From the Progress Report - 12/11/2008
ECONOMY -- BUSH'S IRS QUIETLY SLASHING CORPORATE TAXES: In its final days in office, the Bush administration is looking to push through about "about 20 highly contentious rules," that weaken health care and workers' rights and degrade the environment. The administration is also making sure to wreck the tax system on its way out the door. Time Magazine's Stephen Gandel reported that in the past year, the Internal Revenue Service has been "unusually aggressive in doing what it can to lower corporate taxes, going above and beyond what has been allowed in the past." In 2008, the IRS has issued 113 notices, "many of which will lower the taxes companies will pay this year and in the future." Gandel noted that this number breaks the record of 111 notices, set in 2006, "and is nearly double the 65 issued in the last year of Bill Clinton's presidency." These changes "drain billions of dollars of badly needed tax revenue at a time when the federal deficit is mushrooming," and many of the changes "may lower corporate tax revenue for years to come." One proposed change would enable companies to significantly reduce their taxes for as long as 20 years.