Stop the Corporate Bailout!
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:
http://www.moveon.org/warprofiteering/
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
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
The right approach to
stimulus is to put more money in the hands of everyday people who need it most
- by expanding unemployment insurance, ffor 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
The Senate could vote on
stimulus as early as this week. Speak up
at:
http://www.moveon.org/warprofiteering/
Thank you. We must all fight this together.
Sincerely,
- Wes Boyd
MoveOn.org
* Source: Citizens for Tax
Justice. See our website for details.
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