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2001-12-12

Bush Administration and Corporate America Push for Massive Tax Rebate in the Name of Fighting Terrorism

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This is what some of the biggest corporations in the US would have received in tax rebates under the so-calledEconomic Stimulus Plan that for the last month has been pushed by the Bush Administration in the name of fightingterrorism.

IBM–$1.4 billionFORD–$1 billionGM–$833 millionGE–$670 millionENRON–$250 million

In the wake of the September 11 attacks, the Bush Administration and major corporations have launched an aggressiveeffort to push through a host of business-friendly measures wrapped in the guise of "fighting terrorism." If we areto believe the pitch–drilling in the Arctic, fast track treaty authority, massive tax cuts–are now vital measuresto preserve our national security.

The Republican version of so-called Economic Stimulus plan, a $100 billion package of tax cuts for corporations andthe wealthy that one public interest group dubbed the "Campaign Contributors War Profiteering Act of 2001," includeda repeal of the Alternative Minimum Tax, which was passed in the 1980’s after major corporations exploited massiveloopholes to avoid paying taxes. The democratic version of the bill would be tilted towards spending to help thepoor and those unemployed since September 11.

Congress is set to decide on a compromise version of the bill this week, setting up a stark choice between the needsof major corporations and those rendered most vulnerable since the Sept. 11 attacks.

Guest:

  • Robert Mcintyre, Director, Citizens for Tax Justice.

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