GOP Tax-Cut Bill Sent to House Floor

[radfringe]

GOP Tax-Cut Bill Sent to House Floor
Lower Corporate Rates Would Cost $60 Billion Over 10 Years
By Albert B. Crenshaw
Washington Post Staff Writer
Wednesday, October 29, 2003; Page E02


Brushing aside Democratic objections, Ways and Means Committee Republicans yesterday sent to the House floor a wide-ranging corporate-tax-cut bill that would cost the Treasury nearly $60 billion over the next 10 years.

The bill, approved 24-15 on a straight party-line vote, would lower corporate income tax rates to 32 percent from the current 35 percent for manufacturers and a number of other industries, while granting companies more generous breaks for such items as depreciation, net operating losses and foreign tax credits.

The bill "is about preserving . . . and growing jobs," said Chairman Bill Thomas (R-Calif.)

---snip---

Democrats were pointedly distributing a "Dear Republican Colleague" letter from 11 senior Republicans, including Reps. Donald A. Manzullo (Ill.) and Cass Ballenger (N.C.), saying they could not back the bill because its foreign tax provisions "will send more American jobs overseas."

---snip---

The committee also "clarified" several provisions that had been in the original bill circulated by Thomas. Those provisions, which extended tax breaks to architectural, engineering and construction services, potentially benefiting firms such as Halliburton Co., Bechtel Corp. and Fluor Corp., would now limit benefits to construction projects in the United States. That would eliminate the potentially embarrassing prospect of granting special breaks to Halliburton, Vice President Cheney's former company, for work done in Iraq.
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ummmm...what about 'special breaks' for construction projects OUTSIDE of the United States....

[La_Serpiente]

1. It's time to get

MoveOn and the People for the American Way on this. This is corporate welfare at its worst.

[leftofthedial]

2. this is insanity

these assholes are no moe "conservative" than I am a rhinoceros

[ayeshahaqqiqa]

3. I'm sure they'll pay for this

by cutting all aid to poor and disabled people, especially veterans.

[dbt]

4. Fuck's Sake!!!

"Preserving and growing jobs." That's the ONLY phrase that has to make it to the Murkin Media for yet another round of giveaways to be roundly applauded by the Sweatshop Sheep as more proof of the bu$h econo-miracle.

Y'know, the Alice-In-Wonderland aspect of this regime was amusing for a few months. Sort of like seeing 137 dead clowns pulled from the wreckage of a Volkswagen Beetle. But I just don't like being Through The Looking Glass any more.

Can we go home now?

:freak:
dbt