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McCain wants low corporate taxes, regulated CEO pay
Yahoo ^ | 6/10/08 | Jeff Mason

Posted on 06/10/2008 9:14:16 AM PDT by pissant

WASHINGTON (Reuters) - Republican White House candidate John McCain will promise on Tuesday to lower corporate tax rates if he wins the U.S. presidency and ease the tax burden on middle-class workers to help revive the faltering economy.

The Arizona senator, who has wrapped up his party's presidential nomination, also would propose a simpler, alternative tax system and insist that chief executives' pay and severance packages have shareholder approval.

"No matter which of us wins in November, there will be change in Washington. The question is what kind of change?" McCain will tell a conference for small businesses, referring to his Democratic opponent, Sen. Barack Obama of Illinois.

"Will we enact the single largest tax increase since the Second World War as my opponent proposes, or will we keep taxes low for families and employers?" he will say, according to excerpts released before his speech.

McCain will pledge to act quickly to lower corporate taxes from "the second highest in the world to one on par with our trading partners to keep businesses and jobs in this country."

He will propose a law to allow companies to expense new equipment and technology in their first year.

He supports keeping capital gains taxes low, doubling a tax exemption for children, and phasing out the "alternative minimum tax" which he said would save some 25 million middle-class families up to $2,000 in a year.

On Monday Obama drew a sharp contrast with McCain, his opponent in the November election, accusing him of wanting to widen President George W. Bush's tax cuts and plunge the United States deeper into debt.

He charged that McCain's support for extending Bush's tax cuts would allow $2 trillion in corporate tax breaks.

U.S. taxes were too complicated overhaul, McCain will say in his speech, in which he will argue for an alternative system.

"As president, I will propose an alternative tax system. When this reform is enacted, all who wish to file under the current system could still do so," he will say.

"Everyone else could choose a vastly less complicated system with two tax rates and a generous standard deduction."

McCain criticizes Obama for wanting to increase dividend and capital gains taxes and aiming to raise the minimum wage and link it to an index.

But he also takes aim at top corporate executives with big salaries and excessive severance packages.

"Americans are right to be offended when the extravagant salaries and severance deals of CEOs ... bear no relation to the success of the company or the wishes of shareholders," he will say, adding that some of those chief executives helped bring on the country's housing crisis and market troubles.

"If I am elected president, I intend to see that wrongdoing of this kind is called to account by federal prosecutors. And under my reforms, all aspects of a CEO's pay, including any severance arrangements, must be approved by shareholders," he will say.


TOPICS: Crime/Corruption
KEYWORDS: ceopay; fascism; govwatch; mccain; seebreakingnews; shareholderapproval; socialism; taxes
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Somebody tell Juan that it is none of the government's business what a CEO makes.
1 posted on 06/10/2008 9:14:16 AM PDT by pissant
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To: pissant

Why doesn’t McCain just switch parties and get it over with?


2 posted on 06/10/2008 9:16:47 AM PDT by Slapshot68
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To: pissant

McCain also said that he was going to end corporate welfare....major plus....way to go McCain...finally....


3 posted on 06/10/2008 9:17:00 AM PDT by Fred (The Democrat Party is the Nadir of Nilhilism)
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To: pissant

I have no problem with this as long as the salaries of congress and the president are made equal to the median salary of working Americans (including illegals.) Also, I’d like their health coverage to be switched to the M-plan and their retirement should be social security.


4 posted on 06/10/2008 9:17:50 AM PDT by mysterio
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To: pissant
"Somebody tell Juan that it is none of the government's business what a CEO make"

He's been around enough to understand that concept. He rejects it.


5 posted on 06/10/2008 9:18:00 AM PDT by I see my hands (_8(|)
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To: pissant
F’ing meddler. Its the shareholders and directors business what the CEO makes.
6 posted on 06/10/2008 9:18:07 AM PDT by Eric in the Ozarks
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To: Fred

What does he consider to be corporate welfare?


7 posted on 06/10/2008 9:18:29 AM PDT by pissant (THE Conservative party: www.falconparty.com)
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To: pissant

I think that idea will no longer be valid in the future.


8 posted on 06/10/2008 9:18:49 AM PDT by stuartcr (Election year.....Who we gonna hate, in '08?)
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To: pissant
Somebody tell Juan that it is none of the government's business what a CEO makes.

But he's for the leetle peeple.

9 posted on 06/10/2008 9:19:38 AM PDT by TADSLOS (The GOP death march to the gravesite is underway.)
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To: pissant
Presidental hopeful McCain is talking the talk.

It's time for God-fearing, America-loving so-called silent majority to let liebrals know we are walkin the walk!!!

10 posted on 06/10/2008 9:20:23 AM PDT by kcm.org (Soros declares crude oil prices are a bubble)
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To: pissant

This is the guy Freepers want conservatives to support?


11 posted on 06/10/2008 9:20:37 AM PDT by Oshkalaboomboom
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To: Slapshot68
Why doesn’t McCain just switch parties and get it over with?

Why should he? The GOP has moved left with him.

12 posted on 06/10/2008 9:20:53 AM PDT by TADSLOS (The GOP death march to the gravesite is underway.)
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To: pissant
IBTMBW. They will be here shortly to denounce corporations and proclaim that the government really should be regulating CEO renumeration (and then there is the, "but this plan does not call for government regulations of corporations, it only calls for government regulations of the executive-shareholder relationship, which is not a real regulation, but instead is the free-market conservative kind that will help defeat the terrorists").
13 posted on 06/10/2008 9:21:33 AM PDT by M203M4 (True Universal Suffrage: Pets of dead illegal-immigrant felons voting Democrat (twice))
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To: pissant

“Somebody tell Juan that it is none of the government’s business what a CEO makes.”

Actually, this is where the government can and should make a difference. But the approach is wrong.
Regulating pay of CEOs? Bad idea, very bad.
A better idea is looking into the relationship of CEOs to boards of directors.


14 posted on 06/10/2008 9:22:44 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: Eric in the Ozarks
And under my reforms, all aspects of a CEO's pay, including any severance arrangements, must be approved by shareholders," he will say.

Don't trust MSM headlines

15 posted on 06/10/2008 9:22:56 AM PDT by Homer1
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To: brownsfan
And under my reforms, all aspects of a CEO's pay, including any severance arrangements, must be approved by shareholders," he will say.
16 posted on 06/10/2008 9:23:40 AM PDT by Homer1
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To: pissant
"Americans are right to be offended when the extravagant salaries and severance deals of CEOs ... bear no relation to the success of the company or the wishes of shareholders,"

Someone should inform this jerk that the stockholders elect the Board who approves executive salaries.

If the stockholders don't like executive pay, sell the stock.

17 posted on 06/10/2008 9:25:26 AM PDT by Cobra64 (www.BulletBras.net)
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To: Homer1

“And under my reforms, all aspects of a CEO’s pay, including any severance arrangements, must be approved by shareholders,” he will say.”

Someone tell me why that’s bad?


18 posted on 06/10/2008 9:25:36 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: brownsfan

Note to self: READ THE WHOLE POST before commenting. :)


19 posted on 06/10/2008 9:26:43 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: brownsfan

It’s the way the MSM spins it.


20 posted on 06/10/2008 9:29:26 AM PDT by WakeUpAndVote (Huh?)
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To: Slapshot68
Why doesn’t McCain just switch parties and get it over with?

His supporters wouldn't mind a bit. When winning is all that matters, what difference does party make?

He can join forces with Obama and they can all get thier unopposed win.
21 posted on 06/10/2008 9:29:32 AM PDT by cripplecreek (I miss the days when only the politicians were unethical.)
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To: Cobra64

“Someone should inform this jerk that the stockholders elect the Board who approves executive salaries.

If the stockholders don’t like executive pay, sell the stock.”

Yeah, and if a business is smart enough and powerful enough to get a complete monopoly, why should government interfere?! /< sarcasm>

So you’re saying, if I own XYZ Co. and the board hires a CEO that’s a nitwit for a huge amount of compensation, tough? So, when said nitwit tanks the company and makes Cramer’s list of buy when fired, too bad? And when I lose 50% of the value of my stock, but the CEO glides out on a golden parachute, that’s just how it should be?


22 posted on 06/10/2008 9:30:51 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: Slapshot68

Just what I was thinking...Gawd,it’s sickening that we have to resort to trying to get him elected. I am soooo pining away for Ronnie....I sure do miss him.


23 posted on 06/10/2008 9:33:44 AM PDT by gimme1ibertee (Liberals (and RINOS) act as if stupidity were a virtue.)
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To: brownsfan
Someone tell me why that's bad?

My thoughts also. Of course the multi-millionaire conservative talk show hosts don't want to see CEO pay regulated since they're in the big club themselves.

It seems hypocritical when Glenn Beck and others are hyperventilating over the "injustice" of regulating CEO pay, when their listeners are dealing with the discomfort of increased gas and food prices.

24 posted on 06/10/2008 9:35:26 AM PDT by Ciexyz
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To: pissant
Here is the McCain press release on this speech http://www.freerepublic.com/focus/f-news/2028893/posts

McCain's Bloomberg interview will be on today at 2pm est. I am sure he is going to expand on this speech. I will let you know and post a link to the video or podcast if it is up on the Bloomberg website...


25 posted on 06/10/2008 9:36:50 AM PDT by Fred (The Democrat Party is the Nadir of Nilhilism)
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To: Cobra64
If the stockholders don't like executive pay, sell the stock.

BINGO. The assent is built in - invest if you like the whole package, divest or stay away if you don't. There is plenty of room for improvement in the regulation of corporate (and I will give McCain credit for at least verbally supporting corporate tax reductions), for example, by deferring most regulations to the states, where the forces of downward harmonization will be able to keep regulations and taxes low, and prevent an exodus of capital and jobs to international business havens ("but we will be better off in our pure state without these unAmerican capitalist traitors!").

26 posted on 06/10/2008 9:37:37 AM PDT by M203M4 (True Universal Suffrage: Pets of dead illegal-immigrant felons voting Democrat (twice))
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To: brownsfan

Ummm... no. I’ve sat on the board of several corporations. If executives don’t perform, we fire them.


27 posted on 06/10/2008 9:39:12 AM PDT by Cobra64 (www.BulletBras.net)
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To: pissant

“McCain wants regulated CEO pay”

Oddly enough I cannot find that in my copy of the Constitution.


28 posted on 06/10/2008 9:40:34 AM PDT by Grunthor (Hey McCain, no reach-around, no vote!)
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To: Ciexyz

“It seems hypocritical when Glenn Beck and others are hyperventilating over the “injustice” of regulating CEO pay, when their listeners are dealing with the discomfort of increased gas and food prices.”

Spin comes into play. I don’t think it’s the government’s business how much a CEO is paid. I think it IS the government’s business if that number is arranged in a questionable fashion. Often, the CEO is very good friends with some of the board members. This leaves the setting of the CEO compensation package open to the appearance of being unethical.

The shareholders are the real owners. Let them approve the compensation package. Seems to make sense to me.


29 posted on 06/10/2008 9:41:32 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: Grunthor

However, you can find a right to bear arms, which McCain has been iffy on, and a right to free speech and association, which McCain wants to further regulate.


30 posted on 06/10/2008 9:43:28 AM PDT by pissant (THE Conservative party: www.falconparty.com)
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To: pissant

Did you actually read the article?? Or just the headlines?


31 posted on 06/10/2008 9:44:44 AM PDT by Perdogg
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To: brownsfan

If the government regulates the compensation of CEOs it is only fair that it regulate the compensation of actors singers, lawyers, athletes, doctors etc, and all damage awards. You can’t select out one group of people for unequal treatment under the law based on how much money they make and still claim to believe equal protection. We can do this either way, but everybody should be in the same boat under the law.


32 posted on 06/10/2008 9:46:39 AM PDT by Old North State
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To: Cobra64

“Ummm... no. I’ve sat on the board of several corporations. If executives don’t perform, we fire them.”

Really? So Cramer’s buy if the CEO is fired list doesn’t exist? There are no incompetent CEOs who are hired under circumstances that look less than legit?

ALL corporations perform as to your experience? No need to involve the owners, (shareholders)?

Whew, that’s a relief. No need to pay attention then. If only the rest of the population where as trustworthy as business execs, right? (Pssst, nevermind about Enron, WorldCom, Global Crossing... )


33 posted on 06/10/2008 9:46:51 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: brownsfan
Let them (the shareholders) approve the compensation package.

A voice of reason! Why not?


34 posted on 06/10/2008 9:46:55 AM PDT by Ciexyz
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To: cripplecreek

You notice that the true McCainiacs never have the ba!!s to show up on these threads and defend that POS?


35 posted on 06/10/2008 9:47:22 AM PDT by Grunthor (Hey McCain, no reach-around, no vote!)
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To: Eric in the Ozarks

how is he meddling???? do you own stock, mutual fund or have a 401K account???

are you sick and tired of watching a failed CEO retired into leisure while the stock he was in charge of retreats and hurts your account???

McCain is correct- these severance packages, stock options should be voted on by the stockholders- not the board of directors who want to feed their own pockets...


36 posted on 06/10/2008 9:48:21 AM PDT by God luvs America (When the silent majority speaks the earth trembles!)
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To: pissant

If yer party was running candidates this year, I’d be supporting it. I will most likely be voting CP this year and keeping one eye on you folks for coming elections.


37 posted on 06/10/2008 9:48:44 AM PDT by Grunthor (Hey McCain, no reach-around, no vote!)
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To: brownsfan; All

38 posted on 06/10/2008 9:50:28 AM PDT by Perdogg
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To: Perdogg

Maybe he should ask Carly to return some of her money to the HP shareholders.


39 posted on 06/10/2008 9:50:54 AM PDT by pissant (THE Conservative party: www.falconparty.com)
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To: Old North State

“If the government regulates the compensation of CEOs it is only fair that it regulate the compensation of actors singers, lawyers, athletes, doctors etc, and all damage awards. “

First of all, read it, I made that mistake too. McCain doesn’t want to regulate the amount, he wants the shareholders, the owners, to approve the amount. Why is that bad?

Secondly, this applies to public corporations only. If you’re a private company, and you don’t have any shareholders, you can do anything you please. Pay the CEO $1 billion a year, who cares?


40 posted on 06/10/2008 9:51:30 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: God luvs America
If the stockholders and directors don't do their jobs, replace them. It is fundamentally not the government's job to determine how much I, you or anyone else in the civilian sector is paid.
41 posted on 06/10/2008 9:52:12 AM PDT by Eric in the Ozarks
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To: Oshkalaboomboom

Yes, most hate Obama more.


42 posted on 06/10/2008 9:54:10 AM PDT by stuartcr (Election year.....Who we gonna hate, in '08?)
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To: Perdogg

You are so late!
I already said my mea cupla.


43 posted on 06/10/2008 9:54:44 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: God luvs America
McCain is correct- these severance packages, stock options should be voted on by the stockholders- not the board of directors who want to feed their own pockets...

exactly--i whole-heartedly agree... and neither should the Congress vote on their own salaries and pay raises...

44 posted on 06/10/2008 9:54:48 AM PDT by latina4dubya
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To: Grunthor
You notice that the true McCainiacs never have the ba!!s to show up on these threads and defend that POS?

Too busy writing daily Obama fearmonger posts- "Vote McCain or Else" to be concerned with Johnny's socialistic manuevers to woo the sheeple.

45 posted on 06/10/2008 9:55:44 AM PDT by TADSLOS (The GOP death march to the gravesite is underway.)
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To: pissant
That may or may not be warranted, but the headline was misleading. I have issues with the federal govt over stepping State law in regarding corporate law, but I at least read the article before spouting off.
46 posted on 06/10/2008 9:56:55 AM PDT by Perdogg
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To: brownsfan

I was joking around.


47 posted on 06/10/2008 9:57:36 AM PDT by Perdogg
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To: WakeUpAndVote

So the idea is really OK, it’s just the way someone spins it, that’s bad?


48 posted on 06/10/2008 9:58:29 AM PDT by stuartcr (Election year.....Who we gonna hate, in '08?)
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To: cripplecreek

I wish he had switched parties McCain-Lieberman v. whoever the Rep’s put up would be an election that would make me rest easy at night.


49 posted on 06/10/2008 9:59:33 AM PDT by Homer1
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To: Eric in the Ozarks; God luvs America

Actually State laws do regulate this activity, generally, in the absence of any given setforth regulations and policy. I have federalism issue with this, but the concept is not new.


50 posted on 06/10/2008 10:00:19 AM PDT by Perdogg
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