Ex-Reagan Official: McCain Claim On Corporate Expensing Is ‘So Intellectually Dishonest It’s Outrageous’
Ex-Reagan Official: McCain Claim On Corporate Expensing Is ‘So Intellectually Dishonest It’s Outrageous’
Last week, the McCain campaign reaffirmed its proposal to allow companies to immediately deduct the full cost of equipment and technology purchases. The campaign claimed that this proposal has “negligible costs over time,” while the Center for American Progress Action Fund disagreed and put the cost at $75 billion a year based on information from Treasury and CBO (more here, here, and here).
Today, the Wall Street Journal weighs in:
[McCain's] campaign also says there is no cost to a proposal regarding the tax treatment of capital expenses. Outside experts put the cost at tens of billions of dollars a year.
Under that plan, the federal government would take an upfront tax hit and be forced to pay additional interest on a larger national debt, said Ronald Pearlman, a tax professor at Georgetown Law Center and assistant secretary for tax policy under President Reagan.
To say there is no cost to the government is “so intellectually dishonest it’s outrageous,” Mr. Pearlman said. Mr. Bounds, the McCain spokesman, responded: “Clearly there is a difference of opinion here.”
The WSJ provides this handy chart detailing the McCain’s failure to account for his spending:
3 Responses to “Ex-Reagan Official: McCain Claim On Corporate Expensing Is ‘So Intellectually Dishonest It’s Outrageous’”
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Yes, at this rate, every last single cent of the working and middle class will be shifted to the wealthiest 1/2%. We can then again have the glory days of houses staffed with many fine servants and slaves (those in bankruptcy) tending the plantation. It will be so good to feel our superiority while watching those illiterate peasants living in their hovels and reminding us of how much higher we are in the natural order.
April 22nd, 2008 at 1:34 pmJmohr,
Many nations throughout history have moved along that very path. It is unfortunate that I agree we are likely to repeat history.
The gap between the weathly (that make/influence laws) and the poor/middle class is growing at a faster rate than ever before.
What really confuses me is why the poor, especially down south folks constantly vote republican which pretty much favor and represent the wealthy.
They must really believe in the trickle down (pissed on) effect. If you make them wealthy, REALY wealthy maybe they will give you a loaf of bread or something?
April 22nd, 2008 at 1:45 pmOnce McCain looks out for big corporate CEO`s so he can inflate their pockest , while taking out of the working and low income people of this country, this just shows how out of touch McFlipflop is with this country and it`s economic situation.He his proposing to set this country back to the DARK AGES with this policy.
April 22nd, 2008 at 3:05 pm