Posted on 06/10/2008 9:14:16 AM PDT by pissant
WASHINGTON (Reuters) - 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.
Yes, most hate Obama more.
You are so late!
I already said my mea cupla.
exactly--i whole-heartedly agree... and neither should the Congress vote on their own salaries and pay raises...
Too busy writing daily Obama fearmonger posts- "Vote McCain or Else" to be concerned with Johnny's socialistic manuevers to woo the sheeple.
I was joking around.
So the idea is really OK, it’s just the way someone spins it, that’s bad?
I wish he had switched parties McCain-Lieberman v. whoever the Rep’s put up would be an election that would make me rest easy at night.
Actually State laws do regulate this activity, generally, in the absence of any given setforth regulations and policy. I have federalism issue with this, but the concept is not new.
“I was joking around.”
I know. I wasn’t offended. Easy to miscommunicate on forums. Actually, I thought it was funny, and have sent people links to rif.org. :)
He’s going to reform state law & bylaws of corporations to insist that all compensation be voted on by the shareholders? Why is this the federal governments concern? Is it only for execs that leave a company, or will he insist that Bill Gate’s continued compensation be voted upon too. What about all those nasty capitalists that run privately held businesses. Who gets to reign them in?
I agree with you, I said that.
Then how is it that the headline is misleading. If the fed forces corporate policy changes across the country, that is a regulation.
“Since it’s not a perfect world, you support government intervention and regulation in the private sector?”
This is peeing in the wind. Obviously you won’t be swayed. You believe that when someone ascends to the executive level, they should be free to steal, er, appropriate, as much as they humanly can. The owners, shareholders, should have no say.
I disagree. I get to vote on all kinds of things, why not let me vote on CEO compensation for a company I own?
Hmmmmm, not allowing the owners of a business to have a say in how it’s run. Nice.
You want some real regulation?! Wait until President Obama takes a look at your corporations.
Slick Willie, Inc....gotta wonder how much that CEO makes? Time to regulate former and current politicians income also?
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