Posted on: Saturday, October 27, 2001

Editorial
Unworthy tax bill passed by House

Conservative commentator Kevin Phillips may have been exaggerating slightly when he called it war profiteering, but there is no doubt that the economic stimulus package passed this week by House Republicans is unworthy.

The House measure offers the sort of tax break for corporations and the wealthy that Republicans have always coveted but were too embarrassed to introduce before Sept. 11. Now they've acted under the cloak of crisis.

The most unconscionable provision is a huge tax refund for corporations — dating back to 1986 — that would give cash handouts of $1.4 billion to IBM, $833 million for General Motors and $671 million for General Electric.

Of the $99 billion in tax cuts in the House bill, $70 billion is for corporations — and most of the rest is for the wealthiest 30 percent of individuals.

Luckily, the Senate is considering a bill that, if it prevails, can save House members from further embarrassment. It offers help to those who actually need it, attempts to stimulate the economy, and is $30 billion closer to balancing the American budget than the House bill.