Wayne Grytting’s American Newspeak is always worth a look – it is an irregular email newsletter bringing a well-written dissection of (usually) corporate misdeeds and the PR waffle used to cover it up. As it is one man’s view it may not always be 100% accurate or fair but it never ceases to be an interesting read. The latest newsletter is (rightly) scathing about the way in which big corporations are using the September 11th attacks to get government handouts:
“The naked centerpiece of the stimulus bill is the repeal of the corporate minimum tax, a gift of $25 billion. This tax minimum was originally designed to see that U.S. mult-nationals did not use their tax shelters to pay zero taxes. Back then, that was considered a national embarrassment. Arguing that such a tax is now unfair, the authors drew the obvious conclusion. Not only should it be removed from the books, but all payers of it should get refunds on taxes paid — all the way back to 1986.
Remember the $300 tax rebate you received this year? All the rebates added together are approximately one-half of what Republicans are offering to 100 corporations. Taxpayers will be handing IBM $1.4 billion, Ford $1.0 billion, General Motors $832 million, not for any new investments in America but for having invested their money outside our borders or in tax shelters…
Rep. Bill Thomas (R-Ca): … We mustn’t lose sight of the fact, he said, that ‘businesses are America’s employers. They’re the hardware store, the diner down the street, the gas station on the corner.’ Take a wild guess how much the corner diner will be receiving. Meanwhile, where was I? It’s $241 million for Phillips Petroleum…”
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