June 16, 2004 03:58 PM | Permalink |
Corporate tax legislation approved by the House Ways and Means Committee on June 14 and scheduled for a House vote this week would add $278 billion in new tax breaks, mostly for corporations, over the next decade. This is similar in cost to $270 billion in corporate tax concessions approved by the Senate in May.
“These bills claim to be designed to protect American manufacturing jobs, but they 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.”