Getting sick and tired of neocons decrying the so-called war on business. There is no war on business. Scratch that. No war on BIG Business…
Even Mitt Romney got a little something…
6) $9B Off-shore financing loophole for banks – Sec. 322 is an “Extension of the Active Financing Exception to Subpart F.” Very few tax loopholes have a trade association, but this one does. This strangely worded provision basically allows American corporations such as banks and manufactures to engage in certain lending practices and not pay taxes on income earned from it. According to this Washington Post piece, supporters of the bill include GE, Caterpillar, and JP Morgan. Steve Elmendorf, super-lobbyist, has been paid $80,000 in 2012 alone to lobby on the “Active Financing Working Group.”
7) Tax credits for foreign subsidiaries – Sec. 323 is an extension of the “Look-through treatment of payments between related CFCs under foreign personal holding company income rules.” This gibberish sounding provision cost $1.5 billion from 2010 and 2011, and the US Chamber loves it. It’s a provision that allows US multinationals to not pay taxes on income earned by companies they own abroad.
From here. There is more there too… about 6 more major tax credits/loopholes.
Remember, Congress manufactured this controversy from the ground up. Yeah, sure, the Republicans lost, but to be honest, whereas they lost face, we lost a lot more.
Happy New Year, America.
- Here’s The Deal On The Fiscal Cliff Deal (forbes.com)
- Fiscal cliff fiasco/gold and silver rise (sgtreport.com)
- This One Chart Shows That The Fiscal Cliff Fiasco Is The Republicans’ Fault (businessinsider.com)
- Deja Vu: Congress Raises Taxes, Won’t Cut Spending (realclearpolitics.com)