GM: The Taxpayer Giveth, The Taxpayer Taketh Away
http://www.thetruthaboutcars.com/gm-the-taxpayer-giveth-the-taxpayer-taketh-away/
Thanks to politicians [bought and paid-for], The Big 2.8 are looking at
a nice little earner courtesy of, well, you. The Detroit News provides
the gory details. "The U.S. House passed a housing bill 272-152 late
Wednesday that includes a provision allowing unprofitable companies to
get credit for up to $30 million in capital investments. An earlier
stimulus bill gave profitable companies $45 billion in depreciation
credits for investments made during the year. Instead of the
depreciation credits, unprofitable companies [that's Ford, GM and
Chrysler] could accelerate R&D tax credits or alternative minimum
credits in lieu of the depreciation provisions." In non-accountantant
speak, The Big 2.8 get a $30m free ride for investing in their own biz,
but not Toyondissan 'cause they're well-run companies. Meanwhile.,
Newstalk 1310 says Wisconsin is looking to claw some money BACK from The
General, re: their Janesville Assembly Plant. "State leaders want to
recoup about $8 million dollars of the grants given to GM a few years
ago. They say the company is not maintaining required employment
numbers. GM has eliminated hundreds of jobs in recent months. It plans
to close the Janesville plant altogether by the end of 2010."
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Civis Romanus Sum
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