Quote:
Originally posted by ltl/fb
http://www.nytimes.com/2004/10/07/bu...rtner=homepage
"In an act of pre-election largess, House and Senate negotiators approved a sprawling corporate tax bill on Wednesday that would [give] corporations and farmers . . . about $145 billion worth of new tax cuts."
"The bill was initially intended to compensate exporters for the loss of $50 billion in tax breaks that the World Trade Organization had declared illegal, but Congressional negotiators approved a 633-page behemoth that doled out tax breaks worth nearly three times the original subsidy."
"[L]eaders said they had more than enough votes to stop a filibuster, contending that the overall tax bill has provisions sought by so many different lawmakers that it was almost assured of final passage by the end of this week."
The only greyish metallic lining: "The one Senate provision that House [members] did accept on Wednesday was a move to limit the tax break for small businesses and self-employed people who buy Hummers and other big sport utility vehicles."
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So what are this year's phantom revenue offsets? Or do we now just measure the revenue impact on DeLay's favorite 527 before enacting new tax "incentives".
