Corporate Tax Holiday in Debt Ceiling Deal: Where's the Uproar?

[paparush]

Matt Taibbi for Rolling Stone

..snip...

I’m shocked there isn’t more of an uproar about this. Could you imagine what the Tea Party would be saying right now if there was a law on the books that allowed immigrants to indefinitely avoid taxes on income sent back to family members in the old country, in Mexico and Venezuela and India?

Imagine the uproar if Barack Obama, in the middle of this historic revenue crunch and "We're so broke the world is going to end tomorrow!" debt-ceiling hystgeria, decided to declare a second “one-time tax holiday” for, say, unwed single mothers, or recipients of public assistance? Middle America would be running through the streets, firing shotguns out its truck window, waving chainsaws in mall lobbies, etc.

As it is, leading members of the Senate are seriously considering giving the most profitable companies in the world a total tax holiday as a reward for their last seven years of systematic tax avoidance. Hundreds of billions of potential tax dollars would disappear from the Treasury. And there isn’t a peep from anyone, anywhere, on this issue.

We’re seriously talking about defaulting on our debt, and cutting Medicare and Social Security, so that Google can keep paying its current 2.4 percent effective tax rate and GE, a company that received a $140 billion bailout en route to worldwide 2010 profits of $14 billion, can not only keep paying no taxes at all , but receive a $3.2 billion tax credit from the federal government. And nobody appears to give a shit. What the hell is wrong with people? Have we all lost our minds?


http://www.rollingstone.com/politics/blogs/taibblog/holiday-in-scambodia-20110720

[mmonk]

1. Means future deficits. Idiocy is doing the same thing over and over

again expecting a different outcome. This applies to the millions of fooled Americans. The corporate state knows the dishonesty of its actions.

[leveymg]

2. The mask has finally come off. We're under an occupation government.

And it's global.

Welcome to the future. It sucks.

[AzDar]

3. K & R

:kick:

[FreakinDJ]

4. $2 Trillion - UnTaxed

[DirkGently]

5. How can the rich be expected to give us crumbs, if they don't have ALL the cookies first?

[Karmadillo]

6. K&R

nt