitive globally.

His plan, introduced in Columbia, S.C., would cut the corporate tax rate from 35 percent to 25 percent, among other things. It would allow first-year deduction, called expensing, for equipment and technology investments. It also would establish permanent tax credits equal to 1 percent of wages spent on research and development.

"Now is the time to act to stimulate our economy," McCain said. "I offer a genuinely conservative, pro-growth plan to provide much-needed stimulus to our economy."