John McCain and Republicans: Socialism for GE, not for thee

John McCain has fallen in love with the new plan of attack that 40 percent of Americans pay no income taxes, so giving them a tax rebate is akin to welfare. Of course, no one seems interested in pointing out that McCain’s grandiose tax cuts to big corporations is yet another form of Republican-backed Corporate Socialism.

After all, there are a hell of a lot of huge corporations, both domestic and multi-national, that pay no income taxes whatsoever.

Yet McCain still want to give them massive new “tax” breaks.

U.S. Corporations That Pay No Taxes Still Get Tax Breaks

Sept. 22—Nearly one-third of the nation’s largest and most profitable corporations paid no federal income tax between 2001 and 2003—yet still received billions of dollars in tax rebates, according to a new study.

Corporate Income Taxes in the Bush Years, released Sept. 22 by Citizens for Tax Justice (CTJ) and the Institute on Taxation and Economic Policy, finds 82 of 275 companies CTJ examined enjoyed at least one year in 2001–2003 in which they paid no federal income taxes yet received billions of dollars in outright tax rebates. In 2003 alone, 46 of the companies paid no federal income taxes and in some cases, received tax rebates.

The companies, all on the Fortune 500 list, were profitable in each of the three years analyzed.

General Electric Co., which lobbies extensively for tax breaks, topped the list of corporate tax-break recipients, receiving nearly $10 billion in tax subsidies over the three-year period, according to the report.

Simply put, John McCain, George W. Bush and the current incarnation of the Republican party are socialists. Only their socialism is designed to destroy U.S. Society.

–WKW

1 save