Junior QUIETLY signs this new bill today ...

[docmercer--banned]

Bush quietly signs corporate tax-cut bill
$140 billion measure assailed for catering to special interests

http://www.reuters.com/
WASHINGTON - Without fanfare, President Bush Friday signed into law a bill containing nearly $140 billion in corporate tax cuts denounced by critics on both sides of the aisle as a giveaway to special interests.

Bush signed the measure into law aboard Air Force One en route to a campaign rally in Pennsylvania, forgoing a public signing ceremony that would have attracted attention to the tax cuts less than two weeks before Election Day. The bill has been heavily criticized by both Democratic presidential rival John Kerry and Republican Sen. John McCain, among others.

The White House had marked the signing of Bush's other major tax bills with lavish public ceremonies. This one was marked with a one-paragraph statement by the press secretary.

Asked why there was no signing ceremony for the corporate tax bill, White House spokeswoman Claire Buchan said: "There are a variety of ways the president signs legislation."

But the $140 billion in new business tax breaks included many special interest provisions sharply criticized by public interest groups and fiscal conservatives, which congressional aides said explained Bush's decision to sign it in private.

McCain, an Arizona Republican who is campaigning for Bush, had called the measure "the worst example of the influence of special interests that I have ever seen."

Kerry campaign spokesman Phil Singer said: "George Bush filled the bill up with corporate giveaways and tax breaks for multinational companies that send jobs overseas."

Kerry, if elected, would submit a budget calling for the repeal of "all the unwarranted international tax breaks that George Bush included in this bill," Singer said.The bill includes a $10 billion industry-financed buyout for tobacco farmers, and tax breaks for U.S. multinational companies, some of which critics say will encourage companies to ship jobs overseas.

MSNBC.com's Martin Wolk contributed to this story.

 

[charleslanger]

So Bush wrote this bill, spent monthis debating it, had different versions passed in each chamber-- which required 'months' of reworking, then sent it to himself for signing? :biglaugh:

And nobody along the way in Congress inserted any items favoring their constituents? :umn:

The gist of the bill was to come into compliance with the WTO, as lots of our products had been slapped with enormous punitive tariffs... I wouldn't characterize "I reduce yours if you reduce mine" as a giveaway.

Anyhow, i wouldn't trust a particular Congressperson's characterization of anything-- someone who, together with his colleagues, works up bills to send to the President-- then publicly criticizes the President for having signed into law bills that he himself voted for. McCain either-- he can get loony at times...and he's always worked for a paycheck: doesn't have any understanding of entrepreneurship.

As affects us wagerers directly, there's a real favorable withholding elimination in there that will cause a boon of international handle to flow both into our racetrack betting pools(and also pave the way for us indivdually to be able to bet directly into most countries' pools), and the soon to arrive Vegas internet betting(open only to Nevadans, any state that doesn't specifically prohibit it-- perhaps Delaware, Oregon? and foreign customers).

 

[RobFunk]

LOL! theyre going to have to raid the federal pension fund, but they give away yet another tax break for the rich and another 140 billion of the countrys money. is there anybody home up there?!

 

[JudgeWapner]

I almost hope Bush wins,so he has to clean up his own mess. Whoever is elected,is looking at a sh*tload of problems.

 

[docmercer--banned]

Judge:

That is exactly what Bill Maher said and I find Maher
pretty dang accurate on his overviews of this administration ...

 

[blueedwards]

LOL! theyre going to have to raid the federal pension fund, but they give away yet another tax break for the rich and another 140 billion of the countrys money. is there anybody home up there?!

has anyone in this forum ever taken an economics class?

if businesses pay less taxes do they:

1) hire more workers or less workers?
2) pay the workers a higher wage or a lower wage?

will someone please explain to me how a business owner paying more taxes helps the working man? the only thing i could see is that possibley the working man will see his boss in the unemployment line next to him and feel like they are both in the same boat.

 

[blueedwards]

it cracks me up everytime i see some liberal news guy slam bush for the lack of jobs, then slam him for trying to help businesses by cutting taxes.

how the hell are american business owners going to hire more workers if their taxes are raised? i would love to hear someone with the liberal viewpoint answer this question.

 

[JudgeWapner]

Blue,my biggest concern is cutting taxes while we have the deficit that we have.And apparently some Republicans agree.

 

[GAMEFACE]

Blue,

You're correct. When the gov mandates higher taxes and wages the company cuts positions. Why liberals can't understand basic economics is a mystery. No one owes anyone a job, business owners hire people to make themselves money. If you don't like it put your own mnoey at risk and start a business.

 

[RobFunk]

warren buffet thinks they are dumb, and he is the 2nd richest person in the nation. he also built his wealth off of shrewd investing.

i know you guys would like to think boosting the economy and helping the debt is somehow helped by continually reducing the tax of the rich, but it isnt that simple. if it was, it would have worked with the first set of cuts. its not a liberal/conserve issue its just the facts.

that 140 bil cut should have went to middle class so they could spend more money into businesses and those companys now have more revenue to hire employees. thats how economy is strengthed. it is a heck of lot more honest than just giving these big company owners more money and praying that it gets used for the hiring of an employee instead of a yacht or a mansion.

 

[Noreaga+]

Hey blue,

do you think the trickle down effect works?

 

[RobFunk]

the middle class should always be treated best they are the ones putting in 40 hours a week, making 2 car payments paying a mortgage raising children and purchasing retail items with hard earned money. these are the people putting money into the economy so you give them even more money to put into the economy via tax cuts and now businesses need to hire more becuase they now realize an increase in business it translates to buy, hire, buy more, hire more etc

 

[Noreaga+]

Bush claims the trickle down effect works best. biggest breaks to the top, and it will filtrate down..

When the rich get a tax break.. it goes into some savings account.

When middle class gets a break.. it immediately goes into the economy.

I fail to see how the trickle down effect works.. and big tax breaks to the corporations is essentially the same thing. Lets hope they create more jobs with this money instead of it sitting in some account earning millions

 

[RobFunk]

and when george washington was sick they bled him. when that didnt help, they bled him even more and he died a very quick death

 

[JudgeWapner]

Trickle Down Theory. The rich piss on the middle class and it trickles down the back of their necks.

 

[cussin'it]

has anyone in this forum ever taken an economics class?

if businesses pay less taxes do they:

1) hire more workers or less workers?
2) pay the workers a higher wage or a lower wage?

LMFAO. No what they do is move their factory's offshore as a token sign of :finger: thank-you. Now they have more so the top dog's can play golf at the TPC and eat, drink, and spend on their token ho's every whim.

Your thinking is seriously naive.

 

[blueedwards]

Bush claims the trickle down effect works best. biggest breaks to the top, and it will filtrate down..

When the rich get a tax break.. it goes into some savings account.

When middle class gets a break.. it immediately goes into the economy.

I fail to see how the trickle down effect works.. and big tax breaks to the corporations is essentially the same thing. Lets hope they create more jobs with this money instead of it sitting in some account earning millions

yes i do.

i work with business owners and know how most of them think. they got where they are by being aggressive...most keep very small balances in the bank. when they have success in business, they invest further in their business or start another business. this creates more jobs and more opportunities for the people who work for them. a tax cut will have the same effect as landing a new account...they both increase profitability which increases their future investments.

a tax increase has the same effect as a loss of an account...decreased profitability and possibly having to let employees go.

as far as what cussin' it said, that may be the case with a few of the huge companies...i really don't know. but i do know that over 50% of americans that work in the private sector work for "small businesses". small businesses are local or regional businesses which do not have the ability to move manufacturing offshore. most of the business owners that i know and deal with on a daily basis care about their employees. they care about themselves more but, they know that if their employees are taken care of that they will work harder and make the owner more profits.

i work in a commercial bank in chicago. it is a small, local bank. if the bank is profitable, i know that will mean more opportunities for me in the future or at the very least, job security. i do not look at the bank having a good year in this way "those greedy bastards who own this bank are getting rich and i'm doing all the work". i look at it this way - "the bank had a good year, that means a have a job for another year and (if i contributed to the successful year) likely a good raise and bonus. the people who started this bank deserve the money they are making...they had the balls to invest in this place when it was a start-up. maybe someday, i'll have the balls and opportunity to take a shot like they did and hit it big".

that seems like the fundamental difference here...

 

[blueedwards]

LMFAO. No what they do is move their factory's offshore as a token sign of :finger: thank-you. Now they have more so the top dog's can play golf at the TPC and eat, drink, and spend on their token ho's every whim.

Your thinking is seriously naive.

i would say your thinking is seriously slanted, innacurate and pessimistic.

 

[RobFunk]

Blue you are 110% correct with that last post. and i agree that those businesses should get tax cuts. but there is a difference between the super rich getting these cuts and a middle class business owner.

the cut lined above is a corperate tax cut not one for medium-large private owned businesses.

a guy with a landscaping business that owns say 10 trucks? you bet that money is going back into his business somehow (most of the time)

but this is the difference with the two partys

bush wants to cut taxes for the super rich and use the trickle down and kerry wants to roll those back and give the cuts to middle class businesses and employees. i repsect everyones opinion on both im not looking for an arguement on the overall philosiphys.

however;

two different school of thoughts on how to strengthen economy, and no one is going to change their mind here on anything. but that secret cut crap lined in the original post isnt going to do crap for anyone and raiding the pension fund or raising the debt ceiling are going to be the result of something as so unnecesary as another friggn corperate tax cut. i just dont get how that helps a damn thing except give the big boys some more spending cash at the nations expense.

 

[cussin'it]

I'd say you tell me what companies have shown their gratitude for the tax break that ALL OF US have afforded them, by moving a plant back to the US?

Give it a shot know-it-all.