Comments on: U.S. still faces a big breakeven hurdle on GM stock http://blogs.reuters.com/breakingviews/2010/11/04/u-s-still-faces-a-big-breakeven-hurdle-on-gm-stock/ Sun, 28 Apr 2013 15:49:48 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: tapscp http://blogs.reuters.com/breakingviews/2010/11/04/u-s-still-faces-a-big-breakeven-hurdle-on-gm-stock/comment-page-1/#comment-4622 tapscp Fri, 05 Nov 2010 19:19:58 +0000 http://blogs.reuters.com/columns/?p=4533#comment-4622 This completely ignores the special rules the administration snuck through which give GM up to $45 Billion in tax benefits they were otherwise unable to use. It seems in a political game to look like they were going to break-even or come close to it, they gave up $45 Billion in tax revenue to get a few billion more in valuation for the company. I am sure they figured they would never include the forgone taxes that would have been collected when they calculated the net cost to the taxpayers. This whole thing continues to stink of "Chicago style pay-to-play" politics with the administration taking from the average Joe taxpayer and giving it to the fat-cat unions that supported them in the election so they can hang on to their $100K a year jobs and not pay one dime for health care which caused this in the first place. This completely ignores the special rules the administration snuck through which give GM up to $45 Billion in tax benefits they were otherwise unable to use. It seems in a political game to look like they were going to break-even or come close to it, they gave up $45 Billion in tax revenue to get a few billion more in valuation for the company. I am sure they figured they would never include the forgone taxes that would have been collected when they calculated the net cost to the taxpayers.

This whole thing continues to stink of “Chicago style pay-to-play” politics with the administration taking from the average Joe taxpayer and giving it to the fat-cat unions that supported them in the election so they can hang on to their $100K a year jobs and not pay one dime for health care which caused this in the first place.

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