PERMANENT TAX BREAKS THAT WILL COST THE REST OF US BILLIONS....
A massive bill that extends billions of dollars in tax assistance to businesses and expands the budget deficit won U.S. House of Representatives approval on Thursday
The congressional Joint Committee on Taxation estimated the tax provisions in the combined tax-and-spending deal would increase U.S. budget deficits by around $680 billion over 10 years compared to allowing the tax breaks to expire.
HAPPY HOLIDAYS, AMERICANS!
YOU JUST GOT STUCK WITH SUPPORTING THE WEALTHIEST CORPORATIONS IN THIS COUNTRY!
The Democrats are right in saying the new PERMANENT tax bill gives more aid to large corporations and wealthy business owners than to working families.
SO WHY DID THEY VOTE FOR IT?
IF THEY KNEW THAT, AND THEY DID, WHY VOTE FOR IT?
THE HOUSE OF REPRESENTATIVES voted 318-109 for the $622 billion measure.
The Senate later backed the bill 65-33, sending it to President Barack Obama, who signed it into law last Friday afternoon.
The largest and costliest component of the tax package is the business research and development (R&D) tax credit, which will cost $113 billion over a decade in lost government revenues.
The credit until now has faced periodic review as part of a list of "temporary" tax breaks known as the "extenders" that Congress has routinely renewed for years.
Like the R&D credit, other business tax breaks would be made permanent, including one on business depreciation, with a 10-year cost of $28 billion; one on "active financing" that lets businesses shelter profits overseas, costing $78 billion; and one on business expensing, costing $77 billion."
The 258-160 vote marked one of the largest unpaid-for measures passed by the House in years, but was also the latest sign that tax cuts are at the center of the Republican universe and the ballyhooed deficit fight is not on the same level as a priority.
The bill, H.R. 4718, will make permanent something called "bonus depreciation": a significant and recent benefit for businesses.
Bonus depreciation allows companies to deduct 50% of the value of new equipment or assets in the year they are purchased. It's considered a "bonus" because the provision provides a much greater and much faster tax benefit than traditional depreciation.
The idea first became law under President George W. Bush in 2002, who said it was meant to be temporary.
The tax benefit has been extended repeatedly until the end of last year. At that time, it expired along with a slew of other temporary tax provisions called "tax extenders" because they have gone through this process so often.
The move by Republicans to back billions in tax cuts comes at a time when they are loudly questioning much smaller spending bills: the president's request for $3.7 billion to respond to children crossing the border, $11 billion to keep highway projects afloat for less than a year and the roughly $35 billion Senate measure to revamp the veteran's health care system.
Combined, those measures are still less than a fifth of the tax cut bill."
AND, YES, YES INDEED, OUR BIG OIL BOYS CAN START EXPORTING OUR OIL, PDQ!
SHIP IT OUT, THIEVES!
JACK THE PRICE OF HEATING OIL, GASOLINE, DIESEL, TRANSPORTING GOODS INSIDE OUR BORDERS WAY UP!
PROFITS, PROFITS, PROFITS...WHILE AVERAGE JOE AND JANE CITIZEN BREAK THEIR BACKS TO SUPPORT CORPORATE TAX BREAKS, WHILE FOOD COSTS SKYROCKET, AND WHILE CONSUMER GOODS GO UP AND UP.
SURELY WALL STREET IS DANCING ALL OVER NEW YORK CITY WITH THIS NEWS.
YAAAY, TEAM CONGRESS!
YOU PROVED FOR ALL TIME WHO COMES FIRST...YOUR JOHNS ON WALL STREET!
REMEMBER, AMERICA, WHICH "PARTY" CONTROLS BOTH THE SENATE AND THE HOUSE OF REPRESENTATIVES!
TO HELL WITH THOSE WHO VOTED THEIR SORRY A**ES INTO OFFICE, RIGHT,
THE SORRY SELL-OUTS!
THEY WORK THAT BUTT FOR THOSE WHO MADE THE REALLY BIG CAMPAIGN CONTRIBUTIONS!
SOMEWHERE, THEY'RE GETTING READY TO TRY OLD BERGDAHL FOR DESERTION...WELL, LOOK, AMERICA!
CONGRESS JUST DESERTED ALL OF US, SOLD US DOWN THE RIVER!
NOW WE ALL GET TO WORK, SCRAPE AND MAKE UP THAT $113 BILLION TAX DEFICIT THIS WILL CREATE.
OH, JOY, RIGHT?
“This bill would dramatically grow the size of government while failing to cut spending in any meaningful way,” Diana Banister, director of Citizens for the Republic, said in a statement.
The conservative group ripped both pieces of legislation, including provisions to extend solar and wind energy subsidies."
THIS SHOULD BE THE PROVERBIAL STRAAW THAT BREAKS THE CAMEL'S BACK", AND AMERICAN TAXPAYERS SHOULD BE LOOKING AT GETTING RID OF EVERY SINGLE ONE IN CONGRESS WHO VOTED FOR THIS.
ELECTION TIME NEXT OUGHT TO SEE THE CONGRESS CLEANED OUT, NEW BLOOD BROUGHT IN....ANYTHING BUT THE TRAITORS IN THERE NOW!