No shame: Big Tax Breaks for Businesses in Foreclosure Prevention Act
From The New York Times:
The Senate proclaimed a fierce bipartisan resolve two weeks ago to help American homeowners in danger of foreclosure. But while a bill that senators approved last week would take modest steps toward that goal, it would also provide billions of dollars in tax breaks — for automakers, airlines, alternative energy producers and other struggling industries, as well as home builders.
The Senate proclaimed a fierce bipartisan resolve two weeks ago to help American homeowners in danger of foreclosure. But while a bill that senators approved last week would take modest steps toward that goal, it would also provide billions of dollars in tax breaks — for automakers, airlines, alternative energy producers and other struggling industries, as well as home builders.
posted by Sid Cottingham | 6:03 AM
1 Comments:
This is just amazing, isn't it? There's a tax break for anyone and everyone in that bill... well, except for the actual homeowners facing foreclosure.
But then again, the point wasn't to help prevent foreclosures. That's the common understanding of the term "Foreclosure Prevention Act."
The Congressional meaning of the term indicates that corporations need to be given tax breaks to prevent from suffering losses due to the high foreclosure rates.
People can lose their homes, as long as their corporate masters don't lose money because people are losing their homes. No shame, indeed.
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