George W. Bush's Corporate Tax Cheat Forgiveness Act

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Thu, 9 Jun 2005 21:43:03 -0700

George W. Bush's Corporate Tax Cheat Forgiveness Act

 

 

Thanks to Ken Dyer; Impeach the Weasel for this original article. Of

course, we know who has to make up the loss in federal income, you and I.

S

 

 

http://www.jimhightower.com/air/read.asp?id=11687

 

REWARDING CORPORATE TAX CHEATS

 

6/8/2005

 

Last year, American Jobs Creation Act was signed into law by George W.

 

So...how many jobs has it created?

 

Well, gosh, say the Bushites, uh...um...er...none.

 

Well then, how many jobs will it create later on?

 

Golly, say the Bushites, actually...uh...we don't know...maybe none.

 

This is because both the title and the promise of this law are lies.

 

It's not a jobs bill at all, but a boondoggle for huge corporations,

giving them a massive tax cut.

 

For years, these giants have used loopholes that let them shelter

their profits in various tax havens around the world.

 

Finally, though, there comes a time when they want to bring this stash

home--but, goodness gracious, this would require them to pony up their

taxes.

 

No problem for them, though, for this is why they hire hordes of

lobbyists and make big campaign donations to lawmakers.

 

They simply got Bush and the congress to declare a " tax holiday " for

them, letting them repatriate their hidden cash at a tax rate of only

five percent--a fraction of the normal rate and way below what we

working stiffs and small businesses pay.

 

This corporate tax dodge is so stinky that it needed some perfume to

get it through congress--so the Bushites called it a jobs bill,

promising that the companies would invest these billions in new

operations here at home and hire workers.

 

However, there was one little catch to their promise:

 

They put no requirement in the law that the tax dodgers would have to

do any of this.

 

Guess what?

 

They aren't.

 

Pfizer Inc., for example, will haul at least $28 billion home from its

international tax hideaways.

 

Far from using this pile to create jobs in the good ol' USA, Pfizer

says it will cut thousands of workers over the next three years.

 

Asked about the ethics of this, Pfizer says curtly that it's

" following the intent of the law. "

 

Yeah, a law your lobbyists wrote!

 

It should be called the Corporate Tax Cheat Forgiveness Act.

 

" Biggest U.S. drug makers cashing in on tax break. " Austin

American-Statesman, May 8, 2005