McCain thinks companies paying NO taxes need a tax break.

[Mugsy]

Run time: 01:53 https://www.youtube.com/watch?v=0aUDMmAnnOI   Posted on YouTube: August 13, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: August 13, 2008 By DU Member: Mugsy Views on DU: 500

 
Senator John McCain and his chief economic adviser Nancy Pfotenhauer believe that Corporations are moving overseas because our tax rate is too high.

Meanwhile, the very next day after Photenhauer's comments, the General Accountability Office (GAO) reports that 2/3rds of all U.S. corporations and 68% of foreign companies operating in the U.S. paid NO income taxes whatsoever in 2005.

[Jack Rabbit]

1. I'd like to see corporations like Exxon and Monsanto broken by taxes.

[ebt12]

2. They Keep Talking About Tax RATES

That does not mean the corporations are <I>paying</I> taxes. That's the difference people need to pay attention to. There are plenty of loopholes, faults in the tax laws, and creative accounting to keep the corporations from paying any taxes.

[DuckBurp]

3. You're right ...

There is a difference between tax rates and taxes paid. If a corporation's taxable income is zero or negative, it pays no taxes regardless of what the tax rate is. Once again, Republicans misleading the public.