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Partisan bickering continues as sequester cuts go into effect
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By The Christian Science Monitor
Published: Saturday, March 2, 2013, 9:18 p.m.
Updated: Saturday, March 2, 2013
The morning after the sequester spending cuts went into effect — “$85 billion in an across-the-board whack to both defense and nondefense programs — the Earth did not stand still nor did Washington come to its collective senses.
Both the White House and Republicans in Congress seemed spent as they sputtered out their political talking points about what everyone agrees is a lousy way to conduct the nation's business.
“It's happening because Republicans in Congress chose this outcome over closing a single wasteful tax loophole that helps reduce the deficit,” President Obama said in his weekly radio/Internet address.
The rebuttal on Saturday morning came from Rep. Cathy McMorris Rodgers, R-Washington.
“The American people know full well that if they give this White House more tax revenue, it will be spent on new stimulus projects and government programs,” Rodgers said.
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CUT TAXES FOR CORPORATE AMERICA - END TAX LOOP HOLES Boehner says no tax increases. I agree 100%. I prefer to use the word "tax cuts" by eliminating tax loop holes and leveling the corporate tax playing field. Currently, the corporate rate is 35% but the average rate is 17% because of the loop holes. I propose eliminating 100% of the loop holes and uniformly lowering the corporate rate to 17%. - PepsiCo, Verizon, Wells Fargo and DuPont paid more for lobbyists than they did in taxes. These companies along with a few others collectively spent $476 million in 2010 sucking up to Congress, buying protection for tax breaks, loopholes and special subsidies. It didn't matter that these same firms brought home a staggering $164 billion in profit. They not only managed to avoid paying taxes. They actually received $10.6 billion in rebates. - In 2010 UPS paid 24% corporate rate. FedEx which had heavily lobbied paid less than 1% - Nordstrom paid @ 37%; Macys paid @12%. None of these corporate boons went to job creation. FedEx, for example, laid off a couple thousand Americans. The tax savings, in fact went to exec bonuses and dividends to share holders. - Tyson Chicken. A tax loophole that dates back to Reagan. Don Tyson and his sister-in-law Barbara run a "family farm." Their "farm" has 25,000 employees and grosses $1.7 billion a year. But as a "family farm" they get tax breaks that save them $135 million a year.
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