The positions on corporations and taxes advocated by John McCain in this article read better than the headline makes them sound: "McCain wants low corporate taxes, regulated CEO pay". "Regulated"?
The Arizona senator, who has wrapped up his party's presidential nomination, also would propose a simpler, alternative tax system and insist that chief executives' pay and severance packages have shareholder approval.
Requiring shareholder approval for huge pay packages doesn't seem like government "regulation" to me. I like the idea.
U.S. taxes were too complicated overhaul, McCain will say in his speech, in which he will argue for an alternative system.
"As president, I will propose an alternative tax system. When this reform is enacted, all who wish to file under the current system could still do so," he will say.
"Everyone else could choose a vastly less complicated system with two tax rates and a generous standard deduction."
I want to hear more details, but it sounds good. I've long been in favor of a Flat Tax or some other such tax system as have become prevalent in Easter Europe, with much success.
But he also takes aim at top corporate executives with big salaries and excessive severance packages.
"Americans are right to be offended when the extravagant salaries and severance deals of CEOs ... bear no relation to the success of the company or the wishes of shareholders," he will say, adding that some of those chief executives helped bring on the country's housing crisis and market troubles.
"If I am elected president, I intend to see that wrongdoing of this kind is called to account by federal prosecutors. And under my reforms, all aspects of a CEO's pay, including any severance arrangements, must be approved by shareholders," he will say.
Ahhh... "called to account by federal prosecutors" sounds good, if there's a crime other than mere incompetence. Not sure what other regulations McCain is considering along these lines. Forcing company boards to allow shareholders to vote on pay packages sounds like a great idea though.