NYT: (House and Senate) Negotiators Approve Big Tax Cuts for Business

[DeepModem Mom]

Negotiators Approve Big Tax Cuts for Business
By EDMUND L. ANDREWS

Published: October 7, 2004


WASHINGTON, Oct. 6 - In an act of pre-election largess, House and Senate negotiators approved a sprawling corporate tax bill on Wednesday that would shower corporations and farmers in politically sensitive states with about $145 billion worth of new tax cuts.

In an attempt to get backing from Southern Democrats, Republican leaders included a $10 billion buyout for tobacco farmers to be paid for by taxpayers, but they rejected a Senate provision to link that buyout with a requirement that cigarette companies be subject to regulation by the Food and Drug Administration....

***

The agreement involves the cozy deal-making that often characterizes pork-barrel politics, with lawmakers from both parties insisting on breaks for hometown industries in return for their support of the overall measure.

The big winners include General Electric, Exxon Mobil, electric utilities, movie producers and agricultural producers.

Keith Ashdown, vice president for policy at Taxpayers for Common Sense, a public advocacy group in Washington, said, "This legislation is an early Christmas gift for corporate fat cats."...


http://www.nytimes.com/2004/10/07/business/07corptax.html

[ClintonTyree]

1. And these same companies................

will, in return, outsource thousands of more jobs to India in appreciation of these tax breaks. What a great country!
GE wins big again. I guess it's totally clear why a certain Cable News Network is becoming Bush/Cheney's biggest on air whore now isn't it? I hope Kerry touches upon this tomorrow, if the chance arises.

[Hornito]

2. And, once again, the Repugs have cornered the Dems during

an election year, forcing most of them to vote to support this egregious bunch of corporate welfare. One of the Dems' greatest failings over the last several years, has been allowing themselves to be cornered by Tom DeLay, time and time again.

Of course, they could take a principled stand, perhaps holding a news conference on the Capitol steps, denouncing the legislation, and then voting against it, because it is against the interests of the citizens of this country, ....but then, that would be too much to ask. To many House and Senate Dems have forgotten how to fight, forgotten what it means to be a Democrat, and how to act like opposition.

[unfrigginreal]

3. This should be a lesson to the hardheaded supporters

of Dino's and the DLC, but it won't. The only way they won't get cornered in an election year again is to start taking a stand and making our case to the public starting Nov. 3.

Hopefully, we'll run candidates that are eloquent in Democratic positions in the primaries of 2006 to replace those that don't change their ways.

[2Design]

4. once we get kerry and dem majority - we need to get the

democratic wing of the democratic party in office - we need to oust all of these repub lite that say they are dems - we need congress people who are working for the people and not themselves and corporations who are willing to take down america for their greed

we are all interdependent - but corporations and rethugs want to suck the people dry world wide

[leesa]

5. Good. More money for them to squirrel away. These greedy

pigs are not creating ANY jobs. Isn't that the mythology? Give them corporate welfare and they will create jobs?

[amandabeech]

6. Is this the bill that reinstates tax breaks for wind power?

If that is the case, then GE might receive breaks as a manufacturer of wind generators and utilities, like Florida Light & Power, that put up wind farms may also receive breaks.

I hate to see breaks for big business, but if the brakes encourage wind power, I can't complain too much. However, I think that GE produces the generators in Canada--land of high taxes with a currency that has been appreciating against the dollar recently.