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Does anyone understand McCains tax plan?

Bush gave big tax break to corporate to produce jobs. Corporate pocketed the money and took jobs overseas.
McCain want big tax breaks for Corporate. What is McCain going to do to prevent corporate from keeping money and taking jobs overseas?

What is the difference in McCain tax break from Bush trickle down tax break?

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Anonymous

Asked by Anonymous at 8:27 AM on Oct. 30, 2008 in Politics & Current Events

Answers (27)
  • OK, I am not sure you understand that even with Bush's tax cuts, our corporate tax rate is still one of the highest in the world. I think we rank 2nd or 3rd highest taxes in the world. Why would a business want to continue providing jobs in a country that wants to charge ridiculous taxes, when some place like Ireland or China would be much cheaper? Our corporate tax rates need to drop even more drastically, which is what McCain plans on doing. It will make it much cheaper for companies to function in our country, which makes them more likely to stay put or to come in. And if you want to get an idea of what high taxes do to unemployment take a glance at Rhode Island (the wonderful state I grew up in). They have some of the highest tax rates in the country and also some of the highest unemployment rates. Interesting how those things go hand in hand.
    cait030507

    Answer by cait030507 at 8:39 AM on Oct. 30, 2008

  • Cait030507 summed it up for you. The point of dropping the corporate tax rate is to encourage those companies to keep jobs here. He plans to drop it more than Bush did, because part of the problem with Bush's plan was that (as Cait said) it didn't drop it enough to make us competitive with other countries.
    MammaMiaMA

    Answer by MammaMiaMA at 8:43 AM on Oct. 30, 2008

  • Many countries pay their people under $1.00 and hour.

    Even with McCains tax breaks we cannot compete unless he plans on destroying the dollar. They would have to eliminate all taxes on Rich or lower our wages to make products cheaper in US, they might even have to do both.

    What is the difference form McCains plan then Bush's? Bush also gave large tax breaks to corporate, why did it not work?
    Anonymous

    Answer by Anonymous at 8:50 AM on Oct. 30, 2008

  • As stated above Bush's tax breaks weren't enough. Here is a pretty little map that shows tax rates in given countries. http://en.wikipedia.org/wiki/Image:CIT_in_World_Barry_Kent.png Notice Ireland is green. Means very low taxes. Oh and here is their current median salaries http://www.payscale.com/research/IE/Country=Ireland/Salary notice that they are in Euro (which is generally more valuable than the dollar), and that they are not making poverty like wages. Interesting. Low taxes, lots of jobs, good pay....interesting.
    cait030507

    Answer by cait030507 at 8:54 AM on Oct. 30, 2008

  • So then what you are saying the difference in the Bush tax break and the McCain tax break is that McCain is going to give the rich a much bigger tax break than Bush?

    Bush made the rich the richest in history and you are saying they did not make enough money to build companies in America? Where is their Patriotism?

    And if they can find people in other countries to work for near to nothing, won't they keep this money too, and keep doing bus. overseas? If it is all dealing with profits, how will they make bigger profits here with the wages?
    Anonymous

    Answer by Anonymous at 9:02 AM on Oct. 30, 2008

  • Michigan has high unemployment also, have been having problems for the last 5 years or more. Our problems is the jobs went overseas, we cannot compete on wages? We are a union state that believe in fair wages and fair working conditions. It's not the taxes that our breaking us, its the rich wanting cheap wages and they have the power. Why do you think they open factories in the south? Rich want to get richer, talks about it in the encylopedia under capitalism. Wide gap from rich to middle. lead to power, low wages, poor working conditions, that is how the unions were formed.
    Anonymous

    Answer by Anonymous at 9:21 AM on Oct. 30, 2008

  • Ok Anon, why not tell us what Obama's plan is then to keep business in the US? Oh thats right, he is offering $3000 tax cut to companies. Its going to cost way more than that for them to keep a given job in the US. Especially when CEOs tax rates are going up. Did you look at what happened when Carter was in office? The rich pulled their money out of the US economy and put it in off shore accounts and international markets. They got around it, and guess what, the middle class ended up having to pay. BTW, Did you look at RI? http://money.cnn.com/pf/features/lists/state_unemployment/ Look at that unemployment rate. http://www.taxfoundation.org/publications/show/22917.html Look at those taxes!
    cait030507

    Answer by cait030507 at 9:24 AM on Oct. 30, 2008

  • You are misinformed in that the tax break was not given to the "rich." Bush's lower tax rate was given to people like my family who are far from rich. You have believed a lie from the media. It simply is not the truth. We owned a small business for more than 30 years, and we fared better under the Bush administration than under any other. The worst years were the Carter years, whose economic ideas were very similar to Mr. Obama's, except My. Obama's will be far more damaging to the small business owner. We, by the way, made far less than what Mr. Obama considers to be middle class.
    NannyB.

    Answer by NannyB. at 9:34 AM on Oct. 30, 2008

  • there isn't one. i don't think mccain understands his own plan.
    figaro8895

    Answer by figaro8895 at 9:49 AM on Oct. 30, 2008

  • Well, at least McCain's laid out a clear definition of the middle class, whose ceiling doesn't change day to day (250K, 200K, 150K--which is it?)

    Under Bush, the middle class saw their taxes drop an average 20.4%. Obama promises to repeal the Bush Tax Cuts.

    Once again, if he repeals the Bush Tax Cuts that means taxes go up for the middle class. He's offered nothing to corporations to keep business here, so once again, that means that corporations will continue to outsource under Obama.
    Anonymous

    Answer by Anonymous at 9:53 AM on Oct. 30, 2008

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