I have one. How is the Mcpain economic plan going to help out?
The McCain Plan to Cut Oil Company Taxes by Nearly $4 Billion
The centerpiece of Sen. John McCain’s (R-AZ) tax plan is two huge tax cuts for Ameri-can corporations. As president, McCain would cut the corporate tax rate from 35 per-cent to 25 percent and allow corporations to deduct immediately all of their investments in equipment and technology. Reducing the corporate tax rate alone would deliver a $3.8 billion tax cut to the five largest American oil companies, according to a Center for American Progress Action Fund analysis of those companies’ financial statements....
The McCain plan would deliver approximately $170 billion a year in tax cuts to corporations, including some corporations that are very large and profitable. Just one of the proposals—cutting the corporate rate from 35 percent to 25 percent—would cut taxes for five largest U.S. oil companies by $3.8 billion a year (see table below). The five corporations analyzed—ExxonMobil, Chevron, ConocoPhillips, Valero Energy, and Marathon—are the five largest oil companies as ranked by Fortune Magazine. All are members of the Fortune 50. Together, they earned $80 billion worldwide in 2007You can read the entire report at The American Progress in Action.org
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