NEW REPORT: McCain Would Give America’s 200 Largest Corporations $45 Billion In Tax Breaks
NEW REPORT: McCain Would Give America’s 200 Largest Corporations $45 Billion In Tax Breaks
If you’re a CEO of one of America’s largest corporations and have enjoyed the Presidency of George W. Bush, a contribution to the McCain campaign is looking like a pretty good investment.
A new report from the Center For American Progress Action Fund finds that a key piece of John McCain’s tax plan — cutting the corporate tax rate from 35% to 25% — would cut taxes by almost $45 billion every year for America’s 200 largest corporations as identified by Fortune Magazine.
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.
The following table shows the tax savings to America’s five largest firms. See a full list of all 200 companies and their savings under McCain here:
These giveaways are just one part of McCain’s doubling of the Bush tax cuts for corporations and the wealthy which would create the largest deficits in 25 years and drive the United States into the deepest deficits since World War II.
A recent analysis by the Public Campaign Action Fund found that John McCain’s campaign has received $5.6 million from the PACs and executives of the Fortune 200.
Over the past eight years, under George W. Bush, American workers have seen their wages stagnate as corporate profits have skyrocketed. John McCain’s misguided priorities show he’s more of the same: the same $45 billion in tax cuts for America’s 200 largest companies could be used to lift over 9 million Americans out of poverty.
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As America falls into a horrible abyss, how can any working person vote for the Mangimpian Candidate, ie, John McCain. He, too, will say anything he is told. He is no Maverick. As I recall, James Garner was the real Maverick! McCain woke up from a deep sleep that began during the Reagan years and was shaken up by Joe Lieberman, and the rest of stale neo-con ballplayers.
Gas prices are rising; the stock market will fall into pre-1990’s numbers in the next 30 or so days; 401K’s are disappearing; real wages are shrinking due to inflationary consumer spending; the dollar is falling; unemployment is rising; home prices are falling; and, credit card debt is rising, while the monopolistic corporate CEO’s earn 400 times that of the lowest paid workers! These people and their employers need to have their tax burdens raised and not lowered.
Oil prices are rising due to speculators, ranging from the big financial institutions, such as Citigroup, which buy paper barrels of oil to the oil companies also hedging their bets that oil prices will either rise or fall, and due to a disappearing dollar value.
Our cowardly Democratic Congressional majority continues to fear these stale and dangerous neo-cons, instead of standing up to them and represent the other half of the nation’s population—working America! This is what we want.
June 27th, 2008 at 11:06 pm
I think Mel Gibson played “Mavrick” also. Things are bad but they are going to get much worse. When winter rolls around and people are unable to afford to heat their homes with gas or oil it could get real ugly. McCain is no different than any true politician throughout history. He is just a big ass bull shitter. He could no more change Washington and the way business is done then swim the English Channel. I mean Charlie Black is one of his right hand men. It’s really disturbing to see ones country falling apart right before ones very eyes. He wants to open up drilling in several places even though the oil there is not that great a quanity and we would not see it for at least 5 years. This week the news reported that the North Pole ice would be completely melted by the Fall of this year. But, That imbicile James Imhofe claims that global warming is just a joke and a big scare tactic by the bad enviromentalists.
June 28th, 2008 at 12:44 am