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  •  Congress Takes From Poor, Gives To Corporate Rich (7+ / 0-)

    Congress Takes From The Poor, Gives To The Corporate Rich...........

    The most dysfunctional Congress in U.S. history has finally found something that can attract bipartisan support: an expensive package of tax breaks that mostly benefit corporate interests.
    By a vote of 96-3, the Senate this week advanced an $85 billion bundle of breaks known as "extenders," so named because they supposedly expire every two years.
    Included in the $85 billion proposal is an expensive break used primarily by large multinational companies with lending arms, such as General Electric and Morgan Stanley, to avoid paying U.S. taxes on interest income earned abroad. Extending this "active financing" exemption for two years will cost $10.3 billion, according to the Joint Committee on Taxation. Another extender, the "CFC look-through," which lets companies defer paying taxes on royalty income, will cost $2.4 billion in lost revenue. The bill also includes a bizarre collection of breaks that benefit a few wealthy interests, including millions of dollars in savings for builders of Nascar speedways and owners of race horses.

    _______________The DOD/ War Department, which consumes 22% of the national budget, is the world's largest employer with 3.2 million employees.

    by allenjo on Fri May 16, 2014 at 04:40:52 AM PDT

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