How corporate tax credits got in the 'cliff' deal

[CuteOldGuy]

Yeah. Obama is on your side. If you're GE, Citigroup, Goldman Sachs, etc.

From the article, cited below:

Former Sens. John Breaux, D-La., and Trent Lott, R-Miss., a pair of rainmaker lobbyists, pleaded for extensions on behalf of a powerful lineup of clients.

General Electric and Citigroup, for instance, hired Breaux and Lott to extend a tax provision that allows multinational corporations to defer U.S. taxes by moving profits into offshore financial subsidiaries. This provision -- known as the "active financing exception" -- is the main tool GE uses to avoid nearly all U.S. corporate income tax.

Liquor giant Diageo also retained Breaux and Lott to win extensions on two provisions benefitting rum-making in Puerto Rico.

The K Street firm Capitol Tax Partners, led by Treasury Department alumni from the Clinton administration, represented an even more impressive list of tax clients, who paid CTP more than $1.68 million in the third quarter.

Besides financial clients like Citi, Goldman Sachs and Morgan Stanley, CTP represented green energy companies like GE and the American Wind Energy Association. These companies won extension and expansion of the production tax credit for wind energy.

Hollywood hired CTP, too: The Motion Picture Association of America won an extension on tax credits for film production.

After packing 50 tax credit extensions into the bill, the committee voted 19 to 5 to pass it. But then it stalled. The Senate left for the conventions and the fall campaign. Meanwhile, House Republicans signaled resistance to some of the extensions -- especially for green energy.

One lobbyist said he didn't worry too much about the Baucus bill because "we knew the House wasn't going to pass it." But another lobbyist, who had worked on the Puerto Rico issues, said he saw Baucus' bill as an important starting point that "set the parameters" of a future fight with House Republicans.

But there never was a fight. Baucus' bill sat ignored until last week, when the White House sat down with Senate Republicans to craft a deal averting the fiscal cliff.

A Republican Senate aide familiar with the cliff negotiations tells me the White House wanted permanent extensions of a whole slew of corporate tax credits. When Senate Republicans said no, "the White House insisted that the exact language" of the Baucus bill be included in the fiscal cliff deal. "They were absolutely insistent," another aide tells me. (The White House did not return requests for comment.)

When will you people learn that Obama (and the Republicans) are playing you for patsies? They don't give a damn about you. They care about their owners. Citibank, Goldman Sachs, GE, et. al.

More on this treason, here: http://washingtonexaminer.com/tim-ca...7#.UOUrZG9QUTC

[CuteOldGuy]

Can you believe this? After complaining throughout the campaign about "offshore money" being hidden to avoid taxes, President Obama INSISTS that a provision be included in the "cliff" deal that allows GE TO DO JUST THAT! This allows GE to pay essentially ZERO in US taxes!

C'mon libs! Explain this one away.

[CJ7]

its been around for a long time, repealed in 1986, Kerry tried to shut it down in 07 ... guess what? I dont remember specifics but I'd guess the republicans did everything in their power to keep it alive including swift boat tactics .. snick

http://ataxingmatter.blogs.com/tax/2..._financin.html

[CJ7]

Originally Posted by CuteOldGuy

Can you believe this? After complaining throughout the campaign about "offshore money" being hidden to avoid taxes, President Obama INSISTS that a provision be included in the "cliff" deal that allows GE TO DO JUST THAT! This allows GE to pay essentially ZERO in US taxes!

C'mon libs! Explain this one away.

difference being GE is a corp, Romney is an individual

[CuteOldGuy]

I knew the Obamaton would come up with some justification.

It just proves that some people will defend ANYTHING Obama does. Truly brainwashed. Look up "Stockholm Syndrome."

[i'va biggen]

You act like this is a new thing .Was just curious when any legislation comes out that you don't care for it's Obama's fault.Lawmakers make and pass legislation not the President.

[WTF]

Originally Posted by i'va biggen

You act like this is a new thing .Was just curious when any legislation comes out that you don't care for it's Obama's fault.Lawmakers make and pass legislation not the President.

COG forgets how the process works. If Obama does not like a bill, he can veto it, that is all. He can not write nor pass it!

[Laz]

Originally Posted by WTF

COG forgets how the process works. If Obama does not like a bill, he can veto it, that is all. He can not write nor pass it!

But Obama can insist on things to be included or he will veto it. From what I heard Obama is the one that insisted the sequester delay be included. He could have done the same for other provisions. The way the idiots follow the party line in DC there is little he can't do.

[WTF]

Originally Posted by Laz

But Obama can insist on things to be included or he will veto it. From what I heard Obama is the one that insisted the sequester delay be included. He could have done the same for other provisions. The way the idiots follow the party line in DC there is little he can't do.

They can make him veto it. Do you think he would veto it because GE did not get a tax break?

The GOP sounds like they want to blame fucking a fat chick , on the fat chick. They did not have to do this. They are using Obama for cover. Obama was not going to veto this bill because of any damn tax breaks, you know that and I know that...it is our Tea Wacks that do not realize that!

[CuteOldGuy]

Like I said, the Obamatons will defend ANYTHING Obama does, no matter how corrupt or stupid.

[WTF]

Originally Posted by CuteOldGuy

Like I said, the Obamatons will defend ANYTHING Obama does, no matter how corrupt or stupid.

You want me to believe the WH made congress do this?

[CuteOldGuy]

You think that doesn't happen? You are an idiot.

[CJ7]

Originally Posted by CuteOldGuy

You think that doesn't happen? You are an idiot.

you think when someone makes you look like a moron theyre defending Obie ... but youre a moron so thats expected from you.

[CuteOldGuy]

So, are you saying Obama didn't want to give a huge tax break to GE? That the Congress forced it on him? Even though the administration insisted that it be included in the "cliff" deal?

And then you call me a moron?

That's why this place is so funny!

[CJ7]

Originally Posted by CuteOldGuy

So, are you saying Obama didn't want to give a huge tax break to GE? That the Congress forced it on him? Even though the administration insisted that it be included in the "cliff" deal?

And then you call me a moron?

That's why this place is so funny!

LMAO ... I didnt say any of that ... I merely pointed out this Obama travesty you bring up has been around for decades so you say Im defending Obie ... you whined about offshore taxes being a big deal during the campaign, and I had to remind you what the difference was between Romney and GE

yeah, youre a freakin moron