I’m shocked there isn’t more of an uproar about this. Could you imagine what the Tea Party would be saying right now if there was a law on the books that allowed immigrants to indefinitely avoid taxes on income sent back to family members in the old country, in Mexico and Venezuela and India?
Imagine the uproar if Barack Obama, in the middle of this historic revenue crunch and “We’re so broke the world is going to end tomorrow!” debt-ceiling hysteria, decided to declare a second “one-time tax holiday” for, say, unwed single mothers, or recipients of public assistance? Middle America would be running through the streets, firing shotguns out its truck window, waving chainsaws in mall lobbies, etc.
As it is, leading members of the Senate are seriously considering giving the most profitable companies in the world a total tax holiday as a reward for their last seven years of systematic tax avoidance. Hundreds of billions of potential tax dollars would disappear from the Treasury. And there isn’t a peep from anyone, anywhere, on this issue.
As usual, I am going to spend the majority of my idle thoughts convincing myself that Taibbi is either confused or grossly exaggerating. It’s the only way to stave off a full-fledged meltdown.