| WASHINGTON - October 24 - The following is a
statement of Democracy 21 President Fred Wertheimer:
The so-called "economic stimulus" tax bill reported by the
Republican members of the House Ways and Means Committee, and
scheduled for House consideration today, should be labeled for what
it is, "The War Profiteers Act of 2001."
This egregious legislation represents an attempt during a time
of war to distribute tens of billions of dollars of unjustifiable
tax giveaways to undeserving beneficiaries that would never have
seen the light of day prior to September 11, 2001.
The legislation also represents a brazen attempt to open the
door to tens of millions of dollars in soft money contributions
from the intended beneficiaries of this tax bonanza.
This tax bill qualifies as the longest and most expensive
political fundraising letter in American history.
Treasury Secretary Paul O'Neill almost had it right when he
called the Ways and Means tax bill "show business" for
"constituents." In fact, the tax bill is a "multibillion-dollar
offering" for "campaign contributors."
Without question, the most extraordinary and indefensible
provision in this legislation would not only repeal the alternative
minimum tax (AMT) on corporations but would do so retroactively to
1986.
The AMT provision was enacted in 1986 during the Reagan
Administration to ensure that corporations pay at least some
federal income taxes on their profits.
By making repeal of the corporate AMT tax retroactive for
fifteen years, the Republican members of the Ways and Means
Committee have exploded its cost from $4 billion to $25 billion and
would give away billions of tax dollars to corporations as if they
were the world's most expensive party favors.
At a time when thousands of citizens have died in terrorist
attacks, hundreds of thousands of citizens have lost their jobs
and Americans are fighting a war in defense of our country, the
Ways and Means Committee bill is proposing to hand out
multi-billion dollar tax breaks to corporations and wealthy
individuals that are unjustified, unearned and unfair.
The Ways and Means Committee tax bill is an insult to the
American people and an affront to the ideal of shared sacrifice
that is called for during this time of war and uncertainty.
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