Bush signs $140b tax cut.
#2
I just read that...
President Bush signs $136 billion corporate tax cut bill
October 22, 2004
By TERENCE HUNT
WASHINGTON - With no fanfare, President Bush on Friday signed the most sweeping rewrite of corporate tax law in nearly two decades, showering $136 billion in new tax breaks on businesses, farmers and other groups.
Intended to end a bitter trade war with Europe, the election-year measure was described by supporters as critically necessary to aid beleaguered manufacturers who have suffered 2.7 million lost jobs over the past four years.
But opponents charged that the tax package had grown into a massive giveaway that will add to the complexity of the tax system and end up rewarding multinational companies that move jobs overseas. It also will swell the nation's huge budget deficit.
There was no ceremony for the bill-signing. White House press secretary Scott McClellan announced it on Air Force One as Bush flew to a campaign appearance in Pennsylvania. The handling of the corporate tax bill was in contrast to Bush's action on Oct. 4 when he sat before television cameras on a stage in Des Moines, Iowa, to sign three tax-cut breaks popular with middle-class voters and reviving other tax incentives for businesses.
Bush's campaign rival, Sen. John Kerry, missed the vote on the corporate tax breaks. Kerry spokesman Phil Singer said there were many important things in the bill but that "George Bush filled the bill up with corporate giveaways and tax breaks for multinational companies that send jobs overseas. In his first budget, John Kerry will call for the repeal of all the unwarranted international tax breaks that George Bush included in this bill."
The original purpose for the legislation was to repeal a $5 billion annual tax break provided to American exporters that was ruled illegal by the Geneva-based World Trade Organization. Repeal of the tax break was needed to lift retaliatory tariffs that are now being imposed on more than 1,600 American manufactured products and farm goods exported to Europe.
The bill replaces the $49.2 billion export tax break with $136 billion in new tax breaks over the next decade for a wide array of groups from farmers, fishermen and bow and arrow hunters to some of America's largest corporations.
The legislation also includes a $10.1 billion buyout of quotas held by tobacco farmers. However, a Senate provision that would have coupled this buyout with regulation of tobacco by the Food and Drug Administration was dropped by the conference committee that ironed out differences between the two chambers.
The measure is the most sweeping overhaul of corporate tax law since 1986. It provides a wide range of tax benefits for native Alaskan whalers, importers of Chinese ceiling fans and NASCAR race track owners.
The centerpiece is $76.5 billion in new tax relief for the battered manufacturing sector, but manufacturing is broadly defined to include not just factories but also oil and gas producers, engineering, construction and architectural firms and large farming operations.
The bill was seen as must-pass legislation because it repeals a $5 billion annual subsidy for U.S. exporters that has been ruled illegal by the World Trade Organization. Because of that ruling, 1,600 American exports to Europe have been hit by penalty tariffs that now stand at 12 percent and are rising by 1 percentage point a month.
In addition to the $76.5 billion in tax relief for manufacturing, the measure would also provide $42.6 billion in tax relief to multinational companies.
Supporters argued that the tax relief for multinational corporations would boost the competitiveness of U.S. companies, but opponents argued that it would simply provide more tax benefits to support the movement of U.S. jobs overseas.
To pay for the $136 billion total of new tax relief over the next decade, the legislation would rely on the savings from repealing the export subsidy and would close corporate loopholes and tax shelters - thereby raising an estimated $82 billion over the next decade.
(Copyright 2004 by The Associated Press. All Rights Reserved.)
President Bush signs $136 billion corporate tax cut bill
October 22, 2004
By TERENCE HUNT
WASHINGTON - With no fanfare, President Bush on Friday signed the most sweeping rewrite of corporate tax law in nearly two decades, showering $136 billion in new tax breaks on businesses, farmers and other groups.
Intended to end a bitter trade war with Europe, the election-year measure was described by supporters as critically necessary to aid beleaguered manufacturers who have suffered 2.7 million lost jobs over the past four years.
But opponents charged that the tax package had grown into a massive giveaway that will add to the complexity of the tax system and end up rewarding multinational companies that move jobs overseas. It also will swell the nation's huge budget deficit.
There was no ceremony for the bill-signing. White House press secretary Scott McClellan announced it on Air Force One as Bush flew to a campaign appearance in Pennsylvania. The handling of the corporate tax bill was in contrast to Bush's action on Oct. 4 when he sat before television cameras on a stage in Des Moines, Iowa, to sign three tax-cut breaks popular with middle-class voters and reviving other tax incentives for businesses.
Bush's campaign rival, Sen. John Kerry, missed the vote on the corporate tax breaks. Kerry spokesman Phil Singer said there were many important things in the bill but that "George Bush filled the bill up with corporate giveaways and tax breaks for multinational companies that send jobs overseas. In his first budget, John Kerry will call for the repeal of all the unwarranted international tax breaks that George Bush included in this bill."
The original purpose for the legislation was to repeal a $5 billion annual tax break provided to American exporters that was ruled illegal by the Geneva-based World Trade Organization. Repeal of the tax break was needed to lift retaliatory tariffs that are now being imposed on more than 1,600 American manufactured products and farm goods exported to Europe.
The bill replaces the $49.2 billion export tax break with $136 billion in new tax breaks over the next decade for a wide array of groups from farmers, fishermen and bow and arrow hunters to some of America's largest corporations.
The legislation also includes a $10.1 billion buyout of quotas held by tobacco farmers. However, a Senate provision that would have coupled this buyout with regulation of tobacco by the Food and Drug Administration was dropped by the conference committee that ironed out differences between the two chambers.
The measure is the most sweeping overhaul of corporate tax law since 1986. It provides a wide range of tax benefits for native Alaskan whalers, importers of Chinese ceiling fans and NASCAR race track owners.
The centerpiece is $76.5 billion in new tax relief for the battered manufacturing sector, but manufacturing is broadly defined to include not just factories but also oil and gas producers, engineering, construction and architectural firms and large farming operations.
The bill was seen as must-pass legislation because it repeals a $5 billion annual subsidy for U.S. exporters that has been ruled illegal by the World Trade Organization. Because of that ruling, 1,600 American exports to Europe have been hit by penalty tariffs that now stand at 12 percent and are rising by 1 percentage point a month.
In addition to the $76.5 billion in tax relief for manufacturing, the measure would also provide $42.6 billion in tax relief to multinational companies.
Supporters argued that the tax relief for multinational corporations would boost the competitiveness of U.S. companies, but opponents argued that it would simply provide more tax benefits to support the movement of U.S. jobs overseas.
To pay for the $136 billion total of new tax relief over the next decade, the legislation would rely on the savings from repealing the export subsidy and would close corporate loopholes and tax shelters - thereby raising an estimated $82 billion over the next decade.
(Copyright 2004 by The Associated Press. All Rights Reserved.)
#6
Registered User
iTrader: (1)
Join Date: Feb 2004
Location: Bayside, CA
Posts: 201
Car Info: 2008 Red Alert Nissan Titan
i'm all for tax breaks (or no tax), even if they're to corporations, but it makes no sense while government employment is eternally on the rise
how they do pay for it all? i guess i'm with psoper
oh, that's right, maybe he's trying to win back some popular votes. funny, i didn't particularly gain anything with the last huge round of tax cuts. Maybe if i'd been able to keep more of my paycheck i'd like the psychotic megalomanic a little better
how they do pay for it all? i guess i'm with psoper
Originally Posted by psoper
Why does the government need any income anyway? the government can just print more money after all-
what's there to worry about?
what's there to worry about?
#9
Registered User
iTrader: (3)
Join Date: Mar 2003
Location: "It will take time to restore chaos." GWB
Posts: 3,461
Car Info: 72 Vespa with curb feelers
Originally Posted by Unregistered
Im not the president, but I sure as hell wouldn't of done this.
#11
Registered User
iTrader: (3)
Join Date: Mar 2003
Location: "It will take time to restore chaos." GWB
Posts: 3,461
Car Info: 72 Vespa with curb feelers
Originally Posted by Unregistered
Did you bother reading the article HelllaRacist? Guess not you just jump to conclusions. Hey you know what you should buy one of those "jump to conclusions mats" you'd be perfect for it.
Me love you LONG TIME!!!!!
-Hellahellahelladumb
#13
Guest
Posts: n/a
Originally Posted by psoper
Why does the government need any income anyway? the government can just print more money after all-
what's there to worry about?
what's there to worry about?
So in the future, you might have to fork out 60,000 for a WRX and 80,000
for an STi.
#14
Registered User
iTrader: (1)
Join Date: Feb 2004
Location: Bayside, CA
Posts: 201
Car Info: 2008 Red Alert Nissan Titan
just for your amusement, or nausea
http://www.federalbudget.com/
http://www.federalbudget.com/
#15
VIP Member
Join Date: Oct 2003
Location: Detroit, Where the weak are killed and eaten...
Posts: 2,064
Car Info: 02 Impreza WRX Sedan & 2008 GMC Sierra 4x4
Originally Posted by Seranin
just for your amusement, or nausea
http://www.federalbudget.com/
http://www.federalbudget.com/
I pray that bush doesn't get re-elected.......Oh wait I can't pray for that because that wouldn't be "being a good christian" I think I really am going to barf.