McCain Pitches Tax Cuts at Meeting with CEOs
By Michael D. Shear
SOUTH MILWAUKEE -- A day after John McCain offered an economic vision that included breaks for business and corporate America, he traveled to a mine equipment plant here for a round-table discussion with titans of industry.
In two hour-long panel discussions with CEOs and other business leaders, McCain pledged tax cuts, worker training, education improvements and spending restraint as a way to grow the economy.
"Investing in Americans, investing in people is at the heart of the growing and prosperous American economy," said Carly Fiorina, the former HP CEO who has become McCain's public face when talking about business.
Fiorina moderated two panels with McCain and the executives in a cavernous warehouse where the Bucyrus company makes massive equipment for coal, copper and iron ore mines across the world.
The panels were hand-picked by the campaigns and the participants -- who included the CEOs of General Mills, A.O. Smith, Northwestern Mutual and Wisconsin Energy -- universally praised McCain.
It gave the presidential candidate an opportunity to demonstrate his knowledge of economic issues -- something that is critical after he suffered political damage from saying that he knows little about the issue.
"When you're making decisions about where to go and where to locate in this global economy, how much impact does the fact that we have the second highest corp tax rate in the world?" McCain asked.
Several audience members said the tax rate was critical to the business decisions they make on behalf of their companies, a good answer for McCain, who has proposed to cut the corporate tax rate from 35 percent to 25 percent.
But the forum also gave McCain's critics the opportunity to once again scold him for focusing too much on the needs of corporate interests at the expense of workers and the less-well-off. Democrats issued a statement today saying his tax cut proposals would "balloon" the deficit.
"The truth is, McCain's economic proposals would balloon the deficit, not shrink it," a Democratic National Committee spokesman said in a statement.
Posted at 2:16 PM ET on Apr 16, 2008
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Posted by: JM | April 17, 2008 8:59 PM
What a biased anti-McCain account. But since you are a Post reporter, what else could we expect
Posted by: Henry Curry
OK Mr. Curry, so what exactly did the Post get wrong?
The way I read it, they didn't even mention that McCain said suspending the Gas Tax would drop the price of fuel by 20% - The Federal Gas Tax is 18 Cents, or less than 6% of the price of a gallon of regular unleaded.
To be fair, McCain probably did the math on the tool of his day, the abacus. Either that or he confuses "cent" and "percent" like he does with "Sunni" and "Shiite".
Posted by: JM | April 17, 2008 8:59 PM
PAUL VOLCKER has endorsed Obama. WARREN BUFFETT endorses both Clinton and Obama.
I trust their opinions a whole lot more than the opinions of these CEO guys.
Posted by: Tom J | April 17, 2008 9:40 AM
Tax cuts and spending restraint will fix the economy, eh? How do you have spending restraint with a war on? More tax cuts? This whole economic program amounts to "Let's max the Visa card." It's the typical Republican program. The problem is, in our current situation it will surely bring down the whole house of cards.
Someday, the Fed will hold an auction and nobody will come.
Posted by: fzdybel | April 17, 2008 12:42 AM
McCain sure is an economic whiz. How much did he cost us in the $850,000,000,000 Savings and Loan Swindles? Not as much as Neil and Jeb Bush,. . but a lot.
And haven't Republican skills in international relations mirror exactly their competence in the economy?
Like I tell my conservative friends, . . don't forget to gas up on your way to vote!
Posted by: gkam | April 16, 2008 11:11 PM
Do you think he has had a small stroke? This doesn't sound like a stable person. The way he flip-flops, it would be understandable (or more so) for a first term senator. Certainly not a vetran.
Posted by: redhotpapasan | April 16, 2008 11:07 PM
What a biased anti-McCain account. But since you are a Post reporter, what else could we expect
Posted by: Henry Curry | April 16, 2008 10:21 PM
Every time I see McCain's name I post the following:
John is a flip flopping hypocrite!! In June 05 he voted to limit interrogation techniques such as water boarding, and made a short speech about his vote. In February 2008 he supported Bush by voting against a bill to prohibit water boarding.
You CANNOT HAVE IT BOTH WAYS!
I add another item: What is it about being a POW that makes him qualified to be President? ANswer: nothing!
Posted by: swanieaz | April 16, 2008 7:56 PM
What did you expect from a republican? Tax cuts for middle America? Diplomatic work to get the price of oil down and gasoline down? Incentives to stimulate alternative fuels? Additional taxes on corporations that do not give benefits to their employees?
When is America going to understand that the republican party only has the interests of corporate executives at heart. We have had 7 years of that and look where we are. My electric bill is 4 times larger than it was just 5 years ago this month. Nat. gas has also gone up. Its not just gasoline. After bills, food and taxes I used to have about $1000 to spend each month. Now I have about $250. And I've had COLA increases every year.
Republican "leadership" is leading America to ruin. Get them out of power and put people in power who care about governmental responsibility and the need for government to lead the nation, not just protect its wealthiest and most well off.
Not one vote for a republican ... anywhere!
Posted by: Sully | April 16, 2008 7:43 PM
It looks like more of the same from the Republicans. Notice that they don't try to defend their record of trillion dollar debts, the destruction of our military, failing schools, crumbling infrastructure, loss of reputation in the world community, and the fact that the entire world hates the conservatives for what they have done to the former Beacon of Freedom in the world.
Those who think McCain is a hero might want to talk to some of us Vietnam Vets who remember he wes the one who accused us vets of War Crimes, while he was getting special treatment in a Vietnamese hospital because of his father was a four-star admiral.
But the neo-cons and neo-Fascissts have the best propaganda machine, (as usual) and the backing of the entire Corporocracy in the US. It's pretty hard to fight The Power.
Posted by: gkam | April 16, 2008 5:03 PM
This is why McCain has image problems: Chatting up corporate tax breaks with CEO's while the working class falls behind. He needs to address this before the fall.
Posted by: matt | April 16, 2008 4:19 PM
Some good points Joe-Ward. Reminded me of this story:
Top U.S. Investor, Jim Rogers- pulling out for Asia...
http://ronpaul.myfeedportal.com/viewarticle.php?articleid=52
Posted by: Dave | April 16, 2008 4:03 PM
Please, anyone in their right mind knows what great Loss has occured because of the BUSH TAX-CUTS!! - Debt Exploded! Good Jobs Were Destroyed/Shipped-out, Poverty increased, Infrastructure is Collapsing, Homes being Lost, Hunger Increasing, Dollar-Devalued, Real COLA at over 8%, on-and-on. - And the $Rich are $Richer! Big $Corporations / Executives are in Heaven, WAR IS IN FULL BLOOM! , Economic Terrorism Prevails, etc. - The BUSH Tax-Cuts have Destroed Our Country!! - We NEED Out of Debt Completely!! - Replace the Taxes NOW,- and then Double them on the Big $Corporations and the $Rich. - This is suppose to be a "NATION OF FOR & BY THE PEOPLE", - NOT FOR THE $$SPECIAL INTERESTS!! Wake-Up Congress and stop violating Your Oath of Office. The Sovereign Citizens RULE, - Not the Corporations and their flunky anti-American, Pro-CHINA,-take America without firing a shot - Washington Banker Elite - Bush/Cheny/Paulson/Bernanke/Greenspan Cronies,- whom have looted America! Tell the so-called Federal Reserve to go back to Europe!- Fired-Up! - jward52
Posted by: Joe-Ward | April 16, 2008 3:58 PM
Yes Ed, the family business may be booming and that is excellent for the family and the people they employ, but the problem is, there are more importers in American anymore than exporters.
The USD is in jeopardy of losing it's position as the de-facto world currency. In NYC, many shops accept Euros, Pounds and even Canadian dollars- when oil is no longer traded in USD, we lose a huge daily influx of value.
Oil rises, our dollar sinks- SOS (as far as I am concerned.)
Posted by: Dave | April 16, 2008 3:50 PM
He opposed President Bush's tax cuts a few years ago, saying they would irresponsibly swell the budget deficit. Now the Arizona senator not only supports extending those cuts indefinitely, he is backing more than $200 billion a year in new breaks.
Will you be voting with your pocket?
http://www.youpolls.com/details.asp?pid=2126
.
Posted by: Frank, Austin | April 16, 2008 3:41 PM
The family business makes specialty heavy construction equipment and is doing well. I'm certain the same is true for Bucyrus. Caterpillar has been having record sales. This is mostly the result of the fallen dollar since their competitors are mostly international. Chinese concerns will soon jump into this area as well. If they are Communist still, they have a good way of hiding it since they appear to be ruthless competitors in international business.
Posted by: Ed | April 16, 2008 3:38 PM
John McCain 08! Stealing from tomorrow to drop more bombs today! It's the American way. Are you anti-American or something?
Posted by: Bourassa | April 16, 2008 3:30 PM
and the hypocrisy continues!!!
http://www.huffingtonpost.com/2008/04/16/hillary-clinton-on-workin_n_97017.html
Posted by: christian | April 16, 2008 3:30 PM
It's by building giant deficits that they prove their conservative credentials. Who built the biggest deficits? Reagan and Bush2, darlings of the conservatives.
If Reagan did it, how can it be wrong?
McCain, the foot-soldier of the Reagan revolution, will cement his own place in conservative legend with a $20 trillion monument to conservative principles.
As pharoahs built their pyramids, so conservative presidents build their mighty deficits.
McCain will build a deficit for the ages. Even your great-grandchildren will look in awe at the terrifying size of the McCain debt and tremble!
Posted by: Bourassa | April 16, 2008 3:27 PM
Hi Ed,
If this was the 70's or even the 80's, then a "weaker" USD would be more welcomed. Seeing our currency tank like this is not good (imho) for the egg or the chicken.
China is a communist country. For us to "depend" on them to float us (buy buying our debt) is a kin to sac religion.
Posted by: Dave | April 16, 2008 3:26 PM
Very funny, rat-The. And for once, spot on.
Posted by: Bourassa | April 16, 2008 3:23 PM
Cut taxes to the top 1%, cut social spending, and dramatically increase the federal deficit. Ha ha, oh yeah, McCain sounds like a REAL economic wizard. Maybe he's looking to top Bush's legacy of the worst president ever.
Posted by: MikeMcNally | April 16, 2008 3:08 PM
"A weak USD is only good if you actually have a net plus in exporting goods to other countries... we do not have that any more- we are an import(ing) nation."
That is a chicken and egg argument. A fallen dollar would go a long way to erase the balance of payments issues. It is bad news for cheap goods at the big boxes unless China continues to buy our debt wildly, something that is possible since political stability there relies upon continued job expansion.
Posted by: Ed | April 16, 2008 2:57 PM
A weak USD is only good if you actually have a net plus in exporting goods to other countries... we do not have that any more- we are an import(ing) nation. Thus, the most of us and thus the economy at large suffers....
I have to agree with the ending statement in this blog:
"The truth is, McCain's economic proposals would balloon the deficit, not shrink it,"
Posted by: Dave | April 16, 2008 2:47 PM
International heavy equipment makers are doing exceptionally well since the dollar's fall. It makes their equipment much more competitive.
Posted by: Ed | April 16, 2008 2:38 PM
I have heard it said;
"It is better to let people think you do not know what you are doing, than to say, or do things that remove all doubt".
Posted by: RAT-The | April 16, 2008 2:27 PM
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What a biased anti-McCain account. But since you are a Post reporter, what else could we expect
Posted by: Henry Curry
OK Mr. Curry, so what exactly did the Post get wrong?
The way I read it, they didn't even mention that McCain said suspending the Gas Tax would drop the price of fuel by 20% - The Federal Gas Tax is 18 Cents, or less than 6% of the price of a gallon of regular unleaded.
To be fair, McCain probably did the math on the tool of his day, the abacus. Either that or he confuses "cent" and "percent" like he does with "Sunni" and "Shiite".