GOP tries to cut taxes/increase deficit/BIRTH TAX under media radar

[papau]

GOP tries to cut taxes/increase deficit/increase BIRTH TAX under media radar

Interesting how US Media reporters don’t report. Increases in the BIRTH TAX, the deficit your kids will have to pay, are on the table as major tax reduction efforts (not for the little guy – but you knew that) are underway as Bush “clears brush” at the pig farm our afraid of horses president is sleeping at between fundraisers.

Bill Thomas on 7/25 introduced “corporate reform” HR2896 – a bill that satisfies the EU complaint of unfair trade advantages from the corporate tax codes “For Sales/Service Corporations” loophole and its Extraterritorial Exclusion (ETI) loophole, ending that $70 billion rip-off of the US Treasury, and thereby avoiding WTO approve sanctions of $4 billion against the US beginning 1/1/04, while giving corporations $190 billion of new tax deduction loopholes – as Thomas would say, it only nets to $120 Billion of new tax cuts/increases to the deficit – additions to the birth tax that the GOP has given our kids via these deficits...

The “anti-Enron” candy coating of this rip off is the tighter rules on non-qualified deferred compensation arrangements (no real change on the use or effect – just a rewrite of current agreements so new fees to a few lawyers), plus Bush’s don’t prohibit or punish – just disclose how you are screwing the company and Treasury – rules for “abusive transactions” –while pulling the only teeth the Bush proposal had – codification of the economic substance doctrine – out of the bill. Meanwhile the “good guys bill” - Crane-Rangel-Manzullo – which has bi-partisan support – is on hold as Thomas sees if he has enough votes to kill it and replace with his new tax cuts for corporations bill.

On course Orin Hatch is trying hard to earn that appointment as Justice on the USSC by over in the Senate proposing a $200 billion rip off gift to corporations as cover to Thomas, noting that the Hatch bill only covers “international tax reform”.