McCain’s Tax Lie
January 25th, 2014
Forgive me for getting a little Rahm Emanuel here, but the lead story of The Huffington Post this afternoon is worthy of a middle finger and some righteous indignation.
McCain Slams Stimulus - Joins GOP Leaders to Attack Stimulus Package. Well, okay. I’m all for healthy debate, even if it is with a party that turned itself inside-out during the last decade to become the unaccountable, freedom-snatching, bloat-ridden, free-spending, debt-driven, war-mongering party it is now. It would be unfair to hold every Republican responsible for the failure of the Bush administration even if, like McCain, their Senate votes supported Bush 90% of the time.
Putting aside the fact that the majority of Americans voted against furthering the Republican agenda, elected representatives from the Republican party still represent millions of Americans. Their voices need to be heard, and their ideas deserve serious consideration.
However, when an idea is not just flawed, but based on a pervasive lie, it needs to be called out until facts overcome propaganda and truth rings from the rafters. In McCain’s case, the lie is that businesses are overwhelmed by taxes, and that a business tax cut is necessary to stimulate the economy.
“We need to make tax cuts permanent, and we need to make a commitment that there’ll be no new taxes,” Mr. McCain said. “We need to cut payroll taxes. We need to cut business taxes.”
While McCain was hawking lower business taxes during his run for President, many of us had already learned the ugly truth. I wrote an article about it in October 2008.
In a stunning report released by the United States Government Accountability Office in July 2008, Americans learned that many corporations, including those with assets over $250M, reported no tax liabilities. In fact, from 1998-2005, 72% of foreign-controlled domestic corporations (FCDC’s), and 55% of US-controlled corporations (USCC’s), reported zero tax liability for at least one of those years. In total, two-thirds of the corporations doing business in the U.S. paid no taxes from 1998-2005, while collectively reporting $2.5 trillion dollars in sales.
In that article, I pointed out that the cuts McCain wanted were something of a manufactured myth, not just because so many corporations paid no taxes at all, but because the majority of those who did pay, paid nowhere near the 35% McCain claimed.
McCain and other Republicans continue pushing the mirage of high corporate taxes despite the nuts and bolts of facts as presented by the government’s own accounting office. At a time when they should be demanding an end to the loopholes and special breaks that allowed so many corporations to exist tax-free, they are instead pushing for more corporate tax breaks.
One has to wonder what America’s bottom-line might look like if all the corporations in question paid taxes at even 10% during the last decade. My guess is that it might have been enough to fund the $700B+ business bailout that the Senate voted for, despite the the fact that the majority of Americans disapproved. We’re tired of paying the price for corporate negligence and greed, a point that is driven home every time we hear about multi-million dollar bonuses, million dollar office makeovers, or lavish parties.
There are small businesses — those without teams of attorneys and accountants at their disposal — who might benefit from tax breaks and other incentives. If the corporations that paid no taxes at all paid their share, we might be able to give relief to those small businesses that are struggling due to the economy, and not their own bad business practices.
With our country in crisis, this is not the time for smokescreens, mirages, and propaganda. It is time to face the truth, hold businesses and people accountable, and give relief where it is needed — and not just where it’s politically expedient or advantageous to do so.
19 Responses to “McCain’s Tax Lie”
Ann Parker January 25th, 2014 at 10:38 pm #
I think McCain needs to shut up. He himself said to the press that he knew very little about economics. So stay out of it and let those who do know something figure it out. What exactly does he know? He tried to inflict Sarah Palin on us, now he wants to ruin the economy further.
Little Sun January 25th, 2014 at 10:45 pm #
Very nicely said, Jane.
kris D. January 26th, 2014 at 1:40 am #
it was only a matter of time before the good ole boys started banging those same stupid drums. somehow they will also find a way to pin the failed economy on the DEMS…
Sandi Keene January 26th, 2014 at 7:02 am #
Yeah, EXACTLY what she said! It is shocking each time the smoke and mirrors are brought out once again. Someday I will stop being shocked by Washington because it is business as usual. But seriously, come on! Do they know we can read?!
SusanS January 26th, 2014 at 10:14 am #
We CAN read! and we CAN VOTE!!
McCain and the other old white men have been reduced to just so much white noise. If they want to continue with their blathering untruths, we can now just smile and ignore them, as we can ignore Faux News. If we’re very very lucky, they’ll go away or die off.
We probably won’t ever be that lucky.
But at least now they’ve been reduced to background noise.
:o)
Yes we DID!
kris D. January 26th, 2014 at 3:44 pm #
In my many years I have come to a conclusion that one useless man is a shame, two is a law firm, and three or more is a congress.
- John Adams
Kate C January 26th, 2014 at 4:56 pm #
sigh
This gets so demoralizing not even being one of teh “middle class” people that this stimulus is aimed at anyhow.
Neil January 26th, 2014 at 5:26 pm #
I really need to read more on this issue, because the idea that big business is over-taxed has been said so many times, that it is considered something true, and I believed it as well.
Jane Devin January 28th, 2014 at 2:44 am #
Ann - could we be so lucky?
Little Sun - thanks!
Kris - they already are! Amazing.
Sandi - if you’re anything like me, you’ll never stop being shocked. Everytime we think it has gotten as ridiculous as it can get, it gets even more so.
SusanS - yes we did! Now if we can just rid ourselves of the lingering infection of Faux and its ilk!
Kate C - I read the stimulus plan and all I could think of was WTF. I don’t think any politician really “gets” the plight of the working classes.
Neil - in my original article, linked to above, there’s a link to the GAO report. It’s shocking.
Thank you to everyone who commented.
Little Sun January 28th, 2014 at 6:39 am #
Anybody else here read about the Bank of America meeting where they were actively plotting to stop the Employee Free Choice Act?
These kinds of folks don’t just not “get” it, they are taking our money in the guise of corporate welfare and using it to wage all-out war on us!
Doris Rose Macbean January 28th, 2014 at 10:51 am #
thanks Jane, I guess the warm fuzzy inauguration is over and we didn’t “…put childish things aside.” The eejits started right back to work.
Corinne January 28th, 2014 at 6:39 pm #
The culture of greed present in this country is astounding. 71,400 job cuts were announced on Monday as CEOs scramble to justify their outrageous salaries and bonuses. It is so firmly entrenched that the corporate executives feel entitled to reward themselves while punishing the rest of the employees. Any federal help for corporations would not help any employee below the executive level.
Jane Devin January 29th, 2014 at 9:30 am #
Little Sun - I read that on HuffPo a few days ago and was disgusted. I’ve had to stop shopping at Home Depot now that I know it’s owned by a right-wing fanatic. Unfortunately, I don’t think the news made a very big impact elsewhere.
Doris - All 177 Republicans stood against Obama’s stimulus package, proving once again that there are no “mavericks” in their group-think party, where the majority of thinking is done by that piece of puffery known as Rush Limbaugh.
Corrine - $18M in Wall Street bonuses were handed out in 2008…stunning isn’t it? The Minneapolis paper has had layoff announcements pretty much every day lately, and we’re considered on of the more stable parts of the nation.
SusanS January 29th, 2014 at 9:55 am #
AAwww Jane, I liked the old heading title better ;o) lol
Jane Devin January 29th, 2014 at 10:00 am #
Me too, Susan, but Google didn’t!
Ann Parker January 29th, 2014 at 10:57 am #
Ummmmm, I wonder if there is anyone you CAN call an idiot on google? If so, why?
Jane Devin January 29th, 2014 at 11:35 am #
There are tons of idiot listings on Google. I should have clarified. There were too many listings with the words McCain + idiot, so google wasn’t listing this article in the first six or seven pages of a search. How funny is that? LOL.
Ann Parker January 29th, 2014 at 9:46 pm #
I can’t resist. GOP ticket…..McCain+idiot.
nikki February 7th, 2014 at 7:41 pm #
Amen, sister!