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Good post. People are too fixated on attacking the presidents and congressmen as persons, that they forget to talk about the issues. The loop holes have indeed been around for decades, and something needs to be done about it. I like the presidents proposal of lowering the corporate tax rate itself and take away the loop holes. Corporations funnel hundreds of millions every year into lobbying for new loopholes, and that needs to end because it seems that if a corporation does not spend the money on lobbying, then they are at a disadvantage.
Many agree with the White House on that, but it would not stop the whining, since it would take much of the wind out of the corporate sails (and congressional pocketbooks).
A tax benefit results from reversing the taxes accrued in prior years, which is offset by increases in tax liability for future years.
But you knew that, didn't you.
As usual.. you go out to try to defend Obama, even if it means lying
GE got a tax CREDIT of $3.2B from the stimulus bill.
A tax credit is A dollar-for-dollar reduction in the tax payment required from a person.
They would have PAID $3.2B in taxes if it wasnt for the credit given to them by the Obama administration. This has NOTHING to do with previous years taxes paid. Its a payment from the Obama administration to GE because GE invested $10B in green energy.
Page 9.. TAX CREDITS 30% ITC includes CCS Energy conservation bonds Raises tax CREDITS to $3.2B bonds
And btw, the title of that report, US STIMULUS PACKAGE PROGRAM..
GE got $3.2B in CREDITS from the Obama stimulus package..
If you think its wrong, call GE and tell them because I dont just make things up...
Are you talking the 3.2b energy conversion bond credits?
You realize those were started by a previous administration, and as far as I know, the states have to dole them out (pass them out) via state approved energy projects,
But those credits have nothing to do with the article.
Are you talking the 3.2b energy conversion bond credits?
You realize those were started by a previous administration, and as far as I know, the states have to dole them out (pass them out) via state approved energy projects,
But those credits have nothing to do with the article.
Maybe you missed parts of the report.. including
The title
US STIMULUS PACKAGE PROGRAM..
Are you now saying Bush created the stimulus package?
How about the part on page three saying
AMERICAN RECOVERY & REINVESTMENT ACT OF 2009
I'm sorry but you are NOT going to sit here and blame Bush for something Obama was CLEARLY instrumental in passing.. Here is the photo of him SIGNING IT INTO LAW..
I'm sorry but I'll take GE's internal reports telling me where they got the $3.2B from rather than some anonymous poster providing.. well nothing, as evidence that GE is wrong. I'm willing to bet GE knows where they got their money from..
Well I'm left of center and I find this deplorable. I was never for the stimulus package.
Good for you. I find this action by Congress deplorable also. They should eliminate all tax credits for investing in the latest Congressional passion.
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