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.
The Senate voted 61-39 to approve the measure, with just two Republicans joining with every single Democrat to vote in favor of the legislation. ...
The legislation would provide $16 billion in aid to help states pay rising Medicaid costs. ...
The majority of Republicans were critical of the legislation, arguing it was handing U.S. corporations—which they say are proven job creators—another reason to move more of their operations to other countries. At the same time, they said, it was essentially rewarding traditional Democratic supporters at the expense of large firms.
Comment: In the last line of the article the writer from the WSJ finally acknowledged what should have been the lead line if the WSJ was concerned about free markets. Anyway back to the Senate, but free markets are the point aren't they and that is what is missing in the senate?
If the Senate was truly concerned with the economic conditions of this country they would move to remove the federal regulations and laws that are causing our state and local governments to spend money on unfunded mandates and the other associated burdens place on them, and those items that drive business away from our shores all created by Congress and the regulatory agencies. Why would anyone in their right mind think that taxing multinational corporations helps our failing economy.
The writing is on the wall folks; low taxes, small government, and removing the regulations that impede business is the surest way to turn our country around, and I might add our states. However due to the welfare socialist mentality fostered in this country, due in part by the two main parties, our future is dismal. The only way we can break this is to break the two main parties that really have one agenda, which is more centralization of power within Washington, no matter the cost.
Repealing the 17th Amendment does just that. It breaks the power of those that leech upon the hard work (taxes) and liberty of every American citizen in this country. The repeal will take power away from the parties, special interest groups and most of all the narcissistic popularly elected Senators and return to the states where it will be controlled and metered.