You are hereHuffington Post: Chamber Of Commerce's Lobbying To Extend Bush Tax Cuts Would Reap Millions For Wealthy Backers

Huffington Post: Chamber Of Commerce's Lobbying To Extend Bush Tax Cuts Would Reap Millions For Wealthy Backers


November 29, 2010- The labor-backed advocacy group U.S. Chamber Watch is taking aim at the U.S. Chamber of Commerce in a new report, arguing that the industry group's aggressive lobbying effort to extend the Bush tax cuts is less about creating jobs for businesses and more about lining the pockets of wealthy corporate CEOs who would personally gain from hundreds of thousands to millions of dollars.

"Let's be clear: The US Chamber isn't fighting to extend the Bush tax cuts because it helps small businesses (it doesn't) or the vast majority of its members (nope); it merely helps Chamber CEOs like Rupert Murdoch, JPMorgan Chase's Jamie Dimon and Wellpoint's Angela Braly who sleep easier knowing they'll be able to afford that extra private jet," said Chamber Watch spokesperson Christy Setzer. "The US Chamber has thrown its Main Street members under the bus to protect the wallets of its wealthiest CEOs."

From the key findings compiled by Chamber Watch and the liberal public policy organization Citizens for Tax Justice (CTJ) (emphasis ours):

-- Rupert Murdoch, the CEO of News Corporation, whose donation of $1 million to the U.S. Chamber of Commerce led to well-publicized shareholder outrage, would pocket more than $1.3 million.

-- Don Blankenship, a former U.S. Chamber Board member and the CEO of Massey Energy, whose company owned the mine in which twenty-nine miners died in April 2010's mining disaster, the worst in forty years, would take home more than $700,000.

-- David Cote, the CEO of Honeywell and a member of the National Fiscal Commission, who keynoted an address to the National Chamber Foundation expressing concern about the national debt over the next ten years, would get a tax cut of over $1.2 million.

-- CEOs of big banks on Wall Street who helped collapse the economy and then used the U.S. Chamber to fight stronger financial regulations stand to reap between $700,000 and $1.6 million each.

-- The CEOs of the health insurance industry, whose industry saw an overall increase in profits this year even while they slashed benefits and instituted breathtaking premium increases, are looking to personally benefit from another hit on the middle class by taking in between $335,000 and $875,000.

-- U.S. Chamber president and CEO, Thomas Donohue, who has shifted the Chamber's mission from serving mainstream business to serving the interests of the CEOs whose corporations write the biggest checks, will personally gain over $200,000.

FULL STORY HERE:

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