Democrats love to run around and talk about how Republicans are the one’s who vote to allow companies to hide their profits in off shore accounts to avoid paying taxes. But, once again, we see that it is in fact Democrats who support such measures. Don’t count on the main stream media to report any of this though.
In the “deal” to avoid the “fiscal cliff”, overwhelmingly supported by Democrats in the House, there is an extension of this provision:
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.
The bill passed based on the support of 151 Democrats in the House. Only 87 Republicans voted for it. The Senate approved the bill 89-8. Again, since there aren’t 89 Republicans in the Senate, obviously it had huge support from the Democrats.
Oh, and by the way, these same Democrats also voted to raise taxes on every working man and woman in America. Why? Because the deal passed does NOT extend the 2% reduction in FICA contributions. That means everyone will see their paychecks get 2% smaller now that the Democrats have had their way.
Gee, raising taxes on working folks? Allowing companies to have “loopholes” to avoid paying taxes? If the media were doing its job, everyone would know that the Democrats are once again behind this. But don’t expect the Lap Dog Media to push this too much. Once the next election cycle rolls around, all we will hear about is how Republicans are the ones who want to raise your taxes and give tax breaks to big corporations. As for the Democrats? Why, they are innocent of any wrong doing – despite what history shows us.
And the LIVs (Low