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NEW REPORT: McCain Would Give America's 200 Largest Corporations $45 Billion In Tax Breaks


Business  (tags: John McCain, Wall Street, Wal-Mart, Exxon, ConocoPhillips, Bank of America, AT&T, Berkshire Hathaway, JPMorgan Chase, Microsoft, politics, corporations, taxes, corruption )

Blue
- 535 days ago - thinkprogress.org
Eight companies -- Wal-Mart Stores Inc., Exxon Mobil Corp., ConocoPhillips Co., Bank ƒƒof America Corp., AT&T, Berkshire Hathaway Inc., JPMorgan Chase & Co., and Microsoft Corp. -- would each receive over $1 billion a year.
Comments

Blue Bunting (855)
Friday June 27, 2008, 9:51 am
If you’re a CEO of one of America’s largest corporations and have enjoyed the Presidency of George W. Bush, a contribution to the McCain campaign is looking like a pretty good investment.

A new report
from the Center For American Progress Action Fund finds that a key
piece of John McCain’s tax plan — cutting the corporate tax rate from
35% to 25% — would cut taxes by almost $45 billion every year for
America’s 200 largest corporations as identified by Fortune Magazine.

Eight companies — Wal-Mart Stores Inc., Exxon Mobil Corp., ConocoPhillips Co., Bank ƒƒof America Corp., AT&T, Berkshire Hathaway Inc., JPMorgan Chase & Co., and Microsoft Corp. — would each receive over $1 billion a year.

The following table shows the tax savings to America’s five largest
firms. See a full list of all 200 companies and their savings under
McCain here:


These giveaways are just one part of McCain’s doubling of the Bush tax cuts for corporations and the wealthy which would create the largest deficits in 25 years and drive the United States into the deepest deficits since World War II.

A recent analysis by the Public Campaign Action Fund found that John McCain’s campaign has received $5.6 million from the PACs and executives of the Fortune 200.

Over the past eight years, under George W. Bush, American workers have seen their wages stagnate as corporate profits have skyrocketed.
John McCain’s misguided priorities show he’s more of the same: the same
$45 billion in tax cuts for America’s 200 largest companies could be
used to lift over 9 million Americans out of poverty.
 

BigCatRescue A. (190)
Friday June 27, 2008, 10:19 am
We've got to make sure this mummy doesn't get elected.......
 

Steve Dale (474)
Friday June 27, 2008, 8:20 pm
THATS POLITICS FOR YOU PEOPLE,THE WEALTHY GET WEALTHIER ON THE BACKS OF THE POOR,HOW RIDICULOUS TO GIVE THESE COMPANIES ANYTHING WHEN THEY ARE RAKING IN BILLIONS IN PROFITS,IT DOESNT MAKE SENSE TO PENALISE THE PEOPLE WITH GIVING TO THOSE WHO CAN AFFORD TO PAY.
 

Blue Bunting (855)
Thursday July 3, 2008, 4:08 pm
You know that old saw that says you can come know a man by meeting his
five closest friends? Well, Robert Greenwald, like always, has got a YouTube flick that tells you all you need to know about John McCain:
 
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