Subject: [big campaign] McCain's $45B Corporate Tax Giveaway
From: "Adam Jentleson (CAPAF)" <[email-masked]>
To: "big campaign" <[email-masked]>
Date: Thu, 26 Jun 2008 14:02:49 -0400
List-Id: <bigcampaign.googlegroups.com>

New from the Wonk Room. The post includes a chart with dollar figures for the top 5 corporations.  The paper has a chart and dollar figures for all 200 and is at:

http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/fortune_200.pdf

McCain Would Give America’s 200 Largest Corporations $45 Billion In Tax Breaks <http://thinkprogress.org/wonkroom/2008/06/26/fortune-200-report/> »

If you’re a CEO of one of America’s largest corporations and have enjoyed the Presidency of George W. Bush, a contribution to the McCain campaign is looking like a pretty good investment.

A new report <http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/fortune_200.pdf>  from the Center For American Progress Action Fund finds that a key piece of John McCain’s tax plan — cutting the corporate tax rate from 35% to 25% — would cut taxes by almost $45 billion every year for America’s 200 largest corporations as identified by Fortune Magazine.

Eight companies — Wal-Mart Stores Inc., Exxon Mobil Corp., ConocoPhillips Co., Bank ƒƒof America Corp., AT&T, Berkshire Hathaway Inc., JPMorgan Chase & Co., and Microsoft Corp. — would each receive over $1 billion a year.

The following table shows the tax savings to America’s five largest firms. See a full list of all 200 companies and their savings under McCain http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/6-26-08-mccain_corp_tax.jpgHYPERLINK "http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/fortune_200.pdf"here <http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/6-26-08-mccain_corp_tax.jpgHYPERLINK> :

These giveaways are just one part of McCain’s doubling of the Bush tax cuts <http://thinkprogress.org/wonkroom/2008/03/21/mccain-norquist-agenda/>  for corporations and the wealthy which would create the largest deficits in 25 years <http://thinkprogress.org/wonkroom/2008/05/19/mccain-response-deficit/>  and drive the United States into the deepest deficits since World War II.

A recent analysis by the Public Campaign Action Fund found that John McCain’s campaign has received $5.6 million <http://www.campaignmoney.org/pressroom/2008/06/26/mccain-fortune200>  from the PACs and executives of the Fortune 200.

Over the past eight years, under George W. Bush, American workers have seen their wages stagnate <http://www.epi.org/content.cfm/bp195>  as corporate profits have skyrocketed <http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BC4257910-8351-437A-8C00-E4CF3B782091%7D&siteid=mktw&dist> . John McCain’s misguided priorities show he’s more of the same: the same $45 billion in tax cuts for America’s 200 largest companies could be used to lift over 9 million Americans out of poverty <http://www.americanprogress.org/issues/2007/04/poverty_report.html> . 

http://thinkprogress.org/wonkroom/2008/06/26/fortune-200-report/

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Adam Jentleson
Communications and Outreach Director
The Hyde Park Project, Center for American Progress Action Fund
202-247-8614

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