American Jobs Creation Act

Here are a few clips from a recent editorial in the St. Petersburg Times regarding the American Jobs Creation Act. Take heed.

"Here is one way to know that Congress has passed a really bad bill - it gives the bill a title that is contrary to its purpose. So when lawmakers passed the "American Jobs Creation Act" the other day, a more accurate name would have been "Corporate Tax Giveaway Act."

At a cost of $140-billion, the corporate tax bill gives breaks to a long list of business giants. Home Depot gets to suspend a duty on ceiling fans imported from China, saving $44-million. NASCAR can accelerate depreciation of its grandstands, for a windfall of $101-million. General Electric will reap billions, and other multinational companies can avoid 85 percent of their income tax obligation on foreign profits. (Some companies, including Hewlett-Packard, admit they will use the money for purposes other than job creation.)"

More here.