GM: The Taxpayer Giveth, The Taxpayer Taketh Away

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."