Tuesday, May 25, 2010

Big corporations work to kill unemployment benefits extension because it closes their tax loopholes


This week, the House of Representatives is working on a package extending several popular tax breaks as well as important social safety net provisions like unemployment benefits and health insurance subsidies for laid-off workers. The bill costs about $200 billion, but is partially offset by a few tax changes, including the closing of a loophole that allow corporations to claim U.S. tax credits on profits earned overseas. These unjustified tax breaks have been on the radar of Congress’ tax writers for the last few years, but so far they’ve remained in the tax code due to pressure from big corporations. This time, even though the bill also extends some of their favored provisions, like the Research and Development tax credit, the Big Business lobby is fighting to preserve its ability to exploit tax loopholes, at the expense of the benefits extension:

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