Time For Plan B?
Posted by Mike Gehrke on April 17, 2008 at 12:06 PM
McCain's economic plan meets resistance on the Republican side as well, with Republicans in the House and Senate "split on some of the details, including a plan to stem the tide of foreclosures and another creating a summer gas-tax holiday."
McCain also wants more breaks for corporations while their payments drop and the Middle Class burden soars:
There's not only McCain's support for making Bush's tax cuts permanent. Most outrageous is McCain's plan to cut the corporate income tax rate, from 35 percent to 25 percent. What you won't read in today's coverage of McCain's proposal is that, according to a 2004 Government Accountability Office study, 61% of American corporations, including 39% of large companies, paid no corporate income taxes between 1996 and 2000. Last year, corporations shouldered just 14.4% of the total US tax burden, compared with about 50% in 1940. And McCain wants to give these corporations a break?It gets even worse. A study from the nonprofit group Citizens for Tax Justice found that, because of loopholes, the corporate tax burden in the US is actually the world's third lowest when measured as a percentage of gross domestic product. McCain did promise to remove the tax loopholes that he described as "inconsistent with a free-market economy," but he offered absolutely no specifics.
