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 The forty-year ban on exporting crude oil is being repealed.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 VIDEO: Country of Origin Labels (COOL) on meat were repealed.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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Here’s What’s in the House’s New Spending Bill

by TRNN, The Real News Network
December 18, 2015

<h1>Here’s What’s in the House’s New Spending Bill</h1> <p class="byline">by TRNN, The Real News Network <br />December 18, 2015</p> <p>https://www.youtube.com/watch?v=d1I3XJ_2NJk</p> <p>The bill increases the deficit while giving multinational corporations a slew of new tax breaks</p> <hr class="wp-block-separator" /> <h2>Story Transcript</h2> <p>VIDEO: The House just approved a $1.1 trillion spending bill.</p> <p>Here’s what you should know about it.</p> <p>The forty-year ban on exporting crude oil is being repealed.</p> <p>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.</p> <p>VIDEO: The bill includes $622 billion in tax cuts, mostly for multinational corporations.</p> <p>One tax provision allows companies to defer taxes on income earned abroad.</p> <p>“[This] effectively legalizes foreign tax havens.” — David Dayen, New Republic</p> <p>The Cyber Information Sharing Act (CISA) was snuck in, which increases information sharing between tech companies and the government.</p> <p>RON WYDEN (D-OR): And the Department of Homeland Security added that the bill, again and I quote, could sweep away important privacy protections.</p> <p>VIDEO: Country of Origin Labels (COOL) on meat were repealed.</p> <p>“This is a holiday gift to the meatpacking industry from Congress.” — Food and Water Watch.</p> <h3>End</h3> <p><i>DISCLAIMER: Please note that transcripts for The Real News Network are typed from a recording of the program. TRNN cannot guarantee their complete accuracy.</i></p> <hr /> <p>This <a target="_blank" href="https://therealnews.com/thedges1218spendingbill">article</a> first appeared on <a target="_blank" href="https://therealnews.com">The Real News Network</a> and is republished here under a Creative Commons license.<img src="https://i0.wp.com/therealnews.com/wp-content/uploads/2021/11/cropped-TRNN-2021-logomark-square.png?fit=150%2C150&amp;ssl=1" style="width:1em;height:1em;margin-left:10px;"><img id="republication-tracker-tool-source" src="https://therealnews.com/?republication-pixel=true&post=130994&amp;ga4=G-7LYS8R7V51" style="width:1px;height:1px;"></p> Copy to Clipboard

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