Get This!! -- Eddie Pedantic Gasbag Discussion Group

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Date Posted: 22:33:25 10/29/01 Mon
Author: gumtree
Subject:

Get This!!

Okay, I was looking for controversial, and look what they thought up:

The House just recently passed a bill which is being sold as the Economic Recovery Act. This is actually a major windfall for major corporations - the way the law is structured now, corporations have a choice - they can pay income tax on their returns over the year, or pay an "alternative minimum tax" depending on a bunch of things that are too complicated to go into now. What the House has passed is "relief" from the alternative minimum tax - so that many major corps (including IBM, General Motors, and other starving artists) can go TAX FREE this year. The kicker is that the bill also includes a provision for an alternative minimum tax REFUND for the PAST 15 YEARS!! this would mean, essentially, that these corporations would pay NO INCOME TAX for the past 15 years - and would continue to not pay, as long as they qualified under certain bookeeping rules (and having legions of lawyers and accountants, doubtless they would qualify). This is outrageous.

Who will pay for this? You and I, dear reader. Write your Senator, so that this idiocy gets stopped.

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Replies:

I saw that, had to laugh. This one doesn't have a snowball's chance in Hell over at the Senate. If the Democrats aren't brain dead they oughta be able to use this in the midterm elections, provided they aren't temporarily suspended for the war effort. But oh I forgot, the Democrats are brain dead, doh! Gotta love those Republicans, they know how to set priorities! (NT) -- spoot, guffawing with laughter...well, almost..., 01:51:06 10/30/01 Tue