With Election Over, First Order of Business Is $450 Billion Corporate Tax Break

If this doesn't piss you off, then I don't know what to say to you; but if it does piss you off, PLEASE feel free to K&R and I'd LOVE to hear your thoughts on this rapidly increasing "lid-ripping" that's going on .. exposing how we've descended free-falling into an Oligarchy, NOT a democracy by ANY stretch of the imagination.

I was just watching an absolutely devastating piece by Bill Moyers, on another string, similarly ripping the lid off for all to see, here: http://www.democraticunderground.com/1017229443

... could it really be that the Mannings/Snowdens/Greenwalds/Assanges of the world are now multiplying exponentially? And if so, then might not pretty-much anything now be possible?


With Election Over, First Order of Business Is $450 Billion Corporate Tax Break
Sunday, 30 November 2014 * By Dave Johnson * Truthout.org Op-Ed

The election is over. Congress is back in Washington. The first order of business after the election is to give big tax breaks to the corporations – $450 billion worth. Fortunately, President Obama is trying to do something about this.

Tax Extenders

Every year Congress renews a package of “temporary” corporate tax breaks. The renewal process is called “tax extenders” because they extend the term of these temporary breaks. So now the Congress is working on this year’s extenders package, except this time it wants to just make many of them (the ones that mostly give handouts to giant corporations and campaign donors) permanent. The Washington Post calls this process “a periodic bonanza for lobbyists.”

A few of the special tax breaks in the extenders package are really good and serve an important purpose. For example, part of the package is tax credits that provide incentives to invest in renewable energy. But most others are just giveaways and handouts to the already-wealthy, like depreciation tax breaks for people who own racehorses. (Yes, really.) Even worse, some of these are loopholes that actually encourage corporations to shift U.S. profits offshore into tax havens. (Yes, really.)

The good breaks are used to grease the wheels to slip these special favors through – as in “if you want to get those wind tax credits you’re going to have to pass a tax break for Mitt Romney’s racehorses.”

The media is reporting that Congress is near a deal on these extenders. The deal kills several “good” tax breaks that help working people and the middle class, like an expanded child tax credit for the working poor and expanded earned-income credit. The deal phases out the wind power tax credit after 2017.

Rep. Chris Van Hollen (D-Md.) pointed out that companies that renounce their U.S. citizenship would even get special breaks from this deal:

“The package would provide a permanent boon to large corporations, even those that renounce their U.S. citizenship and invert,” he said. “And adding insult to injury, the proposed deal chooses to leave behind working families and would make things harder for millions of Americans. …The overall package is simply unacceptable and adds more than $400 billion to the debt. We need to grow the middle class, not punish those working hard to get by while always giving preferences and priority treatment to big corporations who can hire high-priced, well-funded lobbyists.”