“Gee, if Exxon has to pay more in taxes it will hinder innovation and hard work….bullshit. They will just game the system AGAIN to make MORE money and gauge the rest of us over prices.”
Exxon profit margins are 8%-9%. Why don’t we instead tax higher profit margin companies like Merck 29%. Microsoft 27%. Google 23%.
Higher corporate rates will only drive companies to ship more jobs and capital overseas. McCain’s got it right when he proposes lowering corporate tax rates.
Here’s a quick quote…
July 31 (Bloomberg) — The U.S. may now be in a “very long” recession that will drive the unemployment rate higher, with little that the Federal Reserve can do to help, said Harvard University Professor Martin Feldstein.
“I don’t see recovery” on the horizon, Feldstein, who headed the National Bureau of Economic Research until June and serves on the group’s recession-dating panel, said in an interview with Bloomberg Radio.
Feldstein said the Fed has already lowered interest rates as much as it can to help growth, and that exports offer the only bright spot, while they aren’t strong enough to fuel a recovery. A former adviser to President Ronald Reagan, he also warned that policies proposed by Senator Barack Obama, the presumptive Democratic presidential candidate, would prolong the downturn.
The next president “should not be raising taxes,” Feldstein said. He said he was “really surprised” that Obama “hasn’t backed off his proposals for a major tax increase.”
