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October 02, 2003

Tax Giveways to Corporations

Why not?

The deficit is heading towards $500 billion per year, poverty is soaring, so what do you do?

Cut taxes for America's biggest corporations.

Any corporation with overseas profits under a new tax plan will be rewarded for these overseas tax shelters-- getting a massive tax break.

Even the Bush administration and pro-business conservative Democrats are skeptical:

But many tax experts, including top tax officials in the Bush administration, say the move would be a mistake because it would validate the strategies of companies that spent years sheltering the overseas profits.

"The company that left Louisiana is going to pay a 5 percent tax on the widgets they make overseas, and the company that stayed in Louisiana is going to pay a 35 percent tax," said Senator John B. Breaux, Democrat of Louisiana. "If that isn't an incentive to leave, I don't know what is."

Posted by Nathan at October 2, 2003 08:02 AM