"Even As Protesters Fed Up With Corp. Power Are Occupying Wall Street, Congress Rushes To Oblige It"

[Hissyspit]

http://www.huffingtonpost.com/2011/10/13/repatriation-tax-holiday-corporate-power-occupy-wall-street_n_1000900.html?ref=tw

Dan Froomkin

Repatriation Tax Holiday Push Shows Congress Turning Deaf Ear To Occupy Wall Street

Posted: 10/13/11 11:02 AM ET

WASHINGTON -- Even as protesters fed up with corporate power are occupying Wall Street, Congress is rushing to oblige it.

In an iconic example of how Congress puts big-money interests above others, bipartisan momentum is growing on Capitol Hill for a repatriation tax holiday -- a huge, temporary reduction in the tax rate on money brought back to the U.S. from offshore tax havens. Critics say the repatriation tax holiday is a multi-billion-dollar tax giveaway to the world's biggest multinational companies, with nothing in it for domestic businesses or ordinary Americans.

"I'm not sure it gets any starker than that," said Chuck Marr, director of federal tax policy at the Center on Budget and Policy Priorities.

- snip -

A similar bill has already been introduced in the House. Republican leaders have expressed enthusiasm for the idea, and Senate Majority Leader Harry Reid (D-Nev.) has indicated that he could support it as part of broader jobs legislation. Sen. Chuck Schumer (D-N.Y.) has been actively lobbying fellow Democrats to support the holiday as part of a deal that would use the short-term boost in tax receipts to fund a job-creating infrastructure bank.

"This is one of those things where if you're on the side supporting a repatriation tax holiday, that means that you're supporting a corporatist agenda that redistributes money upward to the rich," said Linda Beale, a Wayne State University law professor who blogs about tax policy. "There's no two ways about it."

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[chill_wind]

1. K & R.

[tblue]

2. That and the new trade deal. Can you say 'TONE DEAF'???!

Hey Sen. Maj. Leader Reid! Yeah, YOU, HARRY REID! You need to step aside!!!

[deutsey]

3. I thought the same thing when I heard about this

They're fucking oblivious.

[Blue Owl]

4. Congress isn't about "thinking" anymore

It's only about $$$, $$$, and more $$$...

[kentuck]

5. They get a taxcut for taking their jobs overseas?

Then they get a tax break for bringing their profits back home? How insane is that?

[truebrit71]

6. The absolute text-book definition of 'politically tone-deaf'...

...I wish I could say I was surprised but I am fresh out of outrage....Fucking whores....all of them...goddamned whores....:grr:

[Fumesucker]

8. Heh, they may not be attuned to the 99%..

But Congress is in perfect pitch with the 1%, hell most of them are one percenters themselves.

[bobthedrummer]

7. Corporate fascism-that's how it "WORKS" k&r n/t

[Uncle Joe]

9. Did 2/3 of the Senate approve of this Treaty?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x631572

Thanks for the thread, Hissyspit.

[mmonk]

10. Yes. That is why I'm voting for nearly every Dem on my ticket

except Hagan. I plan to notify her and the party chair for North Carolina.

[chill_wind]

11. K & R. Schumer was reported floating support for that back in June

http://www.dailykos.com/story/2011/06/22/987445/-Schumer-floats-support-for-corporate-repatriation-tax-holiday

http://finance.fortune.cnn.com/2011/06/21/schumer-adds-new-weight-to-repatriation-tax-talks/