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McCain wants low corporate taxes, regulated CEO pay
Yahoo ^ | 6/10/08 | Jeff Mason

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.


TOPICS: Crime/Corruption
KEYWORDS: ceopay; fascism; govwatch; mccain; seebreakingnews; shareholderapproval; socialism; taxes
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To: TADSLOS; pissant

Somebody tell Juan that it is none of the government’s business what a CEO makes.

But he’s for the leetle peeple.

_________________________________________________

And would you believe a liberal friend of mine from KC believes McCain is pandering to the extreme of the Republican Party?


61 posted on 06/10/2008 10:19:08 AM PDT by navymom1 (I support conservatives and their mission.)
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To: navymom1
And would you believe a liberal friend of mine from KC believes McCain is pandering to the extreme of the Republican Party?

Liberals are pinning McCain to Bush as much as McCain is trying to break free from him to be like Obama. Liberals want their magic negro messiah, not some doddering old white guy who keeps banging on their door selling himself as an Obama knockoff.

62 posted on 06/10/2008 10:26:12 AM PDT by TADSLOS (The GOP death march to the gravesite is underway.)
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To: mysterio

Is your name on the ballot? LOL


63 posted on 06/10/2008 10:38:20 AM PDT by Eagle Eye (I'm a RINO cuz I'm too conservative to be a Republican. McCain is the Conservatives true litmus test)
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To: brownsfan

Sell your stock.


64 posted on 06/10/2008 10:38:51 AM PDT by Cobra64 (www.BulletBras.net)
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To: brownsfan
I disagree. I get to vote on all kinds of things, why not let me vote on CEO compensation for a company I own?

What do you do with those pesky voter proxy statements that you get every year?

65 posted on 06/10/2008 10:41:03 AM PDT by Cobra64 (www.BulletBras.net)
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To: Cobra64

“Sell your stock.”

Kiss my a$$.

You know, Obama is going to be the next president. It’s people like you that make me think it won’t be all bad.


66 posted on 06/10/2008 10:46:51 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: brownsfan
You know, Obama is going to be the next president.

Here ya go. Your next president:

PhotobucketPhotobucket

Pretty cool huh?
PhotobucketPhotobucket

67 posted on 06/10/2008 11:03:05 AM PDT by Cobra64 (www.BulletBras.net)
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To: Cobra64

“Here ya go. Your next president:”

No, OUR next president. Unless you’re leaving?


68 posted on 06/10/2008 11:05:07 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: brownsfan

Did you eat paint flakes when you were a child?


69 posted on 06/10/2008 11:13:02 AM PDT by Cobra64 (www.BulletBras.net)
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To: Cobra64
"Did you eat paint flakes when you were a child?"

This coming from someone who said:

"Ummm... no. I’ve sat on the board of several corporations. If executives don’t perform, we fire them."

Ok, so you say you sat on the board of serveral companies, and you drop to that level of discourse. This can lead to one of a few rational conclusions:

- You sat on the board of companies that employed 5 people or less.

- You sat on the board of companies in your mind only.

- Someone like you on the board of a large corporation is ample evidence of the need for more shareholder scrutiny.
70 posted on 06/10/2008 11:29:56 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: brownsfan
McCain's plan tries to regulate the manner in which private(non government owned, publicly traded) corporations apply their rules of governance. I admit this is better than the democrat's plan to directly set levels of compensation, but that is a difference of degree, not of kind. Directors elected by the shareholders set compensation according to business conditions just like citizens elect representatives to enact laws without a direct vote by the people on each bill. If the politicians want to demand complete democracy for private sector employee pay, how about voting for all government employee pay levels as well? How about Medicaid recipients getting to vote on Doctor pay levels?
Like I said, we can do this either way but everybody deserves to be treated the same.
71 posted on 06/10/2008 12:25:40 PM PDT by Old North State
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To: pissant

how ‘bout McCain propose eliminating the IRS & ALL federal income taxes....

for a guy who lucked out and married a millionairess who inherited MILLIONS; he sure has a lot of brass wanting to tax more those of us WHO ACTUALLY WORK FOR A LIVING!!!


72 posted on 06/10/2008 12:41:39 PM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: stuartcr
Yes, most hate Obama more.

That's why I'll vote for "None of the above"

73 posted on 06/10/2008 1:56:00 PM PDT by Oshkalaboomboom
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To: brownsfan

Reading all posts with interest. 149 days till election.


74 posted on 06/10/2008 3:35:21 PM PDT by Ciexyz
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To: Oshkalaboomboom

I agree. That’s what I did last time, and probably this time also.


75 posted on 06/10/2008 6:02:38 PM PDT by stuartcr (Election year.....Who we gonna hate, in '08?)
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