From the first 2008 Presidential debate. Obama will close life saving business tax loopholes in our jacked up and inequitable tax code, and raise taxes.
And I'm really getting sick of Obama's outright lie that "95% of Americans will get a tax cut". 40% of Americans DO NOT PAY A DIME in taxes as it is. But it's great line and the media will provide cover for him. Let's not mention how the rich are footing the real tab in taxes.
I just really want to make sure small business owners read this exchange from the debate and then think about their businesses.
MCCAIN: Well -- well, let me give you an example of what Senator Obama finds objectionable, the business tax.
Right now, the United States of American business pays the second-highest business taxes in the world, 35 percent. Ireland pays 11 percent.
Now, if you're a business person, and you can locate any place in the world, then, obviously, if you go to the country where it's 11 percent tax versus 35 percent, you're going to be able to create jobs, increase your business, make more investment, et cetera.
I want to cut that business tax. I want to cut it so that businesses will remain in -- in the United States of America and create jobs.
But, again, I want to return. It's a lot more than $18 billion in pork-barrel spending. I can tell you, it's rife. It's throughout.
The United States Senate will take up a continuing resolution tomorrow or the next day, sometime next week, with 2,000 -- 2,000 -- look at them, my friends. Look at them. You'll be appalled.
And Senator Obama is a recent convert, after requesting $932 million worth of pork-barrel spending projects.
So the point is, I want people to have tax cuts. I want every family to have a $5,000 refundable tax credit so they can go out and purchase their own health care. I want to double the dividend from $3,500 to $7,000 for every dependent child in America.
I know that the worst thing we could possibly do is to raise taxes on anybody, and a lot of people might be interested in Senator Obama's definition of "rich."
LEHRER: Senator Obama, you have a question for Senator McCain on that?
OBAMA: Well, let me just make a couple of points.
LEHRER: All right.
OBAMA: My definition -- here's what I can tell the American people: 95 percent of you will get a tax cut. And if you make less than $250,000, less than a quarter-million dollars a year, then you will not see one dime's worth of tax increase.
Now, John mentioned the fact that business taxes on paper are high in this country, and he's absolutely right. Here's the problem: There are so many loopholes that have been written into the tax code, oftentimes with support of Senator McCain, that we actually see our businesses pay effectively one of the lowest tax rates in the world.
And what that means, then, is that there are people out there who are working every day, who are not getting a tax cut, and you want to give them more.
It's not like you want to close the loopholes. You just want to add an additional tax cut over the loopholes. And that's a problem.