The bill increases the deficit while giving multinational corporations a slew of new tax breaks


Story Transcript

VIDEO: The House just approved a $1.1 trillion spending bill. Here’s what you should know about it. The forty-year ban on exporting crude oil is being repealed. ED MARKEY (D-MA): The oil industry push to export American oil isn’t about helping consumers at the pump. It’s about pumping up big oil’s profits. VIDEO: The bill includes $622 billion in tax cuts, mostly for multinational corporations. One tax provision allows companies to defer taxes on income earned abroad. “[This] effectively legalizes foreign tax havens.” — David Dayen, New Republic The Cyber Information Sharing Act (CISA) was snuck in, which increases information sharing between tech companies and the government. RON WYDEN (D-OR): And the Department of Homeland Security added that the bill, again and I quote, could sweep away important privacy protections. VIDEO: Country of Origin Labels (COOL) on meat were repealed. “This is a holiday gift to the meatpacking industry from Congress.” — Food and Water Watch.

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