Senator Ron Wyden (D-Ore) has ascended to the powerful Senate Finance Committee which has been hailed as a leap forward for Progressive Democrats.
Wyden’s acid test comes as GE's favorite corporate tax loopholes come under review.
Will Wyden act as a Progressive Democrat? Or will his assumption into the higher echelons of power offer a changed perspective which sees corporate taxes as a drag on job creation? Will the corrosive political environment obstruct any truly progressive move he may make?
Political writer par excellence, Jeff Mapes, writes in The Oregonian (The Inside Story of Ron Wyden’s First Big Loss as Senate Finance Chairman) about the difference of opinion on the doctor’s Medicare reimbursement issue where Reid won out in a temporary patch over Wyden’s call for a permanent fix.
It underscores the limits of Wyden’s power and highlights how his famed idealism is running into the cold political reality of Capitol Hill.
“It certainly raised a lot of eyebrows,” said one Democratic source, who asked not to be named discussing private conversations.
“You would have figured that Wyden would have wanted to start off [his chairmanship] and endear himself to a lot of people.”
This nameless “Democratic source” reveals the strong impetus to “get along” in the poisonous atmosphere of our Capitol. All of our Progressive representatives face this threat to their effectiveness every day. It is up to us to support them in any way we can and today that means signing a petition to show support.
On Friday, the GE tax loophole will come before Wyden’s committee. Please sign this petition to support Senator Wyden to do the right thing and to finally make GE pay their taxes.
Sen. Wyden: Don’t Bring Back GE’s Favorite Tax Loopholes:
General Electric is one of the worst corporate tax dodgers out there. It has managed to pay ZERO dollars in federal income taxes over five recent years -- thanks to some big tax loopholes and some clever accounting. You may well have paid more in taxes in one year than GE paid on $27 billion in profits over those five years.
The company has mobilized a small army of lobbyists in Washington, D.C., this year, because two of its most profitable tax loopholes have just expired. These arcane-sounding loopholes -- known as the "active financing" loophole and the CFC lookthrough rule -- let General Electric and other big corporations avoid paying their U.S. taxes when they shift profits to offshore tax havens.
Sen. Ron Wyden (D-OR), who chairs the Senate Finance Committee, is about to have his committee vote on a plan that would bring these two loopholes back. If they are revived, they will cost us $80 billion over the next 10 years.
UPDATE:
Senate Finance Committee's Wyden Vows To Renew Expired Tax Extenders For Last Time
It’s the 15th time Congress has been tasked with renewing the motley and growing collection of temporary tax breaks known as the “extenders,” and today the new Senate Finance Committee chair, Sen. Ron Wyden (D-Ore.), vowed it will be the last time.
“This will be the last tax extenders bill the committee takes up as long as I’m chairman,” Sen. Wyden said as he opened a committee mark-up today. “That’s why the bill is called the EXPIRE Act. It is meant to expire.”
I don't understand why
this wasn't the last time. Hard to know the inner workings of this which made it impossible but it is disappointing. Perhaps he did not have enough time being only 19 days chair.