Ed Bedford 11:44 p.m., June 19
Retro Active Tax Refund in Stimulus Bill is a Windfall For Corporations
The Bill being pushed by President Obama looks like its on its way to being passed unless we get on the phone and oppose it. This Bill offers some of the most egregious and irresponsible tax refunds to the CEO's that single handedly produced this current crisis. The vast majority of the mortgage fraud has gone unpenalized and remains largely undiscovered. Its been wrapped up and packaged by Wall Street as derivatives and various other Wall Street instruments. The impact of which has yet to really be realized. Please take a closer look at the details before we all say "What were we thinking?"
It is essentially the same bad policy as the bank bailout. Corporations can retroactively apply for tax refunds for all the profits they paid taxes on over the past 5 years. Think about that. Who does that benefit the most? Who made the biggest profits over the past 5 years and now is experiencing the biggest losses....the homebuilders, the real estate investors, the financial planners, the mortgage industries that perpetrated the most fraud and made the biggest profits. They now get all that money back and we have to pay for it. This graph shows the House Bill breakdown and the Senate is even more compromised to the Corporations.
Think about it. Does it make sense that we cut 16 billion in education construction but left the part in where we will be sending billions in tax refunds to developers? Wouldn't that money be better spent on education construction than in the developer's pocket? That money would put their industry to work so why give it to them with no strings attached where they can sock it away the same way the bank CEOs did.
If we let this pass we will have no one to blame but ourselves. I know not everyone likes politics, but right now we have to. We have to pay attention. This Congress has already proven that it cannot be trusted. It is not a Democrat or a Republican thing. Their big money is coming from the same places and no one is looking out for us but us. So I urge you to take a second and look at how this package is the same bad policy as the bank bailout. Call your senators and the Whitehouse. 202 456-1111