Corporate Tax Bill Clears House Panel ($4B problem now $140 B tax cut)

[papau]

http://story.news.yahoo.com/news?tmpl=story&cid=584&ncid=584&e=16&u=/nm/20040615/pl_nm/congress_taxes_dc

Corporate Tax Bill Clears House Panel

Tue Jun 15,12:02 AM ET By Donna Smith

WASHINGTON (Reuters) - Legislation that repeals tax subsidies for U.S. exporters and provides new tax breaks for manufacturers and companies with overseas operations cleared a U.S. House of Representatives committee on Monday.

The bill, passed by the tax-writing Ways and Means Committee on a vote of 27-9, advances to the full House for a vote expected later this week.<snip>

"The last I remembered, we were faced with a World Trade Organization problem and that, because we refused to fix it, we were going to be penalized by some $4 billion in tariffs ... You have taken this $4 billion problem and turned it into a $140 billion tax cut," Rep. Charles Rangel of New York, the top Democrat on the committee, said to Thomas.

The bill also includes a $9.6 billion buyout of tobacco growers and provides a new tax deduction for sales taxes that would benefit people in states that do not have income taxes. <snip>

The Senate also included about $19 billion in energy tax breaks that are not part of the House bill.

[Robert Oak]

1. supposedly will encourage even more outsourcing as well

http://www.accountingweb.com/cgi-bin/item.cgi?id=99332&d=815&h=817&f=816&dateformat=%25B%20%25e,%20%25Y



http://www.internetnews.com/bus-news/article.php/3368161



<snip> rewards companies for shipping jobs overseas </snip>



http://www.theolympian.com/home/news/20040605/topstories/66787.shtml



H.R. 4520



It just came out of the house ways and means committee....our fav group of corporate purchased republicans...


We're still examining it but it looks like it went into the corporate
controlled house ways and means and came out as another vehicle
of theft of the American people and the nation by multinationals.