The non-partisan group Campaign Money Watch has come up with another startling figure for those who follow the presidential money chase.That's good news for lobbyists, not so much for the rest of us. To add insult to injury, McCain wants to cut taxes on corporations, in spite of the fact most corporations, including a large majority of foreign companies doing business in the United States, pay no income taxes.
According to an analysis performed by the group, McCain's top fundraisers and aides have collected nearly $1 billion in fees from U.S. companies in the past decade -- specifically, $930,949,819. Using numbers provided by the Center for Responsive Politics, the group also found that officials of those very same companies have given nearly $12 million to McCain's presidential campaign, so far.
"The McCain campaign relies on big money lobbyists, and they'll rely on him," said David Donnelly, director of Campaign Money Watch. "In the 'you-scratch-my-back, I'll-scratch-yours' world of Washington, $931 million gets the special interests the best government money can buy. But just think of the payday these lobbyists might expect in a McCain Administration."
The Government Accountability Office (GAO) reported that two-thirds of both American and foreign companies doing business here end up avoiding all income tax obligations to the federal government, despite corporate sales totaling $2.5 trillion.The only thing the middle-class can expect from McCain is crumbs.
According to the GAO, each year from 1998 to 2005, an average of 68 percent of the foreign companies operating in the United States paid zero federal income taxes. During the same period, 66 percent of U.S. domestic corporations paid no federal income taxes to the government.