H.R. 1586 - Education Jobs and Medicaid Assistance Act signed into law

(passed largely along partisan lines, bill increases taxes by $9.6 billion (without provisions being subject to committee hearing) on U.S.-based multinational corporations by barring the splitting of creditable foreign taxes from associated foreign income, preventing businesses from claiming tax benefits when engaging in covered asset acquisitions (i.e., Sec. 338(g) transactions), limiting use of Sec. 956,  subjecting earnings of foreign subsidiaries of U.S. companies to withholding tax when earnings are repatriated to a foreign parent corporation as a dividend; and repealing the 80/20 withholding rules for dividends; bill also eliminates the advance earned income tax credit and phases out increase in food stamp payments implemented in 2009 spending bill (approximately a $59/month cut in food stamps for family of four) and cuts $1.5 billion in funding for DOE's renewable energy loan program; increases spending by estimated $26 billion for hiring of teachers in government schools and contains provision forcing governors to accept the funds allocated to their respective states by giving Education Secretary discretion to allocate funds in lieu of application by governor for funds).