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View Diary: Naked Capitalism: $205 billion in obscured corporate subsidies in Fiscal Cliff bill (updated) (195 comments)

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  •  This: (13+ / 0-)

    …$9B Off-shore financing loophole for banks – Sec. 322 is

    an “Extension of the Active Financing Exception to Subpart F.” Very few tax loopholes have a trade association, but this one does. This strangely worded provision basically allows American corporations such as banks and manufactures to engage in certain lending practices and not pay taxes on income earned from it. According to this Washington Post piece, supporters of the bill include GE, Caterpillar, and JP Morgan. Steve Elmendorf, super-lobbyist, has been paid $80,000 in 2012 alone to lobby on the “Active Financing Working Group.”

    …Tax credits for foreign subsidiaries –  Sec. 323 is an extension of the “Look-through treatment of payments between related CFCs under foreign personal holding company income rules.” This gibberish sounding provision cost $1.5 billion from 2010 and 2011, and the US Chamber loves it. It’s a provision that allows US multinationals to not pay taxes on income earned by companies they own abroad…

    I wish I had words, but I don't.  All I can say is they want to cut the social safety net in order to do these kind of hand outs to corporations and bankers.  No mention of creating jobs here so we can continue to give them more of our tax dollars.  Once the blood suckers kill off the tax payers where are they then going to get their money?  They'll have to start destroying each other.  But, that could take years.

    "During times of universal deceit, telling the truth becomes a revolution­ary act. " George Orwell

    by zaka1 on Tue Jan 01, 2013 at 11:18:24 PM PST

    •  Yes...it is sickening! n/t (5+ / 0-)
      Recommended by:
      zaka1, elwior, caul, blue in NC, gooderservice

      "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

      by bobswern on Tue Jan 01, 2013 at 11:42:56 PM PST

      [ Parent ]

      •  LOL, (6+ / 0-)

        I'm just a little old nobody and was really navie before the internet . . . I really thought I had a voice and purpose, little did I know.  I was somewhat aware being a social worker that the system was broken, but I never knew just how badly imbalanced it was.  I really thought the middle class was important and that the wealthy were just clustered in little gated corners, I never knew that their money walks and talks and effects everyday life for the rest of us.  

        I don't know where I saw this, but it was a discussion between two people about the internet and if a democracy could survive the internet and the information age.  It was left as an open question.  I think prior to the internet so many of us were unaware of where our tax dollars were spent, that was until 2008 and the bank bailout.  

        For me it is so overwhelming to see these larger than life numbers and who gets what and who doesn't get anything.  But for the most of us that pay into the government all our working lives and pay property taxes and truly invest I honestly think the least we deserve should be a fair chance and a safety net in return.  I often wonder where all this is headed and what will be the turning point, there is always a turning point, and I truly thought the bank bailout was that time, but I was wrong.

        "During times of universal deceit, telling the truth becomes a revolution­ary act. " George Orwell

        by zaka1 on Wed Jan 02, 2013 at 12:42:13 AM PST

        [ Parent ]

    •  thanks for excellent comment (5+ / 0-)

      the social safety net that kills me... that they killed:::

      "The legislation also would kill the part of Obama's 2010 Affordable Care Act designed to let millions of elderly and disabled people get help at home rather than be placed in institutional care, which tends to be more expensive." -huff post

      With our demography?
      Are they that demented, short sighted and evil?
      Yep.

      Still pissing me off
      m

      •  I read that (0+ / 0-)

        as well, they are slowly destroying our resources by which we live. It is just plain greed and beyond.

        "During times of universal deceit, telling the truth becomes a revolution­ary act. " George Orwell

        by zaka1 on Wed Jan 02, 2013 at 11:01:56 AM PST

        [ Parent ]

    •  Didn't Obama campaign on the promise (2+ / 0-)
      Recommended by:
      zaka1, emal

      that he would work to get rid of these tax incentives to ship jobs overseas?  Yes, he did.

      So what are they doing in this legislation?

      Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

      by Betty Pinson on Wed Jan 02, 2013 at 08:55:57 AM PST

      [ Parent ]

      •  Yes, (1+ / 0-)
        Recommended by:
        emal

        he did, but I think your thinking of the other Obama.  All this legislation does is inspire corporations to take more jobs overseas.  When I see stuff like this it just reminds me of how far down the rabbit hole we've gone and that getting back is almost impossible.

        "During times of universal deceit, telling the truth becomes a revolution­ary act. " George Orwell

        by zaka1 on Wed Jan 02, 2013 at 11:07:03 AM PST

        [ Parent ]

        •  Had me at your first comment (0+ / 0-)

          But this comment here deserves a response.

          Yes he did, but I think your thinking of the other Obama.
          Lol..thanks for that!

          The Plutocratic States of America, the best government the top 1% and corporations can buy. We are the 99%-OWS.

          by emal on Wed Jan 02, 2013 at 05:41:26 PM PST

          [ Parent ]

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