McCain Proposes Business Tax Cuts

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Offline cad420guy

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McCain Proposes Business Tax Cuts
« on: January 17, 2008, 01:00:23 PM »
Let's cut taxes for the corporations, screw the little people!  How about removing the income tax, getting rid of NAFTA, CAFTA and "free trade".  That would help people to pay their bills and stimulate the economy.
McCain Proposes Business Tax Cuts

Thursday, January 17, 2008 10:45 AM CST
McCain Proposes Business Tax Cuts

AIKEN, S.C. - Republican presidential candidate John McCain proposed an economic stimulus plan Thursday that would lower the corporate income tax rate and provide a host of other tax breaks for business.

His plan would cut the corporate tax rate to 25 percent from 35 percent. McCain said that would expand the U.S. economy, creating jobs and opportunity.

"Now is the time to act to stimulate our economy," McCain said in prepared remarks. "I offer a genuinely conservative, pro-growth plan," which he contrasted with "the Democrats' tired ideas of tax and spend." He was outlining his ideas later in Columbia, S.C.

McCain appeared to be resisting temporary economic relief for individuals, even as President Bush indicated support for a short-term boost and Federal Reserve Chairman Ben Bernanke called explicitly for it. Bernanke urged the government to adopt a plan quickly and make it temporary, and said "putting money into the hands of households and firms" would be more effective than measures such as making Bush's tax cuts permanent.

McCain adviser Doug Holtz-Eakin suggested the Arizona senator does not favor temporary relief at this time. "We haven't seen household declines in spending," he said.

McCain's plan would also establish a permanent research and development tax credit and allow tax breaks for equipment and technology investment.

It does not contain tax relief for individuals other than to renew a call to make permanent expiring tax cuts passed by Congress in Bush's first term, a course also favored by others campaigning for the Republican nomination. GOP rival Rudy Giuliani has also proposed cutting the corporate tax rate to 25 percent.

"I know the economy is in some difficulty," McCain told a campaign rally in Aiken, "particularly in South Carolina." He said his proposals would address those concerns, as would his expanded worker education and retraining programs.

McCain campaigned with Jack Kemp, a one-time star quarterback for the Buffalo Bills who represented New York in the House, served as housing secretary in the Reagan administration and was Bob Dole's vice presidential running mate in 1996. Kemp has long supported tax cuts as a way to stimulate business.

Kemp welcomed McCain's initiative. "John McCain's pro-growth stimulus plan is exactly what our economy needs today," he said. "As president, John McCain will provide principled leadership to ensure our economy remains the envy of the free world."

South Carolina votes in a GOP primary Saturday.

A service of the Associated Press(AP)

Offline larsonstdoc

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Re: McCain Proposes Business Tax Cuts
« Reply #1 on: January 17, 2008, 01:20:40 PM »
   Insane McCain knows nothing about economics.  Doesn't he know the basic problem is that the average American makes $10 to $20 an hour whereas half the people in the world live on less than $2 A DAY!  We Americans cannot compete with people who will work for almost nothing!  And this has all been done by design!


Offline SlaveState

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Re: McCain Proposes Business Tax Cuts
« Reply #2 on: January 17, 2008, 01:54:47 PM »
I actually support this, any tax cut is a good one as long as it is applied BROADLY to all companies- even the local bakery operating as a corporation.

The problem with the current corporate welfare system is that the fortune 500 companies get tax rates in the single digits while the average small business pays 50% of their income in taxes.

McCain is a criminal but I support tax cuts from whoever wants to give them.