the Sugar Conspiracy

Tuesday, October 12, 2004

Corporate giveaway passes House and Senate

Just in time for the elections.

The Senate on Monday approved $137 billion in tax breaks for corporations and special interests over 10 years, including a $10 billion buyout for tobacco farmers. The giveaways were needed to win votes for otherwise unpopular legislation intended primarily to end a trade fight over illegal U.S. subsidies to export industries.

The measure passed 69-17. The House of Representatives passed the bill on Oct. 7 by 280-141. President Bush is expected to sign the bill before Election Day.

Supporters hailed its passage as critical to creating jobs while opponents called the measure a massive corporate giveaway. It includes tax breaks for Alaskan whalers, natural gas companies, the timber industry, Hollywood filmmakers and cruise-ship companies.

posted by chris at 5:21 PM
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