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Bush quietly signs corporate tax-cut bill

Slugman

Frankenbike
Apr 29, 2004
4,024
0
Miami, FL
http://www.msnbc.msn.com/id/6307293/
$140 billion measure assailed for catering to special interests

Without fanfare, President Bush Friday signed into law a bill containing nearly $140 billion in corporate tax cuts denounced by critics on both sides of the aisle as a giveaway to special interests.

Bush signed the measure into law aboard Air Force One en route to a campaign rally in Pennsylvania, forgoing a public signing ceremony that would have attracted attention to the tax cuts less than two weeks before Election Day. The bill has been heavily criticized by both Democratic presidential rival John Kerry and Republican Sen. John McCain, among others.

The White House had marked the signing of Bush's other major tax bills with lavish public ceremonies. This one was marked with a one-paragraph statement by the press secretary.

Asked why there was no signing ceremony for the corporate tax bill, White House spokeswoman Claire Buchan said: "There are a variety of ways the president signs legislation."

The corporate tax bill aims to end a trade fight with the European Union by repealing U.S. export tax subsidies that violate global trade rules.

But the $140 billion in new business tax breaks included many special interest provisions sharply criticized by public interest groups and fiscal conservatives, which congressional aides said explained Bush's decision to sign it in private.

McCain, an Arizona Republican who is campaigning for Bush, had called the measure "the worst example of the influence of special interests that I have ever seen."

Kerry campaign spokesman Phil Singer said: "George Bush filled the bill up with corporate giveaways and tax breaks for multinational companies that send jobs overseas."

Kerry, if elected, would submit a budget calling for the repeal of "all the unwarranted international tax breaks that George Bush included in this bill," Singer said.

The White House's Buchan defended the measure: "The president believes it will help American workers and help improve the competitiveness of American manufacturers and other job creators."

The legislation would repeal illegal export subsidies and lower taxes rates for domestic manufacturers to 32 percent from the top corporate rate of 35 percent.

The bill includes a $10 billion industry-financed buyout for tobacco farmers, and tax breaks for U.S. multinational companies, some of which critics say will encourage companies to ship jobs overseas.

A one-year tax holiday for global companies will allow them to return billions of dollars in profits back to the United States at a dramatically lower 5.25 percent rate instead of the normal 35 percent top corporate rate.

The bill also includes a tax break primarily for residents of seven states that have no income tax. The measure allows taxpayers to take a deduction for sales tax instead.
 

bomberz1qr20

Turbo Monkey
Nov 19, 2001
1,007
0
Gee...I'm shocked.




I no longer just want him out of office. I want him and Cheney staked to the ground and eaten by ants.
 

Tenchiro

Attention K Mart Shoppers
Jul 19, 2002
5,407
0
New England
I for one am glad that those poor corporations are finally getting the help they deserve. If it weren't for special tax breaks for these needy coporations, the unions would surely have put them all under.

Now moreCEO's will be properly cared for upon their retirement, after a long hard 9 or so months. :rolleyes:
 

biggins

Rump Junkie
May 18, 2003
7,173
9
wow tench that sure as hell isnt too far from the 19, 240 dollars i make a year huh?
 

Skookum

bikey's is cool
Jul 26, 2002
10,184
0
in a bear cave
Welp he really is a crook....

i should have listened to my grandma i just didn't think all the things he's pulled would have been accepted by so many people in this country.....
 

ridecruz88

Chimp
Oct 20, 2004
90
0
Fort Collins, CO
i hope kerry gets into office so i can take his own **** and rub it in his face...

and i cant wait to see his plans.

And I assume from these posts that you think bush is pocketing this money right? thats what it seems to sound like.
 

Toshi

butthole powerwashing evangelist
Oct 23, 2001
40,228
9,113
bush gives tax cuts to corporations. corporations fund his campaign and give him a cushy board job once he leaves office. so yes, he profits.
 

Andyman_1970

Turbo Monkey
Apr 4, 2003
3,105
5
The Natural State
I'm glad that bill was signed, job security for me and about 30,000 other employees in both Little Rock and Wichita for the next several years. This bill is suppose to give companies a break (or something) on assets like business jets (which I build), so this is suppose to spur more companies to purchase these, and bring the general aviation industry out of it's post 9/11 slump.

Just as an FYI, the majority of these jobs are blue collar.
 

Westy

the teste
Nov 22, 2002
56,403
22,485
Sleazattle
Andyman_1970 said:
I'm glad that bill was signed, job security for me and about 30,000 other employees in both Little Rock and Wichita for the next several years. This bill is suppose to give companies a break (or something) on assets like business jets (which I build), so this is suppose to spur more companies to purchase these, and bring the general aviation industry out of it's post 9/11 slump.

Just as an FYI, the majority of these jobs are blue collar.
How is it benefitting you or anyone other than stockholders? I thought corporations were taxed on profits not revenue. The cost of things like corporate jets would go against a companies bottom line reducing the profits and taxes due. Does the new law allow them to double dip the jet costs? Not trying to bash you but I just don't know how it works.
 

Andyman_1970

Turbo Monkey
Apr 4, 2003
3,105
5
The Natural State
Westy said:
Does the new law allow them to double dip the jet costs? Not trying to bash you but I just don't know how it works.
I'm really not sure either, I'll ask one of our business geeks here and see if he can explain it to me (I don't want to use up valuable brain power trying to figure out something the government does, figuring out the FAA is hard enough...........LOL).
 

Andyman_1970

Turbo Monkey
Apr 4, 2003
3,105
5
The Natural State
Evidently it is a continuation of a bill (or at least this part is) passed in '03 or '02 where a company that purchases something like a business jet can accelerate the depreciation. So instead of depreciating the jet over 5 years they can do it in 3'ish. I think they can deprecaite it up to 50% the first year after the purchase.
 

Westy

the teste
Nov 22, 2002
56,403
22,485
Sleazattle
Andyman_1970 said:
Evidently it is a continuation of a bill (or at least this part is) passed in '03 or '02 where a company that purchases something like a business jet can accelerate the depreciation. So instead of depreciating the jet over 5 years they can do it in 3'ish. I think they can deprecaite it up to 50% the first year after the purchase.
Got ya. My company benefits from the same thing, we actually advertised the 02-03 tax laws about capitol equipment depreciation to our customers. But in the long run the customer does not save any money, it is just gives them a little quicker return on investment. We used it as an incentive for people to buy stuff they were going to need anyway, just encouraged them to buy it earlier than planned. Now that the law has been on the books for a while it doesn't make sense for that anymore.