Dear friend of MoveOn,
In this time of national crisis, amid calls for sacrifice, we're deeply
troubled by the choices of the Republican party's right-wing leadership.
Here's their idea of an economic stimulus package*:
$1.4 billion for IBM
$833 million for General Motors
$671 million for General Electric
$572 million for Chevron Texaco
$254 million for Enron
This is war profiteering, and it's just plain wrong. Yet the House has
just approved it, on a virtual party line vote, ending the recent spirit
of cooperation in Congress. Speak up with us before the Senate acts:
Last week, while our nation was reeling from the Anthrax threat, the
House voted to repeal the Alternative Minimum Tax on corporations.
This law normally requires hugely profitable companies to pay at least
some tax, no matter how many loopholes they can find. Its repeal would
allow many companies to pay zero U.S. income tax in perpetuity - a loss
of more than $12 billion in revenue next year alone.
The repeal is retroactive, so companies would get rebates of all the
Alternative Minimum Tax they've paid for the last 15 years. The
numbers above are a sampling of these rebates.
The House also voted to allow corporations to store their profits
overseas as a tax shelter. That's right - this "stimulus" would
actually take money _out_ of the U.S. economy. It's backwards.
The right approach to stimulus is to put more money in the hands of
everyday people who need it most - by expanding unemployment insurance,
for example. People living marginally will spend it quickly on consumer
goods, so it circulates through the economy, benefiting everyone.
Helping people would make economic sense. Giving billions in tax
breaks to America's biggest corporations doesn't.
The Senate could vote on stimulus as early as this week. Speak up at:
Thank you. We must all fight this together.
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