Corporate Tax Breaks Corporate lobbyists in Washington are lining up to feed at the taxpayers’ trough.
And the Republican Leadership wants to feed them well:
A retroactive $1.4 billion tax break to IBM
$1 billion to Ford
$671 million to General Electric
Over $100 billion in proposed special interest tax breaks…
and rising.
Hard to believe the greed?
Don’t take our word for it.
Check for yourself.(Don't bother because they DON'T know anything about building a website)
Click here to learn more.
Corporate Tax Breaks Corporate lobbyists in Washington are lining up to feed at the taxpayers’ trough.
And the Republican Leadership wants to feed them well:
A retroactive $1.4 billion tax break to IBM
$1 billion to Ford
$671 million to General Electric
Aha! Aren't these the amounts credited to these Corporations in their Alternative Minimum Tax funds? The Sleazy Dems (pardon the redundancy) initially promised to cooperate in repealing this law, which even they agreed is stupid and counterproductive. It basically penalizes companies for NOT making a profit, making them pay extra taxes when business is bad, or they have eaten into profits with major capital expenditures. These extra taxes, however, are kept on account and the credits can be (and invariably are) drawn from in later years when the companies have genuine (non AMT) tax liabilities.
As far as repealing the AMT there were basically two options. Keep the credits on account, letting the corporations draw them down over time, or just rebate them all at once. In turned out that over a five year term the options were, respectively, revenue neutral to the government, so the Pubbies in congress proposed the more straightforward option of a simple rebate.
It was at this point that the Sleazy Dems reneged on their agreement and began calling the rebates consequent to the proposed AMT repeal "tax breaks for rich corporations". Apparently the Dems want to simply steal this money AND keep the AMT scam running.