“As president, I intend to act quickly and decisively to promote growth and opportunity. I intend to keep the current low income and investment tax rates. And I will pursue tax reform that supports the wage-earners and job creators who make this economy run, and help them to succeed in a global economy. Serious reform is needed to help American companies compete in international markets. I have proposed a reduction in the corporate tax rate from the second highest in the world to one on par with our trading partners; to keep businesses and jobs in this country.” [McCain speech to the NFIB, 6/10/08]

THE FACTS:


John McCain’s Tax Plan Creates More Corporate Tax Havens: According to the Center for American Progress, “…McCain would create a potent new form of tax shelter through his pro¬posal to provide for immediate expens¬ing of investments in equipment and technology. As Avi-Yonah explains in his forthcoming paper, because McCain’s plan does not end the deductibility of interest paid by corporations, his expens¬ing proposal will let corporations obtain negative tax rates—making investments that are not only tax-free, but that can also reduce taxes owed on other income. Corporations need only borrow to pur¬chase equipment or technology, deduct the interest payments on that loan, and then immediately expense the entire cost of the equipment or technology. This tax shelter will allow corporations, and individuals using the corporate tax form, to avoid hundreds of billions of dollars in taxes. This tax shelter would also erode the individual income tax base by giving individuals strong incen¬tives to organize their affairs through corporations.” [Center for American Progress Action Fund, March 2008]

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Barack Obama For President 2008 !!!