Republicans on Tax Cuts – Part II

McCain wants to cut taxes! YEAH for America! More Republicans get more of their money to spend the way they want to! Capitalists Unite! Seriously. I’m not being facetious. Read his summarized tax plan. Now read it again. And let’s walk through it together.  I’ll hold your hand.

Keep Tax Rates Low: Entrepreneurs are at the heart of American innovation, growth and prosperity. Entrepreneurs create the ultimate job security – a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission. John McCain will keep the top tax rate at 35 percent, maintain the 15 percent rates on dividends and capital gains, and phase-out the Alternative Minimum Tax. Small businesses are the heart of job growth; raising taxes on them hurts every worker.

I agree. Entrepreneurs are at the heart of American innovation. I’m an entrepreneur. I’ve been scheming up small business plans since I was a junior in high school. As an entrepreneur however, I can tell you that the second sentence is entirely wrong, and down right frightening… Entrepreneurs are high risk takers, and they have the least amount of job security. And anyone employed by a small business, is equally at risk of losing their job. “- a new, better opportunity if your current job goes away.” Does he know something I don’t? Maybe he’s going to send your job overseas. He’s done it before. “John McCain will keep the top tax rate at 35 percent, maintain the 15 percent rates on dividends and capital gains”– So, no tax cut for the top tax rate, and no tax cut of the 15 percent rates on dividends. So, where is he cutting taxes again?

Cut The Corporate Tax Rate From 35 To 25 Percent: A lower corporate tax rate is essential to keeping good jobs in the United States. America was once a low-tax business environment, but as our trade partners lowered their rates, America failed to keep pace. We now have the second highest corporate tax rate in the world, making America a less attractive place for companies to do business. American workers deserve the chance to make fine products here and sell them around the globe.

Yeah, a Tax Cut! Hey, I’m an entrepreneur! Double Sweet! I get a tax cut from 35 to 25 percent. Actually, I don’t, because I’m not a Corporation. Well, who does it help then? In helps McCain, and his rich buddies. How can I say that? “A lower corporate tax rate is essential to keeping good jobs in the United States.” Well, that may in part be true, but its a stretch. Corporate taxes are taxes on profit. More profit, means more employees, right? Yes. More profit means more United States jobs, right? Not even close. More profits for corporations means more money for investors and shareholder. Moving jobs overseas to lower-wage countries also helps profits, and with fewer taxes on those corporations, means bigger profits for the people who have invested more into those companies. That’s great for wealthy pastors, overpaid company execs, and rich politicians, but it means very little for you and me. Okay, what’s next.

Establish Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D: This reform will simplify the tax code, reward activity in the United States, and make us more competitive with other countries. A permanent credit will provide an incentive to innovate and remove uncertainty. At a time when our companies need to be more competitive, we need to provide a permanent incentive to innovate, and remove the uncertainty now hanging over businesses as they make R&D investment decisions.

Hey, this sounds awesome! Do you know what it means? Well, it means, once again, that McCain is doing great things, that will benefit you and me, right? Nope. While I don’t have a problem with this plan, once again, it really only impacts businesses, and certainly has no value for the working individual. We’re still not taking about a reduction in your taxes. In fact, this is money that will be lost tax revenue. Money that has to be made somewhere else… I wonder where the money to compensate for the tax credit will come from? Most likely, you and me.

Ban Internet Taxes: John McCain believes we must make a farsighted, robust, and fervent commitment to innovation and new technologies to sustain our global competitiveness, meet our national security challenges, achieve less costly and more effective health care, reduce dangerous dependence on foreign sources of oil, and raise the quality of education in the United States. John McCain has been a leader in keeping the Internet free of taxes. As President, he will seek a permanent ban on taxes that threaten this engine of economic growth and prosperity.

This is one of my favorites! Ban Internet Taxes. Man, I hate Internet taxes. I’m all for banning them. I’ll do all my shopping online, and never pay sales tax again! But let’s keep reading… “Innovation and new technologies”- what does that have to do with Internet taxes? “meet our national security challenges”- WTF? “Achieve less costly and more effective health care”- Since when does health care costs have anything to do with the Internet? Again, companies (especially big companies) care about one thing. Profit. McCain’s no idiot. He’s not going to do anything to reduce health care expenses.. why? Because, true to the Republican creed, and Capitalist philosophy, if you want quality health care, you’ll find your own way to pay for it. And maybe those tax cuts will help.. Oh, I almost forgot, there aren’t any tax cuts! Besides, those companies don’t want McCain cutting into their profits (because somewhere, either him or one of his buddies will lose out on some money to be paid from those profits), they want him to increase their corporate profits, which means more money taken from you. Sorry, middle class that can’t afford quality health care! Sorry. Anyway, I digress. Where were we… Oh, right, “reduce dangerous dependence on foreign sources of oil”- Holy shit! Seriously? I’d like to see him explain how that will work… Hopefully you’re seeing the ludicrously of this entire paragraph (titled, remembered, “Ban Internet Taxes”), and finally, “raise the quality of education in the United States”. Wow. I’m almost speechless… Almost. But not quite. One more to go.

Ban New Cell Phone Taxes: John McCain understands that the same people that would tax e-mail will tax every text message – and even 911 calls. John McCain will prohibit new cellular telephone taxes.

If I’ve learned one thing from cell phone companies, Republicans, and… hey, wait a minute… Something fishy is going on here.. Oh! I almost misread that.  No New Cell Phone Taxes.  Well… I can agree with that.  Maybe this McCain guy ain’t so bad.  Maybe I’ve been too harsh.  Let me think about this for a minute and what it means….  Uhm, nope.  Still can’t get past the rest of his tax plan.  Sorry reps.

I’m almost done. If you take a look at McCains voting history is it related to Tax Reform, a nice pretty picture is painted. And I like what he did, then. In fact, back in 2000-2002, I liked McCain in general. I thought he’d make a great president. He really was a Maverick. But over the last 4-6 years, McCain has changed. His attitude, policies, and tactics have all changed, significantly, and I feel like he’s turning into as much of a tool for major corporations and special interest parties as Bush is. Reading over his recent record, it sounds pretty on the surface, but digging in, between the lines, I think there are some serious concerns to be had.

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~ by kylemallory on September 26, 2008.

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