More Leadership from George Bush :: Backdoor Welfare for Banks

The Washington Post published a story HERE this morning exposing yet another example of the Bush Administration's flagrant disregard for the rule of law. Buried in the so-called bailout bill is a provision to nullify section 382 of the tax code, which was established 22 years ago to prevent corporations from acquiring other corporations to use as tax shelters. Unbelievable. It's nothing more than backdoor welfare for banks. Why doesn't he just issue an executive order abolishing all taxes on business and corporate activity, period? Will anyone do anything to stop him? Certainly not Charles Grassley. You'd think by now, leaders like Grassley and Schumer would have their staff scrutinize anything from the White House with a fine tooth comb, as a matter of course, before they agree to anything. These guys bear as much responsibility for not even knowing such a provision was part of the bailout, and therefore supporting it.