Senate Stopping Corporate R&D Credits

  The Democratically controlled U.S. Senate is dragging its feet on renewing the Research and Development Tax Credit for US corporations.
In order to understand what this means to us, I need to give some explanation.
The US income tax code was originally intended to tax income of individuals in order to make funds available for operation of government. This was later expanded to tax also the income of corporations. Since corporations are also owned by individuals, that meant the US government would first be taxing the corporations, leaving less for dividends to the individual owners. Since the dividends to individuals are also taxed, we have double taxation.
You may have some shares of AT&T, IBM, Apple or other corporations that pay dividends, in which case this affects you directly. If you don't, you may say it doesn't make any difference to you. But, it does. It is highly likely that you have a 401(k) or some sort of pension fund, such as a teachers' pension fund. All of these funds hold stocks in corporations and receive dividends. When the government taxes the profits of corporations, dividends going to the pension funds are reduced, and you ultimately suffer.
In an apparent magnanimous spirit, the Congress some time ago passed a regulation, allowing corporations to take a tax credit on any expenses they had for Research and Development. This effectively reduced corporate income taxes making more money available to you as dividends. However, Congress had an ulterior motive, which was to spur corporate investment in research and development. This would then lead to new products for sale at higher prices allowing corporations to make a higher profit, which would then be taxed. It sounds like a reasonable idea, with government increasing tax revenues down the road. However, the current Democratic Senate is now questioning that idea. It wants the corporations to show higher profits now and pay higher taxes now. 
If the Democratic Senate has its way, your corporate dividends will be reduced either directly or through your pension funds. In addition, corporate spending on research and development will be significantly reduced, with a high probability of reduced availability of new technology products to you. Examples of previous new technology products, which have been of benefit to you, are cell phones, various pharmaceuticals, and iPads.
It is also annoying that the federal government continues to spend your tax dollars for research and development through grants to university professors. Most of those grants are tied to political agendas, which have no bearing on the development of new technology products for public consumption.
This being the situation, what can we do about it? The answer is fairly obvious. Throw the Democrats out of the Senate in the forthcoming November elections. This will still leave big government, socialist Obama in power, with an ability to veto congressional legislation, but with enough votes, Pres. Obama's vetoes can be overridden.