Catch her tonight on Letteman, it’s always a musical highlight! Here’s Darlene Love’s 2009 appearance:
It’s all about jobs, jobs, jobs, as Obama likes to say. Only they’re going overseas:
Amid all the goodies for ethanol producers, NASCAR racetracks and the like, the tax-cut compromise legislation approved by Congress this month also includes a little-noticed sop for Wall Street banks and major multinationals.
And it only costs U.S. taxpayers $9 billion.
Under the provision, financial services firms and manufacturers can defer U.S. taxes on overseas income from a type of financial transaction known as “active financing.” Boosters say the two-year exemption helps level the playing field with foreign competitors by ensuring that U.S. corporations aren’t taxed twice.
Major business groups and financial companies consider the exemption a key lobbying priority in Congress, which has regularly extended it on a temporary basis for more than a decade. Those lobbying in favor of the policy include dozens of the largest U.S. companies, from General Electric to J.P. Morgan Chase to Caterpillar, records show.
The Active Financing Working Group, a coalition of companies and trade associations focused on the issue, has paid $540,000 in lobbying fees to Elmendorf Strategies since last year, according to Senate disclosure forms.
The exemption ensures “that U.S.-based financial services [businesses] are able to continue to operate competitively and provide the funds needed for investment and economic growth,” the working group wrote in a letter to the Treasury Department.
But the provision has long been opposed by watchdog groups and labor unions as a needless tax break that encourages companies to create jobs overseas instead of within the United States.
Gee, you think maybe a robust national pension plan might be a better idea? Like… oh, I don’t know, Social Security, only with more money?
Ari Berman @ Virtually Speaking with Jay Ackroyd
Thursday, Dec 23, 6pm pacific | 9pm eastern
The Nation’s Ari Berman and Jay discuss his new book, Herding Donkeys: The Fight to Rebuild the Democratic Party and Reshape American Politics, + the Presidential election cycle, and the tension between Rahm Emmanuel’s Blue Dog strategy and Howard Dean’s 50 state strategy
More on topics, background material, advance questions here: http://blog.virtually-speaking.com/
listen tonight @ http://www.blogtalkradio.com/virtuallyspeaking
ABOUT ARI BERMAN
From Quinhagak, Alaska, the best one yet. Thanks, K.!
It’s one of the poorest cities in the country, and it’s what’s known as a “food desert.” Go read the whole thing. I’m really glad the Inquirer has been running this series on poverty and hunger.