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Top CEOs Give 10 Times More To McCain Than Obama; McCain Promises Huge Tax Breaks For Them In Return

By Faiz Shakir on August 16, 2008 at 8:30 am

"Top CEOs Give 10 Times More To McCain Than Obama; McCain Promises Huge Tax Breaks For Them In Return"

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The Hill reports that the CEOs of the 100 biggest Fortune 500 corporations have given approximately 10 times as much to John McCain as they have to Barack Obama. McCain has received $208,200 from these chief executive officers; meanwhile, Obama has taken in $20,400 from the same group of people:

In 2004, the difference between the Republican and the Democratic candidates was much less pronounced in terms of Fortune 100 donations. Sen. John Kerry (D-Mass.) nearly kept pace with President Bush.

Among the same 100 individuals, the vast majority of whom were in their current positions in 2004, Kerry raised nearly three-quarters of what Bush did. Kerry brought in $74,500 from the business leaders, while Bush raised $103,200. The difference between the Democratic and Republican candidates this election is more clear-cut, with McCain’s 10-to-1 advantage over Obama.

McCain has cultivated support from mega-corporations by promising to dole out huge tax breaks in return should he win the presidency. As the Wonk Room reported in June, McCain’s plan to cut the corporate tax rate from 35 percent to 25 percent would yield $45 billion in tax breaks for the 200 largest corporations:

MCain Corporate Tax Cuts

Eight companies — Wal-Mart Stores Inc., Exxon Mobil Corp., ConocoPhillips Co., Bank of America Corp., AT&T, Berkshire Hathaway Inc., JPMorgan Chase & Co., and Microsoft Corp. — would each receive over $1 billion a year.

McCain would deliver about $4 billion in tax cuts to the five largest oil companies. He would also hand over $2 billion to the top 10 health insurance companies. Unlike the highest-rung of the corporate ladder, much of the rest of Wall Street refuses to be bought off. Those employees are giving more to Obama than to McCain.

While McCain caters to the rich, Barack Obama’s tax plan “offers three times the break for middle class families” than the proposals of John McCain. To clarify the contrast in the two candidates’ plans, consider this fact: John and Cindy McCain would reap over $300,000 from McCain’s own tax plan. By contrast, both the Obamas and McCains would receive a substantial, albeit much smaller, savings under Obama’s plan (see a comparison here).

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