JOHN LINDER: “While a panicky Congress has rushed in recent days to reform the business world, it has not entirely lost its…”

“While a panicky Congress has rushed in recent days to reform the business world, it has not entirely lost its well-developed instinct for catering to special interests. On two issues critical to cleaning up corporate malfeasance, Congress has opted to put the preferences of big business-- and big campaign contributors--ahead of the public good. The first involves the notorious Bermuda tax loophole that allows companies to avoid paying taxes by nominally moving their headquarters to Bermuda, even while they continue to operate from the United States. This is a blatant scam that should be eliminated. Closing the loophole would bring in an estimated $6.3 billion over 10 years. Democrats and Republicans in the House have introduced dueling bills. The Republican version would temporarily close the tax loophole, but it is also larded with special-interest tax breaks that add up to almost 10 times the amount that would be realized from doing so. General Motors and Ford would be among the big winners under the Republican bill, which would make it easier to accumulate untaxed profits overseas.”