ST. PAUL, Minn. (AP) - Several leading women in the business community, addressing the GOP presidential convention Wednesday, said John McCain's plan for lower taxes, less government and a push to reduce America's dependence on foreign oil will do more to help revive the struggling economy than the Democratic agenda.
"We have a clear choice between two very different governing philosophies" between McCain and Democratic presidential nominee Barack Obama, said Carly Fiorina, former chairman and chief executive officer of Hewlett-Packard Co., and an economic adviser to the McCain campaign.
She said that McCain will cut taxes for individuals and businesses, "eliminate wasteful spending, veto bills laden with pork and achieve a balanced budget by 2013."
Fiorina said that as a business person, she supports McCain "because I know his programs will strengthen small business, foster growth and create jobs. ... Innovation and entrepreneurship will be rewarded."
"Our economy is struggling and Americans are hurting," said Meg Whitman, former president and chief executive of eBay, noting that people are worried about "the cost of everything from gasoline and groceries to health care" and have seen the value of their homes and investments plummet.
But Whitman said McCain and his running mate, Alaska Gov. Sarah Palin, "have solutions for the challenges we face." She said McCain would reduce business taxes and give tax incentives for individuals to help buy health insurance and double the child tax exemption.
"Our Democratic opponents view raising taxes as the measure of their compassion and fairness, " Whitman said.
Fiorina, who is also chairwoman of RNC Victory '08, said, if McCain is president "in 2013, American families will keep more of their hard-earned money."
The Tax Policy Center, a think tank run jointly by the Brookings Institution and the Urban Institute, concluded that Obama's plan would increase after-tax income for middle-income taxpayers by about 5 percent by 2012, or nearly $2,200 annually. McCain's plan, which cuts taxes across all income levels, would raise after tax-income for middle-income taxpayers by 3 percent, the center concluded.
Obama would provide $80 billion in tax breaks, mainly for poor workers and the elderly, but would raise income taxes, capital gains and dividend taxes on the wealthiest. He would raise payroll taxes on taxpayers with incomes over $250,000, and he would raise corporate taxes and taxes on small businesses that make more than $250,000 a year. |