Fiscal Cliff Deal Passed By Congress After Republicans Cave
Tuesday, January 1, 2013
Some of what's in this legislation?
MASSIVE CORPORATE WELFARE.
Really.
Tax credits for foreign subsidiaries – Sec. 323 is an extension of the “Look-through treatment of payments between related CFCs under foreign personal holding company income rules.” This gibberish sounding provision cost $1.5 billion from 2010 and 2011, and the US Chamber loves it. It’s a provision that allows US multinationals to not pay taxes on income earned by companies they own abroad.
Read more at http://www.nakedcapitalism.com/2013/01/eight-corporate-subsidies-in-the-fiscal-cliff-bill-from-goldman-sachs-to-disney-to-nascar.html#hpLF14OOQy3P3kIM.99
Read the Article at HuffingtonPost
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