Congress // Current

Dems Hit the Trifecta

With all eyes trained on the historic Presidential race and the Democrats gain in Congress, it was easy to miss the profound... more

GRITtv
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Prominent Arab American shills for Rahm Emanuel on HuffPost

Continuing the propaganda campaign to whitewash Obama's White House Chief of Staff's dodgy history in America politics,... more

maasanova
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HR 676 Passes!

New York Times article (dated July 4th, 2009) talking about the potential passage of Dennis Kucinich and John Conyer's bill... more

asherp
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Jeremy Scahill on Bill Moyer's: Martial Law in the USA

This is an astounding interview. I almost don't beleive my ears, except I know already that what he says is true.

asherp
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Charlton Heston posthumously gives up guns

"... President-elect Obama however reassured NRA members that they would be able to continue owning unnecessary weapons.... more

thestupidtimes
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Clinton taps Obama for President job

“She tends to spend most of the day weighing up the pros and cons of Obama as president and the various cabinet picks that... more

thestupidtimes
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Political Cortex: Slick Tax Code Change Hands Banks $145 Billion Windfall

Someone please put this in English, for us that want to know.

Amit R. Paley of the Washington Post in a November 11 article posted from Washington to the Seattle Times explains:

"The financial world was fixated on Capitol Hill as Congress battled over the Bush $700 billion bailout of the banking industry. In the midst of this late September drama, the Treasury Department issued a five sentence notice that attracted almost no public attention.

"But corporate lawyers quickly realized the enormous implications of the document: administration officials had U.S. banks a windfall of as much as $140 billion.

"The sweeping change to two decades of tax policy escaped the notice of lawmakers for several days as they remained consumed with the controversial bailout bill. When they found out some legislators were furious."

This obviously was cleverly rushed swiftly by Congress that was so astounded, so busily engaged in considering a $700 billion bailout. They were almost all unaware of the windfall profit for banks that was taking place with the slick change the Treasury Department was sliding through quietly. While performing his slick bag of tricks, divert attention one direction while staging an illusion in another direction.

As Paley also wrote:

"The change to Section 382 of the tax code -- a provision that limited a kind of tax shelter arising in corporate mergers -- came after a two decade effort by conservative economists and Republican administration officials.

"Section 382 of the tax code was created by Congress in 1986 to end what it considered as abuse of the tax system: companies sheltering their profits from taxation by acquiring shell companies whose only real value was the losses on their books. The firms would then use the acquired company's losses to offset their gain and avoid paying taxes."

To add this tax windfall of around $145 billion by changing a tax code law to prevent banks from only acquiring a losing bank could guarantee that they pay no income tax on their profits is just another slick trick to avoid taxation.

Halliburton, which obtained no-bid contracts for their construction work in Iraq, after the U.S. had demolished much of Iraq in the "shock and awe" attacks, moved its corporate headquarters to Dubai. Why Dubai? Of course the answer is identical to this bank giveaway -- avoid paying any taxes.

What a patriotic gang we have running this country! more@linkSomeone please put this in English, for us that want to know. Amit R. Paley of the Washington Post in a November 11 article... more