Do-Nothing Congress Works On Loopholes For GE, Apple, And Other Multinationals

Money, Money, Money.

The reality is that the US cannot afford such loopholes, as the deficit spending comes to an end.




Testosterone Pit
By Abigail Field
30 April 2014

On Tuesday, the House Ways and Means Committee sent a package of bills to the House floor that would cost American taxpayers hundreds of billions of dollars over the next ten years by making permanent tax provisions multinational corporations use to avoid paying U.S. taxes.

“For all of the talk in Washington about getting our fiscal house in order, the Committee did not consider how to pay for these expensive tax breaks," said Dan Smith, U.S. PIRG Tax and Budget Advocate, "despite repeated attempts by Ranking Member Sandy Levin to raise the issue."

H.R. 4429 would re-enact the currently expired "active financing" provision, and make it permanent. This provision is known as the "GE" loophole, because General Electric not only prodigiously benefits from it, but also because the company has sent an army of lobbyists to ensure the provision, which expired last year, was re-enacted.

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