This morning on MSNBC, Nicolle Wallace, Sen. John McCain’s (R-AZ) senior campaign adviser, falsely claimed that McCain “isn’t for giving tax cuts to corporations,” adding that “John McCain is their worst nightmare.”
Far from being a corporate nightmare, the cornerstone of McCain’s economic plan — cutting the corporate tax rate from 35 to 25 percent — makes him quite the corporate darling. In fact, McCain himself has regularly touted this aspect of his plan:
MCCAIN: I’m not sure how many Americans are aware that American corporations pay the second highest taxes of any nation in the world. [...] We need to cut the corporate tax rate in America. It’s not a very sexy kind of a thing you know, but it’s real.
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Not only is Wallace wrong in claiming that McCain does not favor cutting corporations’ taxes but she’s also way off the mark in saying he’s their “worst nightmare.” In fact, the richest 200 American corporations stand to benefit handsomely ($45 billion) from a McCain administration.
McCain’s plan would dole out $4 billion a year to Big Oil (despite the numerous campaign claims to the contrary), $2 billion to health insurance companies and $1.44 billion to the parent companies of mainstream media outlets. 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.
But if McCain is a corporation’s “worst nightmare,” then his campaign sure has everyone fooled, including the richest CEOs, who have given approximately 10 times as much to McCain as they have to Sen. Barack Obama (D-IL).