Posted on 06/10/2008 5:17:40 AM PDT by BloodOrFreedom
Republican White House candidate John McCain will promise on Tuesday to lower corporate tax rates if he wins the U.S. presidency and ease the tax burden on middle-class workers to help revive the faltering economy.
The Arizona senator, who has wrapped up his party's presidential nomination, also would propose a simpler, alternative tax system and insist that chief executives' pay and severance packages have shareholder approval.
"No matter which of us wins in November, there will be change in Washington. The question is what kind of change?" McCain will tell a conference for small businesses, referring to his Democratic opponent, Sen. Barack Obama of Illinois.
"Will we enact the single largest tax increase since the Second World War as my opponent proposes, or will we keep taxes low for families and employers?" he will say, according to excerpts released before his speech.
McCain will pledge to act quickly to lower corporate taxes from "the second highest in the world to one on par with our trading partners to keep businesses and jobs in this country."
He will propose a law to allow companies to expense new equipment and technology in their first year.
He supports keeping capital gains taxes low, doubling a tax exemption for children, and phasing out the "alternative minimum tax" which he said would save some 25 million middle-class families up to $2,000 in a year.
On Monday Obama drew a sharp contrast with McCain, his opponent in the November election, accusing him of wanting to widen President George W. Bush's tax cuts and plunge the United States deeper into debt.
He charged that McCain's support for extending Bush's tax cuts would allow $2 trillion in corporate tax breaks.
U.S. taxes were too complicated overhaul, McCain will say in his speech, in which he will argue for an alternative system.
"As president, I will propose an alternative tax system. When this reform is enacted, all who wish to file under the current system could still do so," he will say.
"Everyone else could choose a vastly less complicated system with two tax rates and a generous standard deduction."
McCain criticizes Obama for wanting to increase dividend and capital gains taxes and aiming to raise the minimum wage and link it to an index.
But he also takes aim at top corporate executives with big salaries and excessive severance packages.
"Americans are right to be offended when the extravagant salaries and severance deals of CEOs ... bear no relation to the success of the company or the wishes of shareholders," he will say, adding that some of those chief executives helped bring on the country's housing crisis and market troubles.
"If I am elected president, I intend to see that wrongdoing of this kind is called to account by federal prosecutors. And under my reforms, all aspects of a CEO's pay, including any severance arrangements, must be approved by shareholders," he will say. (Editing by Chris Wilson
I spent a few minutes looking, and saw no quote like that from McCain.
So the fact is he never said it, and anybody who says he did better be willing to prove it.
And the fact that I say he didn’t say it I don’t have to prove, because I just said I looked for it and couldn’t find it and I’m not going to do your dirty work for you.
:-)
Freelance Photographer: One through nine, no maybes, no supposes, no fractions. You can't travel in space, you can't go out into space, you know, without, like, you know, uh, with fractions - what are you going to land on - one-quarter, three-eighths? What are you going to do when you go from here to Venus or something? That's dialectic physics.
“Americans are right to be offended when the extravagant salaries and severance deals of CEOs ... bear no relation to the success of the company or the wishes of shareholders,” he will say, adding that some of those chief executives helped bring on the country’s housing crisis and market troubles.
If only we could impose this on members of congress.
LLCs take it in the shorts in some cases as well.
"Americans are right to be offended when the extravagant salaries and severance deals of CEOs ... bear no relation to the success of the company or the wishes of shareholders," he will say, adding that some of those chief executives helped bring on the country's housing crisis and market troubles.
What business is it of the government what salaries are paid by private corporations? Will he exempt hollywood and athletes like Clinton did? Where is the constitutional authority for this? Why is being a offended a reason to legislate?
It’s none of his goram business how much a company pays its employees. Are you sure this story isn’t about that jug-eared politician from Hawaii? It sure sounds like something he’d say.
Starting with the head pig of Animal Farm- John McCain.
Mostly in the interstate commerce clause. A publicly held company has shareholders in multiple states, and will fall under this Constitutional clause.
It's emphatically my business as a citizen when these "private corporations" come to the feds (or the Fed) for a handout from my taxes or via the devaluation of my savings.
Airlines, banks, mortgage companies, homebuilders, agribusiness, you know the drill.
You want to keep profits and CEO compensation private? I agree, but you better keep losses private too.
The basic problem I see with McCain is that he tries to over-regulate everything in the name of “fairness”. It’s an attempt to make our current system work. However flawed, it’s still a pro-American view. This is not the commie agenda, they want the power to tilt their way, rip the country apart and start over. More than ever, conservatives need to be screaming from the rooftops to be heard. The party needs to stop the whining because the “perfect” guy isn’t being elected and get to work on the issues.
The problem with McCain is that, just when you get yourself convinced that you can somehow vote for him, just for the meager scraps that he offers over the racist commie, he opens his mouth again, seemingly to try to convince you otherwise.
Nice that he wants that. I suspect that he wants new regulations, laws, to require that shareholders approve of compensation and severance packages.
If he's not proposing new laws or regulations to make that happen (which btw it already does), then what's the point of his statement?
He clearly is proposing new laws or regulations about exec pay- laws that will explicitly require shareholder action.
And as is usual with government regs, there will be a required “process” to follow with some means of tracking metrics to assure compliance, and eventually someone new behind a desk to look at the metrics and issue reports.
Right, this happens all the time. /s
Can you say “Bear Sterns”?
Beside, we won't have to kick the dog for four years..we will have McCain for that. Emperor Obama will be doing all the kicking if you elect him. You might as well just hang your boots up now.
I agree. Public corporations should be required to get public (ie. shareholder) approval before handing out these executive packages. This makes common sense to me.
While I still dislike McCain and still won’t vote for him, I think it’s wrong to have a knee-jerk reaction to this issue. And when you can’t see that we do have a corporate executive problem, I do believe that’s knee-jerk support of the status quo, as opposed to a true belief in capitalism. There is indeed a fundamental flaw afoot when men get paid like kings while the company under their leadership is foundering.
MM
I am voting for him. It’s a choice between McCain and Obama. It would have been better if we had a choice between McCain and Reagan, but we don’t. Earlier, I swore that there was only one candidate on the GOP side I would not vote for, and that was McCain. I changed my mind. Even sent him $100. We’ve gotta vote for the best we’ve got, and regrettably, it’s him.
Many states already have laws regarding this activity in absence of any setforth policies by a corporation.
In essence, this is nothing earth shattering or new. In fact, what would happen is the shareholders would delegate this to a committee or back to the BoD.
I just wish that people would read the article and not just the misleading headline, before spouting off.
However, If you get NObama elected. I can assure you there will be pressure to regulate corporations. In Fact, NObama wants to levy taxes on corporations doing business in the US, not just those companies who are located here.
Take that Obama, you moron. Obama: Making GW look like a genus every day of the week!
*genius
And both spell better than I do.
*genius
And both spell better than I do.
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