Republican nominee for President; Senior Senator (AZ)
Warned about corporate greed & excess; supports bailout
Q: Are you going to vote for the Senate bailout plan?
A: Sure. Sure, but let me point out I also warned about Fannie Mae and Freddie Mac and warned about corporate greed and excess and CEO pay and all that. A lot of us saw this train wreck coming. But
there's also the issue of responsibility. Pres. Eisenhower, on the night before the Normandy invasion, went into his room, and wrote out two letters. One of them was a letter congratulating the great members of the military and Allies that had conducted
and succeeded in the greatest invasion in history--still, to this day, and forever. And he wrote out another letter, and that was a letter of resignation from the US Army for the failure of the landings at Normandy. Somehow we've lost that accountability
I've been heavily criticized because I called for the resignation of the chairman of the Securities and Exchange Commission. We've got to start also holding people accountable, and we've got to reward people who succeed.
Source: 2008 first presidential debate, Obama vs. McCain
Sep 26, 2008
Need stricter interpretation and consolidation of regulators
OBAMA: Ten days ago McCain said the fundamentals of the economy are sound. Unless we are holding ourselves accountable day-in, day-out, not just when there's a crisis for folks who have power and influence and can hire lobbyists but for the nurse, the
teacher, the police officer who frankly at the end of each month, they've got a little financial crisis going on. They're having to take out extra debt just to make their mortgage payments. We haven't been paying attention to them.
McCAIN: We've got
fundamental problems in the system. And Main Street is paying a penalty for the excesses and greed in Washington, DC, and in the Wall Street. There's no doubt that we have a long way to go, and obviously stricter interpretation and consolidation of the
various regulatory agencies that weren't doing their job that has brought on this crisis. But I have a fundamental belief in the goodness and strength of the American worker. And the American worker is the most productive, the most innovative.
Source: 2008 first presidential debate, Obama vs. McCain
Sep 26, 2008
Government should be on businesses' side, not in their way
The first consideration we should have when debating tax policy is how we can help [small businesses] grow and increase the prosperity of the millions of American families whose economic security depends on their success.
Government should be on their side, not in their way.
Our current business tax rate, the second highest in the world, will postpone our recovery from this downturn and make us increasingly less competitive in the world economy.
When a corporation plans to expand and hire more workers, they face a choice between building a new plant here at home and building it in a country like Ireland where they will pay less than half the tax rate they now pay.
Employers can hire more people, or they can pay more taxes. We can no longer afford the luxury of nostalgia for past times when American business faced little serious competition in the world.
More deductible expensing of equipment investments
Cut the corporate tax rate from 35% to 25%.
Allow first-year deduction, or "expensing", of equipment and technology investments.
Establish permanent tax credit equal to 10 percent of wages spent on R&D.
These are essential first steps on the path to fundamental tax reform, which could increase US GDP by as much as 10 percent over the long term.
Source: Campaign plan: "Bold Solutions for Economic Prosperity"
Feb 3, 2008
Cut corporate income taxes to keep jobs here
Q: The president's economic stimulus plan would send out 116 million checks to American homes, but without permanent tax cuts that you sought. Will you vote for this compromise?
A: Yes, I will and I'm disappointed, because I think it's very important
that we make the Bush tax cuts permanent. I voted to make them permanent twice already. If people and businesses and families in America are now planning their 2010 budget, there's a great deal of uncertainty. And if we don't make the tax cuts permanent,
then they will experience what amounts to a tax increase. But I also would make sure that not only the tax cuts are made permanent, but we cut corporate income taxes. That would keep businesses here, and it would keep jobs here and create jobs here.
We pay the highest corporate income tax of any nation in the world except for Japan. I'm glad to see that we're going to allow people to expense new investments in equipment, so they can write them off in a very short period of time.
People worry about corporations unduly influencing elections
Most Americans understand that competitive elections in a free country require money. Since campaigns require spending funds to communicate with voters, they know we can never take money completely out of politics, nor should we.
Americans have a right to support the candidates and the parties they endorse, including financially if they so choose.
But what most Americans worry about profoundly is corporations or individuals with huge checks seeking the undue influence on
lawmakers that such largesse is intended to purchase. That is why John McCain has fought to enforce long-standing prohibitions on corporate and union contributions to federal political parties, for sensible donation limits,
disclosure of how candidates and campaigns are funded, and the diligent enforcement of these common sense rules that promote maximum public participation in the political process and limit opportunities for corruption.
Voted YES on reforming bankruptcy to include means-testing & restrictions.
Amends Federal bankruptcy law to revamp guidelines governing dismissal or conversion of a Chapter 7 liquidation (complete relief in bankruptcy) to one under either Chapter 11 (Reorganization) or Chapter 13 (Adjustment of Debts of an Individual with Regular Income). Voting YES would:
Declare a debtor eligible only for Chapter 13, as anyone financially capable of paying back their creditors at a rate that still allows them to earn above their state's median income
Place domestic support obligations such as child support and alimony amongst the first priority claim category of non-dischargeable debts on a debtor filing for bankruptcy
Require debtors to pay for and attend credit counseling prior to filing for bankruptcy
Cap home equity protection at $125,000 if the debtor purchased a house within 40 months of filing for bankruptcy.
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005;
Bill S 256
; vote number 2005-44
on Mar 10, 2005
Voted YES on restricting rules on personal bankruptcy.
Vote to pass a bill that would require debtors able to repay $10,000 or 25 percent of their debts over five years to file under Chapter 13 bankruptcy (reorganization and repayment) rather than Chapter 7 (full discharge of debt).
Reference:
Bill HR 333
; vote number 2001-236
on Jul 17, 2001
Rated 61% by the US COC, indicating a mixed business voting record.
McCain scores 61% by US Chamber of Commerce on business policy
Whether you own a business, represent one, lead a corporate office, or manage an association, the Chamber of Commerce of the United States of AmericaSM provides you with a voice of experience and influence in Washington, D.C., and around the globe.
Our members include businesses of all sizes and sectors—from large Fortune 500 companies to home-based, one-person operations. In fact, 96% of our membership encompasses businesses with fewer than 100 employees.
Mission Statement:
"To advance human progress through an economic, political and social system based on individual freedom, incentive, initiative, opportunity, and responsibility."
The ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position.
