posted on October 11, 2004 01:52:34 PM new
Today the Senate approved almost $140 billion in tax breaks for manufacturers and other groups. The new bill now waits for Bush to sign it.
posted on October 11, 2004 02:24:16 PM new
I hope to get $80 in income from a lumber company, maybe that way I can qualify as a small business and qualify for the tax break.
There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again." —George W. Bush, Nashville, Tenn., Sept. 17, 2002
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Let's have a BBQ, Texas style, ROAST BUSH
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On This Week with George Stephanopoulos, Defense Secretary Donald Rumsfeld declares: "the area… that coalition forces control… happens not to be the area where weapons of mass destruction were dispersed. We know where they are. They’re in the area around Tikrit and Baghdad and east, west, south and north somewhat."
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posted on October 11, 2004 02:37:42 PM new
Included in the tax break was a concession (introduced by a Louisiana Senator) to give Federal tax breaks to companies that continue to pay a full time salary to those employees in the reserves that have been called to avtive duty.
One of the main oponents of the bill was none other that Kerry's stablemate ole Teddy K.
Senate passes corporate tax bill
By William L. Watts, CBS.MarketWatch.com
Last Update: 1:52 PM ET Oct. 11, 2004
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WASHINGTON (CBS.MW) -- The Senate approved a massive tax bill on Monday that provides billions of dollars in corporate breaks, pays tobacco growers to give up a Depression-era subsidy program and cracks down on a number of loopholes.
The Senate voted 69 to 17 to pass the legislation; one senator voted "present."
The House approved the bill on Thursday. A House-Senate conference committee ironed out differences between House and Senate versions last week.
"This tax relief will provide all manufacturers with an edge to compete in the global economy," said Sen. Max Baucus, D-Mont.
The tax legislation was spurred by the need to repeal a portion of the U.S. tax code known as the "foreign sales corporation" and "extraterritorial income" provisions -- a tax break for exporters worth roughly $5 billion a year that was found to be an illegal trade subsidy by the World Trade Organization. The EU began imposing punitive tariffs on U.S. products in March.
Despite earlier misgivings about the range of incentives in the tax bill, the White House has said President Bush will sign it.
The so-called FSC/ETI provision is being replaced with a tax cut for domestic manufacturers that will eventually bring their top corporate rate down by 3 percentage points to 32 percent. The break is also extended to a number of domestic, nonmanufacturing concerns, including construction companies and engineering and architectural firms, as well as companies in the oil and gas industry.
While efforts to replace the FSC/ETI provisions with a tax break for domestic manufacturers had wide support, opponents of the final package complained that lawmakers had used the bill to lard it with giveaways for special interests.
The final bill includes a provision that will end a subsidy program for tobacco growers, in return paying producers $10.1 billion. But the measure strips out language previously approved by the Senate that would have granted the FDA regulatory authority over tobacco products.
Repeal of the FSC/ETI provisions will boost revenues by about $57 billion over 10 years. Those are replaced with tax breaks that total around $137 billion. The package is said to be budget-neutral over 10 years due to the closure of several tax loopholes, including the raising of customs fees.
Coming to America
The bill also offers a one-year window that allows U.S. multinationals to repatriate foreign-earned profits at a tax rate of 5.25 percent, rather than 35 percent. The measure, which had been the subject of specific objections by the Treasury Department, could be a boon to companies in a range of industries from drugs and toys to financial services.
Proponents of the language have argued that multinationals are currently discouraged from investing foreign-earned profits in U.S. operations and that the tax holiday would help spur domestic job creation. Critics, including Treasury Secretary John Snow, had complained that the measure, which is expected to reduce revenues by about $3 billion over 10 years, is unfair to companies that had repatriated foreign-earned funds in the past.
Some lawmakers also contend the provision rewards companies that have outsourced jobs to foreign countries.
Greg Kelly, a Washington policy analyst with Susquehanna Financial Group, estimated that about $350 billion in foreign-held funds are likely to be repatriated during the one-year holiday. Companies with some of the biggest foreign holdings include drug giant Schering-Plough (SGP: news, chart, profile), toymaker Mattel (MAT: news, chart, profile) and Apple Computer (AAPL: news, chart, profile), he said.
The bill would also allow taxpayers in seven states that don't have a state income tax to deduct sales taxes from their federal income-tax returns. It also includes a number of tax breaks aimed at farmers and a number of specific businesses, including tackle-box manufacturers and makers of bows and arrows.
Senate Finance Committee Chairman Charles Grassley, R-Iowa, who led Senate negotiators on the conference committee, underlined efforts in the bill to close numerous corporate tax loopholes. Closures will end about $50 billion worth of "fraud," said Grassley, who vowed to continue pursuing a crackdown on corporate tax shelters in the next Congress.
"The Constitution may say that revenue measures have to start in the House, but the truth is they are being created in the Senate by cracking down on corporate loopholes," Grassley added Sunday.
Sunday session
The Senate, which is seeking to adjourn for the November elections, voted to limit debate on the measure in a rare Sunday session, but Sen. Mary Landrieu, D-La., and other disgruntled senators threatened to use parliamentary tactics to drag out action until Thursday.
Landrieu was upset that a provision regarding tax credits for employers of National Guard and military reserve personnel on active duty was left out of the conference report. The path was cleared for a Monday vote on the tax measure after Senate leaders agreed to allow a largely symbolic vote on separate military pay legislation and other measures.
The Senate will also vote on measures granting the Food and Drug Administration regulatory authority over tobacco products and other measures. The House, which adjourned Saturday for the elections, is unlikely to take action on those provisions.
William L. Watts is a reporter for CBS.MarketWatch.com.
"War is an ugly thing, but not the ugliest of things. The person who has nothing for which he is willing
to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself."
--John Stuart Mill
[ edited by Bear1949 on Oct 11, 2004 02:48 PM ]
posted on October 11, 2004 02:46:38 PM newI hope to get $80 in income from a lumber company, maybe that way I can qualify as a small business and qualify for the tax break.
Hope so Dad, I've heard you need all the help you can get with your wood.
Hey, hey Ho, ho Kerry - sign the 1-8-0
"War is an ugly thing, but not the ugliest of things. The person who has nothing for which he is willing
to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself."
--John Stuart Mill
posted on October 11, 2004 02:52:17 PM new
Bear no kidding!!! how much of the 140 billion goes to what you posted. I would like to know. Will you answer???
posted on October 11, 2004 03:33:20 PM new
Bear is this the conncession you are talking about.
Landrieu was upset that a provision regarding tax credits for employers of National Guard and military reserve personnel on active duty was left out of the conference report. The path was cleared for a Monday vote on the tax measure after Senate leaders agreed to allow a largely symbolic vote on separate military pay legislation and other measures.
Please Bear just tell me how much of the 140 billion is going the troops directly or indirectly???? What is the dollar figure???
posted on October 11, 2004 04:12:25 PM new
What can't you understand in the article. Are you claiming to be "reading comprehension challenged" now.
Companies paying full wages to reservists called to active duty will be allowed a tax credit.
How does this benefit reservists?
1) They receive full wages in military service as if they had not been called to duty.
2) It will prompt those companies not paying their reservist employees full wages to start doing so.
IF you were capable of a little research you would these benefits added $8 billion. Aren't the troops worth it?
Hey, hey Ho, ho Kerry - sign the 1-8-0
"War is an ugly thing, but not the ugliest of things. The person who has nothing for which he is willing
to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself."
--John Stuart Mill
posted on October 11, 2004 06:49:47 PM new
HEY,HEY,HO,HO, sorry Bear. You say 8 billion is going to employers to pay for the troops. Please show me where that amount of money was pledged in the new 140 billion dollar tax cut for business. The only mention of money for our troops in your post is what is shown below. Please show me where it said in your post about this bill that any money is going to our troops directly or indirectly???
"Landrieu was upset that a provision regarding tax credits for employers of National Guard and military reserve personnel on active duty was left out of the conference report."
"The path was cleared for a Monday vote on the tax measure after Senate leaders agreed to allow a largely symbolic vote on separate military pay legislation and other measures."
You say ANOTHER 8 BILLION FOR THE IRAQ WAR is a good thing. I say its a bad thing not because the troops don't deserve it. I say if America had better leaders ANOTHER 8 BILLION ON TOP OF THE HUNDREDS OF BILLIONS ALREADY SPENT IN IRAQ would not be an issue, because American troops would not be in Iraq to begin with.
Sorry Bear 98% of your compulsive posts trying to defend your failed leaders fail just like they do.
THE REAL KICK IN THE BUTT TO YOU GUYS IS THAT THE AMERICAN PEOPLE ARE ALSO NOT BUYING YOUR FAILED LEADERS BULL ROAR ANY LONGER. HEY,HEY,HO,HO.
I hope with Bush's $140 Billion tax break you get some additional income to buy some Viagra to help with your wood problem. I don't think your flag has been at full mast in quiet some time.
There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again." —George W. Bush, Nashville, Tenn., Sept. 17, 2002
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Let's have a BBQ, Texas style, ROAST BUSH
------------------------------
On This Week with George Stephanopoulos, Defense Secretary Donald Rumsfeld declares: "the area… that coalition forces control… happens not to be the area where weapons of mass destruction were dispersed. We know where they are. They’re in the area around Tikrit and Baghdad and east, west, south and north somewhat."
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posted on October 11, 2004 08:26:50 PM new
Gee Bear, I would really like to believe you for once. I have just re-read your replies to my post and all the links your provided. I still don't see any place in your replies or links that back your words. You said this,
1) "They receive full wages in military service as if they had not been called to duty."
2) "It will prompt those companies not paying their reservist employees full wages to start doing so."
Are you saying our military is suffering from Bush's BACK DOOR DRAFT. I sure hope not.
I am betting the Bush BACK DOOR DRAFT policy is why the honorably discharged Marine I know is having a very hard time finding a good job.
MORE AND MORE AMERICANS ARE NOT BELIEVING THE BUSH/CHENEY LIES ANY LONGER.
posted on October 11, 2004 08:38:52 PM new
Logansdad, No,No,No, we don't want Bear to have Viagra for fear he might reproduce. What Bear needs is smart pills. HEY,HEY,HO,HO, LOL
posted on October 11, 2004 10:43:46 PM new
Peepa & Dad. the two of you provide confirmation of the motto "ignorance know no bounds".
What is it about the statement Included in the tax break was a concession (introduced by a Louisiana Senator) to give Federal tax breaks to companies that continue to pay a full time salary to those employees in the reserves that have been called to avtive duty, do you fail to understand?
Hey, hey Ho, ho Kerry - sign the 1-8-0
"War is an ugly thing, but not the ugliest of things. The person who has nothing for which he is willing
to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself."
--John Stuart Mill
posted on October 12, 2004 04:57:20 AM new
Gotta love all the tax cuts with the deficit we are suffering. At this rate, the country will never get out of debt. Somewhere that money has to be made up and I'm willing to bet the wealthy won't be paying for it. Now we'll be talking my great-grandchildren paying on the debt. It's political nonsense to attract voters. Nothing more.
What I hope everyone remembers is that while getting a democrat into the office of president is the main goal, you also need to vote the republicans out of the house and senate. That's where the real power lays. Unless you have a house and senate that will cooperate with your president, you may as well keep Bush in.
For the most part, this election I will vote a straight democratic ticket. However, I cannot in good conscious vote for Eric Fingerhut. Although Voinovich is a republican, he's done a good job and Fingerhut is a jerk. That will be the only republican I vote for.
Cheryl
. . .if you still try to defend the infamies and horrors perpetrated by that Antichrist- I really believe he is Antichrist- I will have nothing more to do with you and you are no longer my friend.. . - War and Peace, Tolstoy
posted on October 12, 2004 06:57:44 AM new
Cheryl, I can't believe that I've spent almost an hour researching your Senatorial candidates, to understand why you would vote for a Republican. Lol. Some choices that we have are just pitiful regardless of party affiliation. That appears to be the case between Eric Fingerhut and George Voinovich.
After reviewing their voting records, I would vote for the Democrat...but since you live in Ohio and know the candidates better than I do, you probably have other good reasons for your choice.
I'll bet you are being inundated with trashy presidential TV ads in Ohio!
[ edited by Helenjw on Oct 12, 2004 06:58 AM ]
[ edited by Helenjw on Oct 12, 2004 07:24 AM ]
posted on October 12, 2004 07:12:29 AM new
I agree helen. Those seven ads kerry's running in Ohio are not only trashy but despicable.
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"And they, the interrogator went through all of these statements from John Kerry. He starts pounding on the table. 'See here, this naval officer, he admits that you are a criminal.'" Excerpt from "Stolen Honor"
- James H. Warner Former Vietnam POW
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"I will never submit America's national security to an international test. The use of troops to defend America must never be subject to a veto by countries like France. The President's job is not to take an international poll -- the President's job is to defend America." --President George W. Bush
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Re-elect President Bush
posted on October 12, 2004 08:25:46 AM new
As usual, you only see one side of the picture, linda...totally blinded by your unconditional support for the evil doer.
posted on October 12, 2004 09:07:54 AM new
OK all you liberals in here pay attention......don't you understand that such great "brains" as linduh and bear know SO MUCH more than Nobel Prize Winning Economists who said the bush tax plan was a disater, would only give a break to the wealthiest Americans, hurt the middle class and NOT jump start the economy.
Now, in their full page New York Times ad they didn't have any smiley faces or LOLs so they could've been wrong......
posted on October 12, 2004 09:19:01 AM new
Crow,
They all need mental laxatives for their constipated minds.....it's futile to try and fight their blockage...
I know several liberals who have had actual conversations with Fingerhut and they all say the same thing - he's an arrogant jerk. Since we are basically on the same page, I'm taking their word on it. I will be investigating further, though so my decision is not written in stone. Vionovich is fairly middle of the road and he has done a lot for Ohio. It will ultimately be a tough decision for me. Now, when the time comes to choose a new governor. . . Taft must go!!! He's helped put Ohio in the crapper.
Cheryl
. . .if you still try to defend the infamies and horrors perpetrated by that Antichrist- I really believe he is Antichrist- I will have nothing more to do with you and you are no longer my friend.. . - War and Peace, Tolstoy
cf said: OK all you liberals in here pay attention......don't you understand that such great "brains" as linduh and bear know SO MUCH more than Nobel Prize Winning Economists who said the bush tax plan was a disater, would only give a break to the wealthiest Americans, hurt the middle class and NOT jump start the economy.
--
Nobel laureate calls for steeper tax cuts in US
Mon Oct 11, 5:21 PM ET
WASHINGTON (AFP) -
Edward Prescott, who picked up the Nobel Prize for Economics, said President George W. Bush (news - web sites)'s tax rate cuts were "pretty small" and should have been bigger. "What Bush has done has been not very big, it's pretty small," Prescott told CNBC financial news television.
"Tax rates were not cut enough," he said. Lower tax rates provided an incentive to work, Prescott said.
Prescott and Norwegian Finn Kydland won the 2004 Nobel Economics Prize for research into the forces behind business cycles.
The American analyst, who is a professor at Arizona State University and a researcher at the Federal Reserve (news - web sites) Bank of Minneapolis, said a large tax cut in 1986 had lowered rates while collecting the same revenue.
But "in the early '90s the economy was depressed by the tax increase in '93 by about four percent, and it's right at that level now," Prescott said.
Bush, who is fighting to get re-elected November 2, has cut taxes by about 1.7 trillion dollars during his term. {HOW WONDERFUL!! - that makes me REAL happy and certainly deserves a BIG smile lol }
The US leader accuses his Democratic rival John Kerry (news - web sites) of favoring tax increases, despite Kerry's promise to cut taxes for everyone earning less than 200,000 dollars a year.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"And they, the interrogator went through all of these statements from John Kerry. He starts pounding on the table. 'See here, this naval officer, he admits that you are a criminal.'" Excerpt from "Stolen Honor"
- James H. Warner Former Vietnam POW
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"I will never submit America's national security to an international test. The use of troops to defend America must never be subject to a veto by countries like France. The President's job is not to take an international poll -- the President's job is to defend America." --President George W. Bush
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Re-elect President Bush
posted on October 12, 2004 12:16:27 PM new
Sorry all you compulsive failed leader supporters. I don't see where any of your failed leaders tax cuts have done any good for the middle and working class Americans. No matter what you compulsive failed leader posters say.
THE GOOD NEWS IS MORE AND MORE AMERICANS ARE NOT BELIEVING THE BUSH GANG ANY LONGER.
Excerpt from "Stolen Honor"
}