Another major victory for government serving the people at their time of need while closing a loop hole in tax law that only the biggest corporations could love.Excerpted from “Senate Approves Aid Package to States” By COREY BOLES, The Wall Street Journal, AUGUST 5, 2010, 1:09 P.M. ET
The Senate voted Thursday to approve a package of $26 billion in aid for state and local governments, funded partly by an $11 billion tax increase on U.S. multinational corporations.
In what was one of the final moves by the Senate before lawmakers depart Washington for the summer recess, Democrats were able to score a significant victory for a core constituency of their party: labor unions and public-sector workers.
But at the same time, they handed a hefty tax bill to U.S. companies with units overseas that have been able to pay a lower corporate income tax rate on profits derived from their foreign businesses. …
This bill will save thousands of teachers jobs so that the next generation of Americans doesn't start suffering for the fiscal sins of foregoing generations this year.