Have a look at what someone mentioned in their Stock blog. A wag of the finger goes to the jerk who snuck some pork into our bills! I hope the bill gets a veto now! :evil:
-Justin H-
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Auto industry bailout includes blessing for shady tax shelters
Posted Dec 11th 2008 8:31AM by Zac Bissonnette
Filed under: Ford Motor (F), General Motors (GM), Scandals
Just in case the notion of a $15 billion bailout for the auto industry passing The House of Representatives wasn't bad enough, our duly elected officials in Washington decided to load it down with some pork.
But not just any pork. Oh no. On top of this brazen waste of taxpayer money, they decided to further inhibit our ability to collect taxes from other corporations by condoning a tax shelter scheme known as Silo that allows corporations to avoid taxes by buying and then leasing back depreciation rights and assets. The scheme costs the government tens of billions of dollars each year.
Republican Senator Charles Grassley of Iowa called the addition of that item a "a dark-of-night move that unravels an important tax reform and benefits tax shelter participants, including transit agencies, corporations and foreign banks, on the U.S. taxpayers' dime."
President-Elect Obama has promised "change we can believe in" and this will be his chance. Hopefully, he will urge President Bush to veto the bill -- if it makes its way through the Senate -- and demand that it be sent back to have this item removed.
With budget deficits set to spiral to new records for the next few years, the last thing we can afford is a bill allowing companies earning billions to legally evade taxes.
-Justin H-
--------------------------------------------------------------------------------------------------------------------------------------------
Auto industry bailout includes blessing for shady tax shelters
Posted Dec 11th 2008 8:31AM by Zac Bissonnette
Filed under: Ford Motor (F), General Motors (GM), Scandals
Just in case the notion of a $15 billion bailout for the auto industry passing The House of Representatives wasn't bad enough, our duly elected officials in Washington decided to load it down with some pork.
But not just any pork. Oh no. On top of this brazen waste of taxpayer money, they decided to further inhibit our ability to collect taxes from other corporations by condoning a tax shelter scheme known as Silo that allows corporations to avoid taxes by buying and then leasing back depreciation rights and assets. The scheme costs the government tens of billions of dollars each year.
Republican Senator Charles Grassley of Iowa called the addition of that item a "a dark-of-night move that unravels an important tax reform and benefits tax shelter participants, including transit agencies, corporations and foreign banks, on the U.S. taxpayers' dime."
President-Elect Obama has promised "change we can believe in" and this will be his chance. Hopefully, he will urge President Bush to veto the bill -- if it makes its way through the Senate -- and demand that it be sent back to have this item removed.
With budget deficits set to spiral to new records for the next few years, the last thing we can afford is a bill allowing companies earning billions to legally evade taxes.