Friday, April 21, 2006

Nice Tax Break

The Blog | Cenk Uygur: How Karl Rove Is Going to Destroy the Republican Party | The Huffington Post:

"The Republicans just passed a law that allowed companies to bring back all the money they made 'abroad' -- that's read Cayman Islands -- without paying the normal tax rate. They paid 5.25%, instead of 35%. This allowed these already enormously profitable companies to put an extra $104 billion in their pockets - tax free.

No one minds the capitalist system where companies try to make the most they can for their shareholders. But when you rig the system in exchange for political contributions, so they don't have to pay their fair share, you're going to make some people very angry (of course, this requires an opposition party that understands what a winning political issue is, but you figure eventually even the Democrats will figure it out).

In the short term, you might get the corporate contributions you're looking for in your next campaign. But in the long term, you've set yourself up against the interests of the American people. Thinking that won't eventually cause a problem is sheer arrogance. The kind of arrogance that leads you to make no post-war plans and that allows you to run up an $8.4 trillion debt."

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