Kerry to cut corporate taxes. Ugh.

Here is the story on the first part of Kerry's economic plan.

Current tax laws allow American companies to defer paying taxes on income earned by their foreign subsidiaries until they bring it back to the United States. If they keep the money abroad, they avoid paying U.S. taxes entirely.

Kerry would require companies to pay taxes on their international income as they earn it rather than being allow to defer it. The new system would apply to profits earned in future years only, not retroactively.

Ok, sounds good.

Kerry's campaign estimates that the change would save $12 billion a year. The savings would be used to reduce the corporate tax rate from 35 percent to 33.25 percent -- a 5 percent reduction.

WTF?!!  Why bother to throw this bone back to the corporate community?  They clearly aren't going to support him over Bush, so I see no reason we should pander to them.  Are the kind of Americans who would even consider voting for Kerry sensitive to charges of being "anti-business?"  I doubt it.  All this does is give more ammo to the Nader-ite "Both parties are corporate whores" contingent, of whom I am feeling one-foot-in-one-foot-out these days.
-Brian