Senate candidate and Wall St. Shill/Club for Growther Pat Toomey has come up with a brilliant plan to save the economy: Eliminate all Corporate Taxes. Naturally, even though his plan has been caught on video, he's now trying to deny its inherent genius.
If corporate tax rates were to be eliminated altogether, it would add more than $225 billion to the debt every year, over $9 billion annually from Pennsylvania alone. Corporations already dodge their full tax liability through loopholes, credits and tax havens.
Please donate to Senator-to-be Sestak and follow me over the fold.
This past Monday, The Sestak campaign purchased ad buys through September 6th for this brilliant campaign ad.
Transcript:
Do you think corporations pay their fair share? Pat Toomey thinks corporations shouldn't pay any taxes.
(Video of Toomey speaking) Let's not tax corporations. (Video Edit) I think the solution is to eliminate corporate taxes altogether.
The middle class is struggling, but Pat Toomey thinks it's Oil Companies and Wall Street banks who should pay no taxes. Zero. No wonder Toomey's been called "Wall Street's Congressman."
(Video of Toomey speaking) The solution is to eliminate corporate taxes altogether.
Pat Toomey, He's for them...Not for us.
The ad will play heavily during Phillies games and The Penn State football opener. Great strategic spending by the campaign in such a sports-heavy state. Update: The Penn State Opener will be airing on Big Ten Network, but Penn State's next game on ESPN has the potential to bring in a much bigger audience for a Sestak ad, but only if he can raise the money for more ads. The game, against longtime rival Alabama, is sure to pull in viewers from the highly Republican areas of Pennsylvania. (h/t Casual Wednesday). In Pennsylvania, sports is a religion and Penn State football with legendary coach "JoePa" is revered state-wide. It really is that important (Don't make Casual Wednesday cry in his beer).
Pat Toomey has spent the past week trying to hide from his record on no corporate taxes, but Politifact reports:
We gave the Toomey camp the opportunity to say the candidate opposes zero corporate taxation, but the campaign did not do so.
So the evidence suggests that Toomey (1) affirmatively supports lower corporate taxation, (2) is open to zero corporate taxation
Just imagine what a Senator Toomey would do for America.
President Obama will be recognizing Toomey's brilliant plan during three just announced campaign events for Senator-to-be Sestak towards the end of this month. The first event will be a fundraiser, the second a DNC fundraiser and the third, an event "on the important issues facing America's families." More details to come, but here's hoping the third event will be a voter attended one. Much has been made about an assumed rift between President Obama and aspiring Senator, Congressman Sestak. After all, nothing quite gets those media tongues wagging quite like Democratic party rifts. This, despite Congressman Sestak's continued strong support for Democratic policies and legislation. In one way, this perceived distance may help the candidate in this year of voters still wanting change. The tactic of an outsider has been the politically smart thing to do in the sometimes purple state, Pennsylvania. At the same time, Congressman Sestak has been running well behind his opponent and Wall St. Shill/Club for Growther, Pat Toomey all summer long. What this financial deficit has meant for Sestak is a summer full of attack ads and a seven point gap in the polls. Until this week...Please Help Keep Pennsylvania Blue and Keep Corporations Paying Their Share; Donate to Congressman Joe Sestak now. Volunteer for Sestak and learn more about him on his campaign site.
Sestak's campaign site points out that:
•Exxon Mobil, GE and Bank of America made $52 billion combined in pre-tax income last year but did not pay a single penny in corporate income tax to the U.S. government.
•In fact, the nonpartisan Government Accountability Office reported that 61 percent of U.S. corporations reported tax liabilities of less than 5 percent of their total income in 2000 though the official corporate income tax rate is 35 percent.
•There has been a steep decline in the amount of tax that is actually paid by corporations. The rate fell from a high of 39.8 percent in 1943 to a low of 7.4 percent in 2003.
•Though Chevron and Ford made a combined $21.5 billion, they paid their taxes at a rate of only 1 percent.
By contrast, middle-class Americans have been bearing more than their share of the tax burden (h/t webranding). I dare you to view this graph and not get even a little motivated for November's elections. Meanwhile, Citibank gets away with a net 6.7% tax rate. If Toomey gets his way, they wouldn't pay even that little.
Toomey is too extreme for the U.S. Senate. Remember Senator Santorum? He's predicting a Toomey win. Let's prove him wrong, yet again.