Corporate Tax Breaks Passed

[cthrumatrix]

Corporate Tax Breaks Passed

Thursday, October 2, 2003; Page E02


The Senate Finance Committee approved a measure that would significantly cut the taxes of U.S. manufacturers. The legislation replaces a $5-billion-a-year break on export taxes -- that was ruled an unfair subsidy by the World Trade Organization -- with a tax cut of up to 3 percentage points for U.S. manufacturers. In addition, the bill would allow U.S. companies with billions of profits invested overseas a one-time amnesty to return that money to the United States at an effective tax rate of 5.25 percent, instead of 35 percent, for a 120-day period.

http://www.washingtonpost.com/wp-dyn/articles/A31583-2003Oct1.html

This may not look big...but this is a huge gift to corporations. Imagine you have "been illegal" in booking profits overseas. The govt says we forgive you....and give you a 5.25% penalty.

[mhr]

1. But I Thought Cement Head Only Gave Tax Breaks to Little People?

You mean he really does not care about us.

Wait till Rush hears about this!

Oh wait, he's gone.

Oh no, I'm a Freeper without a home.

My world is falling apart!

Must think! Must Think! Must THINK!

Oh no, I have forgotten how to think; my brain is exploding!

MOMMY!

[papau]

2. A Hundred Billion here and there and soon you have $200 m for the campaign

not that there is a for sale sign at the Whitehouse - it just seems that way - all paid for via our kids increased birth tax.

[dusty64]

3. "terra and taxcuts"

that is the only agenda of the extreme right.

[schultzee]

4. The freepers scream about Socialsim, but this is corp welfare

They have taken from the poor and given to the rich and always wanting more corporations who are stealing our jobs and our democracy by corrupting politicians.

[TahitiNut]

5. Why aren't such corporations regarded as "illegal aliens"??

How can people get incensed over driver's licenses for human beings and not get incensed over licenses to steal for these artificial beings whose only raison d'etre is "the love of money"???

[central scrutinizer]

6. I can't wait for prices to drop

Whenever somebody talks about raising taxes on corporations, the Repugs' response is: if you raise taxes on manufacturers, they will just raise prices and pass it along to consumers. So, if they get some tax breaks, we should expect prices to drop in response. But, I recommend that you don't hold your breath while you wait.