Avoiding the “fiscal cliff” should have been a simple matter of extending the Bush tax cuts for 98 percent of Americans. After all, this was the central issue in the presidential campaign. But the GOP (Guardians Of Privilege) have never passed up an opportunity to take from the poor and give to the rich.
So buried in the bill are a few very expensive gifts for the rich and the powerful.
For example, Section 322 is a $9 billion provision that allows banks and multinational corporations to defer taxes when they engage in “active financing.” Their lobbyists claim it’s necessary to help them compete overseas. But critics say that it’s a merely another windfall that encourages the banks and manufacturers to create more jobs overseas.
Yet another payoff to Wall Street is Section 328 which extends tax-exempt financing for the area around the former World Trade Center for another year. Originally intended to help fund reconstruction following 9/11, much of the financing has been used to build luxury apartments, instead. It even helped finance the construction of Goldman Sachs’ new headquarters (as if they actually needed the help).
Of course, news of the bill’s passage sent the Dow Jones Industrial Average soaring. As a result, hedge fund managers and the other Wall Street executives can rest assured that they’ll be in line for seven figure bonuses again this year.
So congratulations, fellow taxpayers. Thanks to lobbyists and the GOP, we just gave the wealthy and the powerful a late Christmas gift.
And all we got in return was the shaft!