WTF!! Obama Helping Lobbyists Weaken Offshore Tax Crackdown Dems Passed In 2002 Over GOP Opposition

[Orwellian_Ghost]

Obama helping lobbyists weaken offshore tax crackdown Dems passed in 2002 over GOP opposition
by: David Sirota
Wed Nov 11, 2009 at 09:15

...

And yet in the now-Democratic Congress seven years later, with deficits exploding and the government clearly needing to strengthen any and all incentives for corporations to pay their taxes, I was more than disheartened to read this story in the Hill newspaper this week:

Multinational corporations are fighting to preserve language in a spending bill that would weaken a ban on federal contracts.

The provision, inserted in the Senate version of the bill at the request of the Obama administration, would weaken a ban on federal contracts for inverted companies...

Before the ban began in 2002, four of the 100 largest federal contractors were inverted, according to a Government Accountability Office (GAO) report.

In 2001, those four companies received $2.7 billion in federal contracts, but they have unable to win the contracts since the ban was put into place.

The Obama administration is justifying its push on the grounds that the ban may - at some point in the undetermined future - conflict with our trade agreements. It's a charge North Dakota Sen. Byron Dorgan (D) rightly calls "absurd."

...

http://www.openleft.com/diary/15972/obama-helping-lobbyists-weaken-offshore-tax-crackdown-dems-passed-in-2002-over-gop-opposition