This Tax Loophole Extender Legislation is extremely economically beneficial to the large corporations and the wealthy at the clear economic detriment to the middle and lower US economic classes.
But it's not just all of the US Senate Republicans who are pushing this extremely Income Inequality Expanding Tax Loophole Extender Legislation.
More than any US Senator, Chuck Schumer from New York is a deceptively under-the-radar screen, fervent supporter of this Tax Loophole Extender Legislation. Why? Because New York Big Financial Companies are monstrous economic beneficiaries of this Tax Loophole Extender legislation. And so are so many other huge New York Corporations.
And I think the fact that President Obama threatened to Veto this unfair to US middle and lower economic classes Tax Loophole Extender legislation is why Chuck Schumer totally lost his cool recently and lashed out against perhaps President Obama's legacy.....the Affordable Care Act. And US Senators were seriously considering voting to have Chuck Schumer replace Harry Reid as the head of the Democrats in the US Senate? Give me a break.
But it's not just Chuck Schumer who is strongly supporting this massively further Income Inequality Expanding Tax Loophole legislation. So are Ron Wyden.....what Nike tells him rules, ..... Mark Warner.....what all large corps tell him rules, after all he used to be a Large Corp CEO and still thinks and votes like one, ..... Bob Menendez.....what Big Pharma tells him rules, ..... and many other Democratic US Senators because of the intense pressure from K Street lobbyists who have economically supported their candidacies.
And both Washington State US Senators Maria Cantwell and Patty Murray as well as Nevada US Senator Harry Reid all support this massive Income Inequality Expanding Tax Loophole Legislation just because it lets mostly the upper income residents of Washington and Nevada get a larger itemized tax deduction? Give me a break. What incredible short sightedness. The US middle and lower classes are getting again ripped off by this massively Income Inequality Expanding Tax Loophole Legislation, including the huge majority of Washington State and Nevada taxpayers who aren't economically well off enough to be able to itemize their income tax deductions. Cantwell, Murray and Harry Reid are only focusing on how the top 20% of their State citizens would benefit and screw the other 80% because they won't understand how they are being unfairly economically hammered here.
And when you go back to the very beginning of President Obama's first term, the US Democratic Senators strongly supporting letting huge US Multinational Corporations be able to repatriate the massive amount of foreign earnings they had stashed away in foreign income tax havens and only be required to pay at an off-the-charts extremely discounted 5% US federal income tax rate on these foreign earnings repatriated and without any US job creation strings attached to it were among other Democratic US Senators..... New York US Senator Chuck Schumer and California US Senators Barbara Boxer and Dianne Feinstein. I'm not kidding. Look it up. It's not just Republicans who have caused this massive Income Inequality.
While I agree that making the R&D Tax Credit permanent is a wise one, especially since when you increase R&D Expenditures, you are also increasing well-paying middle class US jobs, I strongly believe that you are only massively increasing Income Inequality with permanent 100% first year tax writeoffs of small business investments..... when these same small business owners continue to pay their workers only at or slightly above the US Federal minimum wage,..... with permanently allowing unrealistically short tax depreciation lives on leasehold improvement investments by retailers,..... when these same retailers continue to pay their workers only at or slightly above the US Federal minimum wage,..... and with first year 50% bonus tax depreciation for investments made by large Corps..... while at the same time so many of these same large Corps continue to lay off so many of their US workers. And you can't logically argue that these kind of investments need to be tax incentivized, and especially retroactively, when the US GDP growth in the last 6 months and also Corporate Profits have been so incredibly robust without these massive unneeded tax incentives. You are just throwing the country's money away here and by monstrous amounts, and I can't believe that fiscally-minded Republicans could buy into something so repugnant to them as being so wasteful in US Government tax spending.
To put it succinctly, the US middle and lower economic classes have no K Street lobbying on their behalf. They only have President Obama and a handful of Democratic US Senators, including:
- Bernie Sanders
- Elizabeth Warren
- Sherrod Brown
- Dick Durbin
- Al Franken
- Sheldon Whitehouse
- Jeff Merkley
- Tammy Baldwin
- Jeanne Shaheen
- Tom Harkin, but he's soon gone
- Carl Levin, but he's soon gone
- Jay Rockefeller, but he's soon gone
More details to come.