While the nation is focused on anthrax and the war, many large corporations are moving swiftly in Washington, D.C., to give themselves a tax refund for all the taxes they’ve paid for the last 15 years. As part of the “stimulus” package, the House has voted to repeal the “alternative minimum tax” on corporations, which normally requires companies to pay at least some tax, no matter how many loopholes they can find.
The repeal would allow many companies to pay zero U.S. income tax in perpetuity – a loss of more than $12 billion in revenue next year alone. This bill would give $1.4 billion for IBM, $833 million for General Motors, $671 million for General Electric, $572 million for Chevron Texaco, and $254 million for Enron. The Senate is about to vote on it. It’s always been bad form to take advantage of somebody’s bad situation. While the nation is approaching recession, while there’s a lot of talk of shared sacrifice and while we’re all saluting the flag, our largest corporations are picking the nation’s pocket.
It’s hard to find a punishment that fits the crime of stealing from crowds at memorial services, isn’t it?
Lake Stevens
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