Saturday, June 26, 2004

The Center on Budget and Policy Priorities has released a 5-page report, Misplaced Priorities: The Flawed House and Senate Corporate Tax Bills. Here is the Conclusion:

The House and Senate corporate tax bills raise significant revenue by curbing certain tax shelters and other tax breaks. Unfortunately, no consideration is being given to using these savings for deficit reduction, or failing that, to pay for the cost of extending the “middle-class” tax cuts or to finance more pressing priorities. The focus instead is on dubious tax breaks. Moreover, the House and Senate bills are likely to enlarge long-term deficits further, due primarily to the inclusion in these bills of various temporary tax breaks that likely will continually be extended or made permanent, possibly at considerable cost.