PEORIA -- Here's why Aaron Schock, R-Peoria, voted for the Fiscal Cliff Bill: Because Caterpillar, Inc. wanted it.
Read the relevant paragraph below from a longer piece on the $9 billion in loopholes in the bill that the corporate media has not discussed:
$9B Off-shore financing loophole for banks – Sec. 322 is an “Extension of the Active Financing Exception to Subpart F.” Very few tax loopholes have a trade association, but this one does. This strangely worded provision basically allows American corporations such as banks and manufactures to engage in certain lending practices and not pay taxes on income earned from it. According to this Washington Post piece, supporters of the bill include GE, Caterpillar, and JP Morgan. Steve Elmendorf, super-lobbyist, has been paid $80,000 in 2012 alone to lobby on the “Active Financing Working Group.”
The longer story points out eight loopholes that the corporations lobbied for, and got. Read it here.
-- Elaine Hopkins