October 13, 2004 03:54 PM | Permalink |
Corporate tax legislation approved by the House and Senate over the Columbus Day weekend will add $210 billion in new tax breaks, mostly for corporations, over the next decade. Many of the tax subsidies will further reward multinational corporate tax avoidance. The measure is expected to be signed soon by President Bush.
“The bill allegedly will help protect American manufacturing jobs, but it will almost certainly have the opposite effect,” said Robert S. McIntyre, director of Citizens for Tax Justice. “Sadly, few of our lawmakers seem to understand—or care.”