$140 billion give-away to Corporations?

[Dirt]

http://money.cnn.com/2004/10/22/news/ne ... tm?cnn=yes

How does this help us common folk? Will it generate more jobs?

[Biyobi]

http://money.cnn.com/2004/10/22/news/ne ... tm?cnn=yes

How does this help us common folk? Will it generate more jobs?

It will for some country.

[RunningMn9]

Now, I'm no fan of corporate tax breaks (unless they improve the bottom line of my employer ). But here's something that I found an interesting piece of campaign rhetoric:

Kerry campaign spokesman Phil Singer said: "George Bush filled the bill up with corporate giveaways and tax breaks for multinational companies that send jobs overseas."

Since when did GWB start authoring bills? Isn't that function still left to the Congress? I thought they wrote and passed laws, that the President subsequently signed into law.

Or is he implying that Bush added to the bill after Congress approved it?

Singer said the Massachusetts senator's first budget, if elected, would call for the repeal of "all the unwarranted international tax breaks that George Bush included in this bill."

Why do I have a funny feeling that they used the word "unwarranted" here on purpose? That seems vague enough to me that you can actually not do anything after elected, under the guise that you now deem all of it's provisions "warranted". Of course, by then it's too late to point out that it was probably a good thing in the first place.

All that said, enough with the F-ing corporate tax breaks.

[jblank]

Wow, imagine that, Bush giving Billionaires and Millionaires more tax breaks. See, this is the kind of stuff that really irks me. We're spending money out the ass, taking in less, creating a deficit the size of the continent. We're ignoring the middle class who is struggling with increased fuel costs, increased medical costs, a stagnant job market and wages, but hey, here is a novel idea, why dont we give corporations 140 billion in tax relief, so they can allegedly be more competitive. Yeah, that makes brilliant sense. Now, not only are my tax dollars funding waste and corporate welfare, but we get to further lessen the burden on corporations, while increasing the burden on us. God knows a tax cut would have been nice at my house. The Blankenship's sure as hell need it more than corporations do, and would definitely spend it better.

[noxiousdog]

Ya got me. What a poor job of reporting.

I like that Bush beat Kerry to the punch on the corporate income tax thing. Kerry wants (correctly) to lower it too. I think his number was 33.25% though.

Bloomberg says $50 billion is illegal WTO stuff

Bush's signature caps a two-year effort to repeal the Foreign Sales Corporation rule, a $50 billion tax break that the World Trade Organization concluded in 2002 violated international trade rules. The WTO authorized the European Union to impose tariffs, which started at 5 percent in March and reached 12 percent on Oct. 1. If fully phased in, the sanctions would cost U.S. companies $4 billion a year.

The export tax break being phased out primarily benefits a dozen exporters including Redmond, Washington-based Microsoft Corp., Chicago-based Boeing and Peoria, Illinois's Caterpillar Inc. In its place will be a $76.5 billion tax cut for many manufacturers, including energy producers such as Irving, Texas- based Exxon Mobil Corp. and electric utilities. The measure reduces manufacturers' rates to 32 percent from 35 percent.

Once the tax cut is fully phased in, the National Association of Manufacturers estimated it would create 355,000 jobs annually. The U.S. economy has lost 2.7 million factory jobs since January 2001, the biggest loss of manufacturing jobs during any presidency since before World War II.

hilarious. Manufacturing jobs are 'special interest.'

Oh, and this is another one of those 10 year bills.

Whopty do. 1.4 Billion a year.

[jblank]

The export tax break being phased out primarily benefits a dozen exporters including Redmond, Washington-based Microsoft Corp., Chicago-based Boeing and Peoria, Illinois's Caterpillar Inc. In its place will be a $76.5 billion tax cut for many manufacturers, including energy producers such as Irving, Texas- based Exxon Mobil Corp. and electric utilities. The measure reduces manufacturers' rates to 32 percent from 35 percent.

So, Exxon gets to benefit from this as well huh? I guess those record profits from high oil prices arent good enough.

[SuperHiro]

Wow, imagine that, Bush giving Billionaires and Millionaires more tax breaks. See, this is the kind of stuff that really irks me. We're spending money out the ass, taking in less, creating a deficit the size of the continent. We're ignoring the middle class who is struggling with increased fuel costs, increased medical costs, a stagnant job market and wages, but hey, here is a novel idea, why dont we give corporations 140 billion in tax relief, so they can allegedly be more competitive. Yeah, that makes brilliant sense. Now, not only are my tax dollars funding waste and corporate welfare, but we get to further lessen the burden on corporations, while increasing the burden on us. God knows a tax cut would have been nice at my house. The Blankenship's sure as hell need it more than corporations do, and would definitely spend it better.

Alright! Alright! I admit it! Corporate America, I'm sorry. I wasted my entire tax break on porn! The only industry I helped was the adult entertainment industry... the one that didn't really need my help. I know you wanted me to spend my tax break on responsible things, like oil and airplanes... but I wasted it on pornography. I'm sorry.

[LordMortis]

Since when did GWB start authoring bills? Isn't that function still left to the Congress? I thought they wrote and passed laws, that the President subsequently signed into law.

I haven't read the article, so crucify me, but GWB is not to be blamed for all of our money subsidizing corporations for sending both jobs and product overseas. What he is to be blamed for is not making an effort to put scale it back, when it is obvious (to me at least) that we need to scale these incentives back, monitor foreign interests and counteract their efforts to create a more legitamate playing field. He then insults me by telling again and again. "No, no. Sending materials, products, money, and jobs overseas is good. Really. See. Trust me. McDonald's jobs are saving our industrialized nationality. We are creating a situation where we get to have people train and monitor the people and countries we are subsidizing through corporate efforts and that's more jobs. Really."

[$iljanus]

Alright! Alright! I admit it! Corporate America, I'm sorry. I wasted my entire tax break on porn! The only industry I helped was the adult entertainment industry... the one that didn't really need my help. I know you wanted me to spend my tax break on responsible things, like oil and airplanes... but I wasted it on pornography. I'm sorry.

Since alot of the successful pornographers are based in these here United States I think that this is a perfect example of an American doing his part to Buy American.

Where was Up and Cummers vol 1-300 filmed? In America.

Anal Angels? In America.

Dirty Debutantes vol 1-500? In America.

If you want to watch some strange foreign German porn involving women in high heels stomping on male genitalia then be my guest.

I prefer my porn All-American! (well, with the occasional asian babe porn)

[the Nightbreeze]

Now, I'm no fan of corporate tax breaks (unless they improve the bottom line of my employer ). But here's something that I found an interesting piece of campaign rhetoric:

Kerry campaign spokesman Phil Singer said: "George Bush filled the bill up with corporate giveaways and tax breaks for multinational companies that send jobs overseas."

Since when did GWB start authoring bills? Isn't that function still left to the Congress? I thought they wrote and passed laws, that the President subsequently signed into law.

Or is he implying that Bush added to the bill after Congress approved it?

Is Bush proposing bills and adding riders to bills by himself? No. Although a President through channels can suggest bill proposals and amendments to bills. It wouldn't be hard for any President to get the ball rolling on any legislation he would like to suggest, even if a Representative or Senator will ultimately sign his name to it before it gets dropped in the hopper.

And then one must consider any President's ability to veto anything that lands on his desk. Sort of defeats the purpose of writing a bill, multipage documents that they are, that you know the sitting President will veto.

The Veto is checked by the legislature's ability to vote for passage with a 3/4 favorable vote of the body (house or Sentate) in quarrum. Given who holds the number of seats at present, not enough votes for that to ever happen.

Or did I sleep through Civics class and imagine some of this way back in 1992 when I learned it?

Anyways, by holding the veto pen and finding like-minded legislators to help get the bills started and/or ammended, any President's responsiblity in a bill's passage is weighty indeed.

[RunningMn9]

Or did I sleep through Civics class and imagine some of this way back in 1992 when I learned it?

While I appreciate the civics lesson, I was referring to the sillyness of the rhetoric. George Bush wasn't busy adding anything into this bill.

I'm not suggesting the President has no role in setting the legislative agenda - I'm just commenting on the choice of words coming out of the Kerry camp that would have me believe that GWB is personally responsible for me not getting the particular Cracker Jack prize I was expecting this morning.

I found it amusing is all.

[LordMortis]

GWB is personally responsible for me not getting the particular Cracker Jack prize I was expecting this morning

You got Cracker Jacks? All I got was cup of coffee. Damn you Bush!!!!

[the Nightbreeze]

I wonder if it is as much rhetoric as you suggest, seeing as he could have vetoed the bills that lead to this amount of money going back to anyone in tax refunds.

It's not what he did as a President, but rather what he didn't that facilitaed the situation.


Edit:

Now having actually read the quote to which you were refering, I can see where you are coming from.

There were things that could have been done, I would suggest, but I would allow that GWB might not have had his hands deep in the guts of the bill.

[Yankeeman84]

And what does small business America get.........SHIT!

What does 90% of Americans get.................SHIT!

I cant wait to see the day when all these big companies go out of business. It is already happening to the airlines and I hope Gas/Oil Companies are next, followed by Insurance Companies but that will never happen.

Capitalism at its finest.....thanks "W".

[LordMortis]

I wonder if it is as much rhetoric as you suggest, seeing as he could have vetoed the bills that lead to this amount of money going back to anyone in tax refunds.

It's not what he did as a President, but rather what he didn't that facilitaed the situation.

If my reading is correct, the damage about tax incentives to corporations sending money overseas long predates Bush, but it has never been so damning to our economy as it has been under Bush and therefore it's his baby to deal with. That is why I hold him accountable.

[jblank]

And what does small business America get.........SHIT!

What does 90% of Americans get.................SHIT!

I cant wait to see the day when all these big companies go out of business. It is already happening to the airlines and I hope Gas/Oil Companies are next, followed by Insurance Companies but that will never happen.

Capitalism at its finest.....thanks "W".

I dont want them to go out of business, that would be a VERY bad thing. I just dont want them to get tax breaks, simply for being in business, when odds are that they didnt really need them. The more I read into this, the more this sounds like some kind of little thank you, being given to the companies that would benefit from it.

The US government simply does not need to be in the business of subsidizing industry with tax cuts, at a time when at least one of those companies benefitting from this package, just had record profits.

[RunningMn9]

There were things that could have been done, I would suggest, but I would allow that GWB might not have had his hands deep in the guts of the bill.

Certainly not for something that amounts to $10B a year (I am better at math than ND ). That's peanuts, especially considering it was to please the WTO (one my many arch-enemies).

[the Nightbreeze]

There were things that could have been done, I would suggest, but I would allow that GWB might not have had his hands deep in the guts of the bill.

Certainly not for something that amounts to $10[Billion] a year (I am better at math than ND ). That's peanuts, especially considering it was to please the WTO (one my many arch-enemies).

Hey, next year, can you start giving me some peanuts?

[The Evil Dead]

Wow, imagine that, Bush giving Billionaires and Millionaires more tax breaks. See, this is the kind of stuff that really irks me. We're spending money out the ass, taking in less, creating a deficit the size of the continent. We're ignoring the middle class who is struggling with increased fuel costs, increased medical costs, a stagnant job market and wages, but hey, here is a novel idea, why dont we give corporations 140 billion in tax relief, so they can allegedly be more competitive. Yeah, that makes brilliant sense. Now, not only are my tax dollars funding waste and corporate welfare, but we get to further lessen the burden on corporations, while increasing the burden on us. God knows a tax cut would have been nice at my house. The Blankenship's sure as hell need it more than corporations do, and would definitely spend it better.

Alright! Alright! I admit it! Corporate America, I'm sorry. I wasted my entire tax break on porn!

Hey, it's what I'd do. It's the American thing to do.

[noxiousdog]

There were things that could have been done, I would suggest, but I would allow that GWB might not have had his hands deep in the guts of the bill.

Certainly not for something that amounts to $10B a year (I am better at math than ND ). That's peanuts, especially considering it was to please the WTO (one my many arch-enemies).

Division and subtraction is hard math.

[Zarathud]

A copy of this 2004 tax act arrived on my desk today, it's about 1/4 of the size of my United States Internal Revenue Code books (not the regulations). Just an e-mail SUMMARY of all of the industry-specific loopholes was over 50 pages long.

While a President doesn't pass bills, the power of the veto (which G.W. Bush has NEVER used) and the power of leadership over his party could have been used in order to limit the insane amount of loopholes which made it into this tax bill. I'd consider it fair to say that the bill is a parting tax giveaway to those special intrests and industries who have supported the Bush administration (or friendly Democrats), just in case Kerry wins.

The tax legislation under the Bush administration has created an insane amount of complexity in the tax laws -- the Bush "tax reforms" generally include a number of phase-outs and phase-ins in order to hide the budget costs. It baffles me that the Bush administration claims to be in favor of tax "simplification."

It's true that international tax reduction strategies predated Bush, there were other tax costs and concerns that the IRS would disapprove or limit the benefits from those transactions. The Bush administration gave the clear signal that the IRS would be "business friendly" (less chance of an unfavorable reaction) while at the same time it decimated the IRS enforcement budget (less chance of getting caught). In some areas, the IRS started to give out tax-payer friendly pronouncements which basically blessed certain tax reduction strategies. End result: increasing numbers of multinational corporations claiming no tax due or (unbelievably) refunds.

As a result, record budget surpluses turned into record budget deficits -- at a much worse rate than would have been caused by the economic downturn alone.

[the Nightbreeze]

I still want some peanuts. I'll share with someone! I'll even go halfsies.