If you want to understand what corporate lobbyists in Washington, D.C., are
trying to foist on us with the pending "stimulus" bill, look back to the first
half of the 1980s.
In 1981, Ronald Reagan pushed a huge tax-cut bill through Congress. For
corporations, it offered an array of new loopholes, centered on super-accelerated
"depreciation" write-offs for equipment and buildings. The results were
staggering, as widespread corporate tax avoidance quickly became routine.
GOP presidential hopeful John McCain has recently let it be known where he stands on taxes. He's against them. All of them. According to McCain, "We should all be ashamed of a system that taxes your salary, your investments, your property, your expenses, your marriage and your death." Well, let's see, no income taxes, no payroll taxes, no property taxes, no sales taxes, no inheritance taxesthat about covers it. To be sure, McCain goes on in his statement (you can watch him deliver it at www.freedomchannel.com) to detail a more modest list of specific upper-income tax breaks that he'd push for as president. But obviously these are only the first baby steps in his master plan.