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BREAKING: Docs show John Cornyn slipped line into the bill that enriches GOP fossil fuel donors &
BREAKING: Docs show @JohnCornyn slipped line into the bill that enriches GOP fossil fuel donors & personally enriches 16 GOP lawmakers including @TedCruz. Line was inserted as Cornyn's fmr chief of staff lobbied on the issue for a natural gas corporation
Link to tweet
Cornyn Pipeline Amendment Enriches GOP Lawmakers; Language Inserted As Cornyn’s Former Aide Lobbied On The Issue
Sen. John Cornyn, R-Texas, inserted language into the final tax bill that would enrich three different constituencies: fossil fuel firms, Republicans’ major campaign donors and a handful of Cornyn’s GOP congressional colleagues including Texas Sen. Ted Cruz and two other Texas lawmakers in the House. Cornyn originally added the language in an amendment to the Senate bill at the same time his former chief of staff was lobbying both the House and Senate on the tax treatment for those same oil and gas partnerships.
Cornyn’s amendment ensures Master Limited Partnerships (MLPs), which are publicly traded partnerships that aren’t required to pay corporate income taxes, get the “pass-through” tax break in the final tax bill. Congressional Republicans have settled on a 20 percent deduction for some types of pass-through entities in their final tax bill as a way to give those businesses, which don't pay corporate taxes, some of the tax relief the bill gives to corporations, which do pay the corporate levy.
MLPs were first created in the 1980s, but by the end of the decade lawmakers, worried about revenue loss, restricted their use to certain industries — primarily natural resource extraction. Today they are mostly used by investors in oil and gas pipelines, who use the vehicles to raise capital and avoid corporate taxes.
An International Business Times investigation last week revealed that 16 members of Congress — 13 Republicans and three Democrats — are invested in between $4.6 million and $10.6 million worth of MLPs. Those lawmakers stand to benefit from Cornyn’s amendment, which reduces levies on income from MLPs, leaving more money for distributions to investors. Reps. David Trott of Michigan and Thomas MacArthur of New Jersey and Sen. David Perdue of Georgia, all Republicans, are among those who may see the biggest tax reductions. (See list below.)
More: http://www.ibtimes.com/political-capital/cornyn-pipeline-amendment-enriches-gop-lawmakers-language-inserted-cornyns-former
Sen. John Cornyn, R-Texas, inserted language into the final tax bill that would enrich three different constituencies: fossil fuel firms, Republicans’ major campaign donors and a handful of Cornyn’s GOP congressional colleagues including Texas Sen. Ted Cruz and two other Texas lawmakers in the House. Cornyn originally added the language in an amendment to the Senate bill at the same time his former chief of staff was lobbying both the House and Senate on the tax treatment for those same oil and gas partnerships.
Cornyn’s amendment ensures Master Limited Partnerships (MLPs), which are publicly traded partnerships that aren’t required to pay corporate income taxes, get the “pass-through” tax break in the final tax bill. Congressional Republicans have settled on a 20 percent deduction for some types of pass-through entities in their final tax bill as a way to give those businesses, which don't pay corporate taxes, some of the tax relief the bill gives to corporations, which do pay the corporate levy.
MLPs were first created in the 1980s, but by the end of the decade lawmakers, worried about revenue loss, restricted their use to certain industries — primarily natural resource extraction. Today they are mostly used by investors in oil and gas pipelines, who use the vehicles to raise capital and avoid corporate taxes.
An International Business Times investigation last week revealed that 16 members of Congress — 13 Republicans and three Democrats — are invested in between $4.6 million and $10.6 million worth of MLPs. Those lawmakers stand to benefit from Cornyn’s amendment, which reduces levies on income from MLPs, leaving more money for distributions to investors. Reps. David Trott of Michigan and Thomas MacArthur of New Jersey and Sen. David Perdue of Georgia, all Republicans, are among those who may see the biggest tax reductions. (See list below.)
More: http://www.ibtimes.com/political-capital/cornyn-pipeline-amendment-enriches-gop-lawmakers-language-inserted-cornyns-former
33 replies
= new reply since forum marked as read
= new reply since forum marked as read
Criminal coal company CEOs like Don Blankenship should not be rewarded. Instead they should be doing time. 
how the fuck they can live with themselves.
