December 16, 2014 09:49 PM | Permalink |
For Immediate Release: Tuesday, December 16, 2014
$42 Billion, Deficit-Financed Tax Extenders Bill Is an Irrational Corporate Giveaway
(Washington, D.C.) Following is a statement by Robert McIntyre, director of Citizens for Tax Justice, regarding the enactment of a $42 billion package of tax breaks that primarily benefit businesses.
“This Congress has been one of the least productive in history, yet it has found the resolve to provide $42 billion in tax cuts to subsidize soft drink companies for developing new flavors, to subsidize G.E. for lending overseas, and to subsidize investments that business owners say they will make regardless of what tax breaks are offered to them.
“Even if lawmakers believe we should use the tax code to encourage businesses to do all these things, surely none believe that this bill accomplishes that. This $42 deficit-financed temporary tax break package provides subsidies only for activities that companies carried out in 2014. When these tax breaks expire again in a few weeks as we ring in the New Year, we can only hope that lawmakers will make a resolution to end this wasteful habit.”
See CTJ’s detailed report on the tax extender bill for more information.