-Caveat Lector-
--
"We are not afraid to entrust the American people with unpleasant
facts, foreign ideas, alien philosophies and competitive values. For
a nation that is afraid to let its people judge the truth and
falsehood in an open market is a nation that is afraid of its
people."
President John F. Kennedy
----------
>
> 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 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:
>
> http://www.moveon.org/warprofiteering/
>
> Thank you. We must all fight this together.
>
> Sincerely,
>
> - Wes Boyd
> MoveOn.org
> October 29th, 2001
>
> * Source: Citizens for Tax Justice. See our website for details.
> __________
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>
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