General Clark's Statement on Corporate Tax Cuts

[democratreformed]

For Immediate Release
Date: October 29, 2003

Clark Calls on Bush to Help Unemployed Before Giving Big Tax Breaks to Business

"Leadership is about doing what's right for American families, not giving corporate tax breaks to big businesses that ship jobs overseas. I am deeply disturbed the Bush administration would favor an irresponsible $60 billion corporate tax giveaway while more than 3 million Americans have lost their jobs. Millions more are without health care and the budget deficit continues to spiral out of control.

As President, I would direct our resources towards our most urgent priorities - the economy, health care and our national defense - instead of rewarding corporations for sending American jobs overseas. America is suffering from a leadership deficit under George W. Bush. To get our country back on track, we need a leader that makes the right choices for America."

[dfong63]

1. clark got that right

Leadership is about doing what's right for American families, not giving corporate tax breaks to big businesses that ship jobs overseas.

Clark got that right. according to this NYT article, corporate plea on tax breaks: ours come first

``...
A rival business coalition consists of multinational corporations that range from General Electric and Electronic Data Systems to Time Warner. That group, known has the Coalition for Fair International Taxation, is pushing for tax relief on the profits that companies earn outside the United States. ...

Yet another coalition of companies, led by Hewlett-Packard, is pushing for a special one-year tax holiday on foreign earnings. This coalition is seeking a provision that would let companies bring up to $400 billion in untaxed foreign profits back into the United States at about one-seventh of the 35 percent corporate tax rate.

Known as the Homeland Reinvestment Coalition, this group's lobbying is being led by Bill Archer, formerly the Republican chairman of the House Ways and Means Committee.
...''

can you say "rewarding corporations for sending jobs overseas"? i knew you could.

[w4rma]

2. Darn straight!!!! Dean / Clark in 2004!!!!

Governor Dean's Statement on Corporate Tax Cuts

SAN FRANCISCO-- Governor Dean today attacked a House plan to provide new tax breaks to corporations.

"I continue to fear that we are rapidly reaching the day, as James Madison and Thomas Jefferson warned, where economic power would one day try to seize political power. Once again, Washington is putting large corporate interests -- who write the big checks and, in turn, get to write the legislation -- ahead of the small businesses and working Americans who continue to bear a greater share of the tax burden in this country."

"Among the tax breaks in the bill, according to Monday's Washington Post, are: $652 million for a few shipping companies, $161 million for owners of oil pipelines, and $8.2 billion for large multinational corporations. The bill establishes a preferential 32 percent tax rate for selected types of corporations. It also would reduce the tax rate from 35 percent to 5.25 percent on certain earnings of multinational corporations that have hidden earnings offshore. According to Bear Stearns, S&P 500 companies have some $400 billion of these unrepatriated foreign earnings overseas.

"This latest scheme will put working Americans at least another $60 billion in the hole, at a time when we are already facing $5 trillion in deficits over the next 10 years. Recent reports indicate corporations that used to bear 30-40% of the tax burden in this country, now only pay 8 percent of the total."
http://blog.deanforamerica.com/archives/002049.html
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=108&topic_id=71806

[FrenchieCat]

3. I say Clark/Dean.......

If anything....but hey, it's all good!

Beating Bush is the priority, everything else is B*S*t!