Cyrus
10-08-2004, 04:28 AM
Depends, apparently, on whom you ask:
"It's Christmas in October for multinational companies and lobbyists with friends in high places," said Rep. Charles Rangel, D-New York. "But if you are a worker concerned about manufacturing jobs moving overseas, it's still the season for Halloween horrors."
Government watchdog and deficit reduction groups expressed disappointment with the vote.
"This bill is an orgy of 276 special interest tax breaks and giveaways that amounts to a cynical attempt to bribe swing states in one of the closest elections in our nation's history. Ethanol, tobacco bailout, breaks for NASCAR -- you name it," said Keith Ashdown of Taxpayers for Common Sense.
Opponents argued that the oil and gas industry, which is enjoying record prices for their products, should not be included in a bill that was intended to encourage American manufacturers to keep their factories in the United States and not move them overseas.
Another controversial section of the bill would provide $42.6 billion in tax relief to multinational companies, including providing a "tax holiday" that would lower for one year the tax rate on companies returning their overseas profits to the United States.
Supporters argued that this would boost the amount of capital available for investment in the United States while opponents charged it represented a windfall for companies that had already moved operations overseas.
CNN Report (http://www.cnn.com/2004/ALLPOLITICS/10/07/corporate.taxes.ap/index.html)
<font color="white"> . </font>
"It's Christmas in October for multinational companies and lobbyists with friends in high places," said Rep. Charles Rangel, D-New York. "But if you are a worker concerned about manufacturing jobs moving overseas, it's still the season for Halloween horrors."
Government watchdog and deficit reduction groups expressed disappointment with the vote.
"This bill is an orgy of 276 special interest tax breaks and giveaways that amounts to a cynical attempt to bribe swing states in one of the closest elections in our nation's history. Ethanol, tobacco bailout, breaks for NASCAR -- you name it," said Keith Ashdown of Taxpayers for Common Sense.
Opponents argued that the oil and gas industry, which is enjoying record prices for their products, should not be included in a bill that was intended to encourage American manufacturers to keep their factories in the United States and not move them overseas.
Another controversial section of the bill would provide $42.6 billion in tax relief to multinational companies, including providing a "tax holiday" that would lower for one year the tax rate on companies returning their overseas profits to the United States.
Supporters argued that this would boost the amount of capital available for investment in the United States while opponents charged it represented a windfall for companies that had already moved operations overseas.
CNN Report (http://www.cnn.com/2004/ALLPOLITICS/10/07/corporate.taxes.ap/index.html)
<font color="white"> . </font>