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Democrat Kerry Proposes Cut in Corporate Taxes
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| Parent(s) |
Race
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| Contributor | Eddie |
| Last Edited | Eddie Mar 26, 2004 01:57pm |
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| Category | News |
| Media | News Service - Reuters |
| News Date | Friday, March 26, 2004 06:00:00 AM UTC0:0 |
| Description | Presidential candidate John Kerry, eager to rebut charges that he is a tax-and-spend Democrat, on Friday proposed cutting the corporate tax rate and paying for it by eliminating incentives for U.S. companies to shift jobs overseas.
In the battleground state of Michigan, hit hard by the flight of manufacturing work to other countries and suffering from an unemployment rate of 6.6 percent -- a full point above the national average -- Kerry offered an economic trade-off he said would help create 10 million jobs in four years.
He pledged to end a tax provision that lets companies defer paying U.S. taxes on income earned by foreign subsidiaries and said he would use the $12 billion in annual savings to fully fund a 5 percent cut in corporate rates. |
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