RIGGING THE RULES: Congress Moving Corporate TAX BREAKS

[Segami]

"...Republicans in the House are getting ready to push permanent tax breaks largely for corporations. They don't intend to offset them by closing other loopholes or raising rates. This is a case study in how the game is fixed and the rules are rigged..."

“The game is rigged and the American people know that. They get it right down to their toes.”
Senator Elizabeth Warren

Democrats need to hammer reTHUGS into pulp over this tax giveaway theft...............






This week, the House Ways and Means Committee is poised to demonstrate exactly how the rules are rigged. Beginning on Tuesday, the committee will mark up a series of bills on corporate tax breaks – known as “extenders” because they have been extended regularly every year or two for over a decade. Only now the Committee plans to make many of them permanent, at the cost of an estimated $300 billion over 10 years. And it does not plan to pay for them by closing other corporate loopholes or raising rates. The giveaway – almost all of which goes to corporations -- will simply add to the deficit. And no doubt those who vote for them will later demand deeper cuts in programs for the vulnerable in order to bring “spending” under control. The measures range from big to small, sensible to inane. Two centerpieces are glaring loopholes for multinational companies and banks, encouraging them to ship jobs and report profits abroad to avoid an estimated $80 billion in taxes over a decade.




Call them – one known as the “active finance exception” and the other as the “CFC look-through rule -- the General Electric tax dodges. The loopholes allow multinationals with huge finance arms, like General Electric or Wall Street banks, to dodge paying their fair share of taxes simply by claiming that U.S. based financial income is being generated offshore. These “exceptions” are central to how GE managed to declare a profit of more than $27 billion over the past five years, while not only paying nothing in taxes, but pocketing tax refunds of more than $3 billion. The multi-billion dollar multinational pays less in taxes than any mom and pop store that turned a profit. These breaks don’t pass the smell test. Making these permanent without offsetting them by closing other loopholes is a brazen insult to American voters. Republicans have railed incessantly about deficits, forcing austerity budgets that have impeded the recovery and cost jobs. For the first time, they even refused to pass emergency unemployment compensation to long-term unemployed workers unless it was “paid for” by cuts elsewhere. (And even after the Senate passed the measure with “pay-fors,” Republican House Speaker John Boehner still refuses to allow it to come to a vote)


~snip~

But perhaps this time business as usual may bear a price. Warren is right: Americans are increasingly onto the game. As polling for Americans for Tax Fairness has shown, voters are outraged that corporations and the wealthy aren’t paying their fair share of taxes. They are incensed at the notion that Congress is giving multinationals incentives to ship jobs or report profits abroad. Or that Wall Street banks are paying lower tax rates than small businesses. Even the perpetually tanned House Speaker John Boehner will blanche at trying to explain how unemployed workers can’t be helped but multinationals need permanent loopholes to stash their earnings abroad. Even the glib Republican budget chair Paul Ryan will find it hard to justify deeper cuts that boot kids out of Head Start or cut Pell grants for college in order to make up for deficits produced by rewarding GE for stashing profits in the Cayman Islands.



cont'


http://crooksandliars.com/2014/04/rigging-rules-congress-moving-corporate

[L0oniX]

1. Corporations are your enemy my friend.

[brooklynite]

2. Misleading headline

Republicans in the House passing something that'll never make it through the Senate does not equate to "Congress"

[leftyohiolib]

3. let's hope the senate kills it cause idk about potus anymore