Tuesday, January 8, 2013

Fiscal Crisis Bill Is Full Of Special-Interest Tax Breaks

In another of those, "You have to pass it to know what's in it", last-minute deals Congress passed a bill to prevent the U.S. from going over the "Fiscal Cliff".  The Bill, it was claimed, would spare spare the middle class from tax hikes.
The bill was however, loaded special-interest tax breaks!  That's correct.  The Administration added more than 50 'temporary tax breaks worth more than $75 billion.
These tax breaks went to Hollywood, Puerto Rican rum makers, alternatibve energy and General Electric., among many others. A sampling foillows:
  • Allows motorsport race tracks to more quickly write off improvement costs. (value  $78 million)
  • Allows TV and film producers to write off the first $15 million in production costs inside the U.S. (value $248 million)
  • Allows for 50 percent tax credit for expenses related to railroad track maintenance through 2013 (valued $331 million
  • Allows for increased tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States. (vaalue $222 million /10 years) 
  • Allows for a credit of up to $2,500 for buying electric-powered vehicles was expanded to include electric-powered motorcycles, at a cost of $7 million.  
  • Allows a tax credit for the production of wind, solar and other renewable energy. (value $12.2 billion)
  • Allows for a large number of tax credits for research and development,
  • Another provision allows exelerated write-off for the costs of expandsion of restaurants and other retailers.
Sen. Bob Corker, R-TN voted for the bill and desribed it as a "terrible vote to have to take.  The package is a reminder of why we need tax reform to do away with those loopholes."
Sen. John McCain, R -AZ also voted for the bill stated,"It's hard to think of anything that could feed the cynicism of the American people more than larding up must-pass emergency legislation with giveaways to special interests and campaign contributors,"
It has been noted that the tax breaks in the package were already in the law, and were merely extended for another year by Tuesday's vote.
McCain quipped, "They were just crammed into the bill literally in the middle of the night. The American people deserve better and we have now earned their well deserved disdain about the way we do business."
So we increased taxes on the so called rich so we could give to the administrations friends -- And Obams
a wants to up the tax the same group again
Comments are invited!
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Jack4499 said...

They need the 'Pork' to grease the skids, so that it will slide through--

Jose said...

They have piled so much PORK onto the 'Sandy Relief' bill that they can't pass it.

Ed44375 said...

Tyranny has us in its grasp!

We are doomed!