John McCain on Economic Growth
June 10th, 2008 at 06:12pm Mark Noonan
From McCain’s speech to NFIB:
As president, I intend to act quickly and decisively to promote growth and opportunity. I intend to keep the current low income and investment tax rates. And I will pursue tax reform that supports the wage-earners and job creators who make this economy run, and help them to succeed in a global economy. Serious reform is needed to help American companies compete in international markets. I have proposed a reduction in the corporate tax rate from the second highest in the world to one on par with our trading partners; to keep businesses and jobs in this country.
One of the most crucial economic issues in this campaign is the ability of American workers to benefit from exports to other nations, and how government policy can help them to do so. And here, too, I welcome the debate with the Democratic nominee.
I want to break down foreign trade barriers, so that America’s small businesses can compete abroad. When new trading partners can sell in our market, and American companies can sell in theirs, the gains are great and lasting. The strength of the American economy offers a better life to every society we trade with, and the good comes back to us in many ways — in better jobs, higher wages, and lower prices. Free trade can also give once troubled and impoverished nations a stake in the world economy, and in their relations with America.
At the same time, we have to help displaced workers at every turn on a tough road, so that they are not just spectators on the opportunities of others. And I have made that commitment with reforms to expand and improve federal aid to American workers in need. We need to help millions of workers who have lost a job that won’t come back find a new one that won’t go away.
Unfortunately, Senator Obama has a habit of talking down the value of our exports and trade agreements. He even proposed a unilateral re-negotiation of NAFTA — our agreement with Canada and Mexico that accounts for 33 percent of American exports. But we have a sharp disagreement here that I look forward to debating. If I am elected president, this country will honor its international agreements, including NAFTA, and we will expect the same of others. And in a time of uncertainty for American workers, we will not undo the gains of years in trade agreements now awaiting final approval.
And as we expand markets for Americans products, we must do more tax reform here at home. I will propose and sign into law a reform to permit the first-year expensing of new equipment and technology. We’re also going to keep the low rate on capital gains, so that businesses like yours can expand and create jobs instead of just sending more of your earnings to the government. And so parents can spend and save more for their own children, I will propose to double the size of the child tax exemption. I will also propose as well a middle-class tax cut — a phase-out of the Alternative Minimum Tax to save more than 25 million middle-class families as much as 2,000 dollars in a single year.
Another of my disagreements with Senator Obama concerns the estate tax, which he proposes to increase to a top rate of 55 percent. The estate tax is one of the most unfair tax laws on the books, and the first step to reform is to keep it predictable and keep it low. After a lifetime building up a business, and paying taxes on every dollar that business earns, that asset should not be subjected to a confiscatory tax.
Nothing better shows Obama’s economic illiteracy than his desire to increase the top rate on estates to a confiscatory 55% - only someone who believes the socialist fairy tale of economics could even consider something as regressive and discouraging as promising to take more than half of what a family earns once the head of the family enterprise dies. John McCain understands the basis of all prosperity - allowing people to keep as much of their own as possible as they will be far better stewards of it than any government bureaucracy, even if staffed with the most enlightened and selfless public servants imaginable; and given that such bureacracies are usually staffed with some of the most thick-headed and indolent people in the workforce, McCain’s beliefs are even more worthy of support.
As for me, I’d go even further - it isn’t enough to support small businesses, we should also be doing more to discourage the maintenance or emergence of very large businesses…those multi-national corporate behemoths who are nearly as deletrious to a free market as the most purblind government regulator. But at least McCain knows what is what - Obama knows only what his socialistic mentors told him, and as he’s never bothered to stroll outside the economic fever swamps of the left, he just doesn’t understand that the property of a small business belongs to the small business owner, not to Uncle Sam.
Additionally, Obama is a complete tool of the corrupt unions - unions who don’t want to compete with the workers of the world, but prefer to be protected by Uncle Sam from having to actually work hard and innovate. I can understand some of the frustrations of dealing with imports from China (and my preferred fix to that is to go from “free trade” to “freedom trade” - to trade more with democracies and, eventually, not at all with un-democratic States, but I digress), but the answer to such practices is not to wall ourselves in, but to work harder and smarter and just plain outcompete the Chinese and other thuggish regimes which use semi-slave labor to keep production costs down. The lesson of the past two centuries is that a tryant can beat some profits out of his slaves, but that his slaves cannot compete in the long run with free men and women. NAFTA has been a massive boon to the American economy, and more such agreements are wanted - McCain understands this, Obama doesn’t.
If you want liberty - including economic liberty - McCain is your man; if you want a government to wipe your nose and tell you that everything is going to be all right, vote Obama.
Entry Filed under: Campaign 2008, Democrats, Economy, Republicans
19 Comments
1. Some Assembly Required | June 10th, 2008 at 6:23 pm
“If you want liberty - including economic liberty - McCain is your man; if you want a government to wipe your nose and tell you that everything is going to be all right, vote Obama.”
Ask this question to the millions of middleclass homeless or those who are about to be foreclosed on. What kind of answer do you think your going to get? The people of the US need help, plain and simple. I think you just inadvertently campaigned for Obama with this statement. The only people I see this statement appealing to with the state of things right now are those die hard 25% who you have anyway.
2. djp | June 10th, 2008 at 6:25 pm
“Nothing better shows Obama’s economic illiteracy than his desire to increase the top rate on estates to a confiscatory 55% ”
Hilarious. Are you aware that was the tax rate through much of the recent past, including the high growth 90s? Are you aware that the exclusions were so high that few estates are impacted? Are you aware that the concept of marginal benefit does not apply to estate taxes, since one cannot choose not to die, as one can choose not work? Quotes like that just demonstrate your economic illiteracy.
I was always amazed that the GOP made the “death tax” a big issue. Something that impacts 1 or 2 percent of the population and is clearly just a giveaway to their chief constituency - the wastrel sons of inherited wealth - I was even more amazed that the generally middle class people who elect them adopted it as their issue. Really convinced me of hte benefits of propaganda.
3. Danish Artist | June 10th, 2008 at 6:39 pm
Message to liberals:
Lead, follow or get out of the way!
Dems lead? NO! - NO PROPOSED LEGISLATION to tackle the problems they have been bitching about since they took control of the legislative process. Politics before the welfare of the people.
Dems follow? HELL NO!
Dems get out of the way? We should be so lucky.
4. A Lifetime Away » B&hellip | June 10th, 2008 at 7:40 pm
[...] John McCain on Economic Growth …have lost a job that won’t come back find a new one that won’t go away. … After a lifetime building up a business, and paying taxes on… [...]
5. jerry | June 10th, 2008 at 8:35 pm
Mark-
You are in error, Obama’s actual proposal is to make permanent estate tax with $3.5 million exemption and 45 percent rate.
http://taxpolicycenter.org/taxtopics/election_issues_matrix.cfm
Also, McCain was singing a different tune in 2002, “I am concerned that repeal of the estate tax would provide massive benefits solely to the wealthiest and highest-income taxpayers in the country. A Treasury Department study found that almost no estate tax has been paid by lower- and middle-income taxpayers. But taxes have been paid on the estates of people who were in the highest 20% of the income distribution at the time of their death. It found that 91% of all estate taxes are paid by the estates of people whose annual income exceeded $190,000 around the time of their death. ”
http://www.humanevents.com/article.php?id=24421
6. Magnum Serpentine | June 10th, 2008 at 11:25 pm
Legislation was proposed and obstructed by the obstructionist republics in the Congress. Today the obstructionist republics blocked windfall profits tax against the bloated, greedy oil companies. Also legislation to help the poor afford health care was blocked by the obstructionist republics. Every time a bill came up to help the economy, the obstructionist republics were there to slap it down. The congress is crippled by Obstructionist republics.
The people say by 54% in a gallop poll that they want the Democratic party to control the congress and that they are greatly displeased with the republics Obstructionism.
7. SEW | June 11th, 2008 at 9:33 am
“The people say by 54% in a gallop poll that they want the Democratic party to control the congress” MS
The Dims do control Congress and have done nothing.
The Death Tax should be $0.00.
8. Danish Artist | June 11th, 2008 at 9:47 am
MS
The Democrats are pandering to voter ignorance, proudly count yourself among them.
Obama’s call for a windfall profits tax on the oil companies is nothing more than stepping up and seizing an even bigger portion of the pensions, 401K and retirement funds of middle class America; including our teachers, nurses, police officers, soldiers and firemen.
This is Democrats stirring up class envy and wealth envy. Democrats want the very letters “CEO” to conjure up in the dumb masses feelings of anger and envy. The problems of this world are cause by evil CEOs who pay lower taxes than their poor beleaguered secretaries.
Leftists, such as yourself, also like to rail against evil corporations. To a liberal Democrat, the word “corporation” is an epithet (unless it is included in the phrase “Corporation for Public Broadcasting).
Listen to you liberal Democrat voters — you regurgitate the lines perfectly. Corporate this and corporate that. You truly believe that your lives would be all blue skies and green lights if it just wasn’t for the nefarious things being done by all of these corporations.
MS, do you even know what is a corporation, anyway? It’s a group of people who own a business enterprise. That’s it. Do you have a mutual fund? How about a 401K? Maybe a pension plan? Well .. guess what, you’re probably a corporate stockholder.
Liberal Democrats, like the brain-dead Maxine Waters, don’t like the idea of people getting together to own a business; especially a large business. Small mom and pop operations are OK, but once the business gets too large it is time for the all-powerful government to step in and run things and redistribute their wealth.
BTW 60% of the people want to drill in ANWR. Why are you liberals thwarting that effort? It will help in the short run and buy time for the development of alternatives and infrastructure that is not established yet.
Why do liberals pass bad legislation that they know will be vetoed? Why? Because they need a platform for the election year and continue to run on the same tired old socialist ideas that are unpopular.
Party before the people - gotta love it.
9. Quietriot | June 11th, 2008 at 3:46 pm
McCain at the South Carolina debate
“I don’t believe we’re headed into a recession I believe the fundamentals of this economy are strong and I believe they will remain strong.”
Seven days later:
“The fact is we have some tough times ahead,” McCain told supporters in Columbia.
He should have stuck to his earlier statement:
“The issue of economics is not something I’ve understood as well as I should,” Yet I am certain the Cons will cling to every word McCain says concerning the economy as if Paul Volcker/Alan Greenspan invaded his body.
10. InDaVa | June 11th, 2008 at 3:47 pm
Ahhh..another Neal Boortz copy and paste job. Good work. Ever heard of block quotes?
From Cocky Ignorance thread….
“They don’t read the topic or the content. It’s simply copy and paste Dem talking points about Bush, Rove, Cheney, or Iraq. Or declare Uhobama’s gaffes as not relevant.”
In this case DA, you don’t read the topic and simply copy and paste Republican talking points about Obama, Hillary, Dems, and Congress. Or declare McCain’s never ending list of gaffes as not relevant.
11. FmrMarine | June 11th, 2008 at 6:29 pm
MS
>>>Legislation was proposed and obstructed by the obstructionist republics in the Congress. Today the obstructionist republics blocked windfall profits tax against the bloated, greedy oil companies. Also legislation to help the poor afford health care was blocked by the obstructionist republics. Every time a bill came up to help the economy, the obstructionist republics were there to slap it down.>>>>
TOTAL - B#!! S#!T !!!!!
8% GM per gallon is NOT GREEDY.
SOOOO all our pension funds, 401K funds, and stockholders are GREEDY ??
ONLY
if you are a marxist-class warring-MORON!
CHECK the PROFIT of hedge funds………..YOU KNOW…….the kind ole john edwards, chelsea and many politicians, WORK for…….say 87% GM on money.
So let me see…… a gallon of gas = $4.00 the donkRATS charge the “greedy” oil companies $1.00 more in taxes…….POOF gas is now $5.00 a gallon…..RIIIIIIGHT !
How about 85-95 % democrats OPPOSED to nuclear power, continental shelf drilling, anwar drilling, coal gasification, shale oil production, more refineries???
AND
85-95% Republicans FOR us becoming independant of foreign oil……..talk about obstructionists…..get a brain nutroot!
12. Danish Artist | June 11th, 2008 at 6:47 pm
““They don’t read the topic or the content. It’s simply copy and paste Dem talking points about Bush, Rove, Cheney, or Iraq. Or declare Uhobama’s gaffes as not relevant.””
Uh, InDava I did not copy the above quote. That was not my post.
Get a life.
13. Danish Artist | June 11th, 2008 at 6:52 pm
InDava,
Stop dodging from the topic?
What does your post have to do with McCain on Economic Growth?
NOTHING! (Imagine my surprise!) You claim to deal in facts as a “professional journalist” and you post (Expletive Deleted - PG13, boys and girls…keep it clean)!
Go back to your fictional hell playground. You have nothing to contribute here.
14. Mark Noonan | June 11th, 2008 at 10:48 pm
SAR,
Millions of middleclass homeless?
15. Danish Artist | June 12th, 2008 at 7:01 am
“Millions of the middleclass homeless?
Is this a prediction under Obama?
Or, is this the weed talking again?
SAR, is seriously Dain Bramaged.
16. Some Assembly Required | June 12th, 2008 at 8:53 am
Mark and DA,
I would consider any middle class person who have been foreclosed on homeless. If your 30 - 40 years old and your forced to move back in with your parents, you are homeless. Most of these people have jobs. There is no longer the uneducated and unemployed that make up the poor. Now, theres the educated working poor. It’s remarkable how far the US has fallen in such a short time.
17. Dasein Libsbane | June 12th, 2008 at 7:13 pm
First off, there are not millions of middle class homeless by any standard. Next, in spite of the fact that liberals change definitions at will, moving in with relatives does not constitute homeless. Third, there is not millions of anybody becoming homeless as a result of foreclosure. Forth, occupation of single family residence is at its highest level in history. Fifth, poverty by education has been consistent since the 1950’s, there are not more educated poor in America. In the 2000 census an estimated 11% of Americans lived below the established “poverty line.” as of 2006 Q4 (the latest statistics) 11.4% do. As reference, in 1998 it was 12.3%, in 1996 it was 12.7%.
Quietriot, critical thinking not your forte? McCain’s statements are not mutually exclusive.
Btw, after more than two years of waiting here @ B4V there is still . no . recession !
18. FmrMarine | June 12th, 2008 at 9:07 pm
sar
>>>Now, theres the educated working poor. It’s remarkable how far the US has fallen in such a short time.<<<
Only in your 7-11 world.
I sure as hell dont know any.
Oh yeah
…..”educated” as a history degree, black awareness degree, liberal arts degrees. basket weaving degree……..Yeah maybe you are correct.
There could be a lot of the aforementioned “educated” BOOBS who are out of work…most likely still huffing the weed.
19. Tractatus | June 12th, 2008 at 9:38 pm
huffing the weed.
Or, failing that, shooting up the weed, right?
Wow.