The Obama-Biden campaign has released a radio ad in Indiana featuring favorite native son John Mellencamp. In the ad, Mellencamp says, “John McCain will keep giving tax breaks to companies shipping American jobs overseas.” Mellencamp is referring to an aspect of the tax code that allows companies to skirt paying U.S. corporate taxes on profits they make overseas and leave overseas. But economists have consistently said this tax provision isn’t a major reason jobs are being sent... Click to Read the Full Post
Palin threw out an old canard when she criticized Obama for voting for the 2005 Energy bill, saying, “that’s what gave those oil companies those big tax breaks.” It’s a false attack Clinton used against Obama in the primary and McCain himself has hurled. It’s true that the bill gave some tax breaks to oil companies, but it also took away others. And according to the Congressional Research Service, the bill created a slight net increase in taxes for the oil industry. Read More →
