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
Whatever in the world gave you the impression that corporate world is a democracy, or that it should be ?
The reason why people are hired to be leaders of corporations is because they’re capable and know what the hell they’re doing. Not everyone has what it takes to be one and not everyone can be an entrepreneur. There are notable exceptions of corruption or gross incompetence, but by and large folks who are in charge are highly skilled and talented business folks, otherwise companies would be out of business.
The opposition is to the idea that it is mandated. What business of governtment is that ? If shareholders object, they should elect the board and fire everyone. Otherwise, thanks for playing.
Contracts are negotiated IN ADVANCE. Why is that so hard to grasp ? People get those payouts because that’s what they were worth when they signed on. And the boards, which are controlled by shareholders, approve those kinds of things.
Shareholders control the boards. Plain and simple.
LOL... exactly !!!! AAAAAGH !!! -— Now let’s get busy working on electing a CONSERVATIVE MAJORITY in Congress -— that is the only way we will kepp the next President in CHECK !!!
I have no doubt and judging by your example further confirms my certitude!!!
I wrote such a big "rant" because I see so much of this phony "fairness" creeping into the heart of conservatism right here on FR!!! It's HOGWASH!!!
And everybody that's actually conservative with traditional American thinking and education understands that! The rest around here are so screwed up by government schools and public indoctrination, etc. that they can't even think straight anymore!!!
It's almost getting discouraging to see the pussy thinking from this infectious altruism and other fuzzy thinking!!!
I’d love to know who is advising McCain. Did someone come up with this nonsense for him or did he dream it up himself?
If he came up with it himself, is there not one conservative on his staff who could inform him that what he proposes is illegal?
“Shareholders control the Boards”
Really? When was the last loser CEO ejected by the Board sans shareholder funded Golden Parachute?
And at the very least, if those contracts are “Signed in Advance” then the shareholders could veto the agreement before it is signed.
May God bless us all, we are going to need it.
ΜΟΛΩΝ ΛΑΒE
It's too bad ignorance isn't painful.
This article is just further evidence of what I have believed for a long time. There is not a dime’s worth of difference between McCain and Obama.
Both of them believe in the power of the almighty federal government to regulate our lives they only disagree on the details.
If you go down the list of issues on their campaign sites you’ll see that there is very little fundamental differences: they both love the IRS, they both are interventionists, they are both for appeasing illegals, they are both believers in global warming, they both believe the gov’t needs to do something about health care, they both believe the federal gov’t has a role in our children’s education, etc. Sure the squabble over the details but in the end their core beliefs are still the same - they are both globalists and they are both statists.
My only hope for the GOP is that somehow, someway McCain does not walk out of the convention as the nominee, but the chances of that are miniscule.
Yep, he’s really that stupid.
I've seen how McLame works, and I have made my decision.
In fact I recently recived a letter from the McLost campaign which requested funds.
I returned it it the pre paid envelope with the cute black McCain in 2008 (black & white) cut in half, including all the pages of crap that they sent. (including my name & address)
Screw that blovating, RHINO, POS.
“Screw John McCain”
AMEN!!!!!!!!!!!!
It’ll be interesting watching the McCainiacs’ perpetual contortions trying to make their support keep pace with his gaffes and incredibly dumb ideas....and how he refuses to directly engage with Obama on matters of race and culture. He’s a loser.
If a rock star or hollywood actress suck they don't get a multi million golden parachute. They are relugated to playing at a Holidy Inn bar on Friday nights or have to do informercials for Tempurpedic to earn a living.
This is good legislation.
No it isn’t. Executive pay is the decision of the board of directors, not the shareholders....or the legislative body. If shareholders are unhappy with executive compensation or performance they can elect a new slate of board members. That’s how it works, except for people like McCain who are panderers and know little about how business and free markets work.
http://www.angelfire.com/biz4/davidosborne/RNCletter_no_funds.pdf
Here is my letter to the RNC — Which I also sent in the PRE=PAID envelope.. we can DEFUND McCain and the RNC one stamp at a time.. :)
David
Well they get the “golden parachute” when they sign on. At that time the board, which, by the way, IS controlled by shareholders, signs off on it. Major shareholders all have seats at the board table.
Where’s the beef ? (Other than envy some guy was able to negotiate 20M contract for himself).
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