Monday, November 16, 2009

Obama's Corporate Tax Breaks

Major bills include big corporate tax breaks or direct subsidies. Consider the following enacted under the Democratic Congress and signed by President Obama:

Worker, Homeownership and Business Assistance Act of 2009--$33 billion in refunds or tax relief

Obama Stimulus bill-$26 billion in tax breaks for firms buying back debt for pennies on the dollar

House Health bill-$10 billion for corporations and unions to subsidize reinsurance for older employees

Senate Health bill- $1 billion in tax credits or Treasury loans for innovative health care firms

The giveaway continues so much that Republican GE CEO Jeffrey Immelt said "we're all Democrats now." Turn off the corporafornication tap, Mr. President. $60 billion and counting...

(Thanks to Economic Policy Journal)