millionaires and billionaires

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In praising Congress’s huge new tax increase, President Obama said Tuesday that “millionaires and billionaires” will finally “pay their fair share.” That is, unless you are a Nascar track owner, a wind-energy company or the owners of StarKist Tuna, among many others who managed to get their taxes reduced in Congress’s New Year celebration.

There’s plenty to lament about the capital and income tax hikes, but the bill’s seedier underside is the $40 billion or so in tax payoffs to every crony capitalist and special pleader with a lobbyist worth his million-dollar salary. Congress and the White House want everyone to ignore this corporate-welfare blowout, so allow us to shine a light on the merriment.

Here is a list of some of the tax credits:'.....................



http://www.nationalreview.com/corner/33 ... e-de-rugy#

With Democrats, words matter so much more than actual deeds. Good intentions, and roads, right?

FredHayek wrote: With Democrats, words matter so much more than actual deeds. Good intentions, and roads, right?

wrong..........again.

Since this bill was a compromise between the two parties....do either of you have a source for what party/senator put in what pork? I really am curious. Both the senate and the house need to start proposing clean bills, nothing extra added. You want some pork? make the congress vote only on that, don't stuff it in a bill for something else. Like that is ever going to happen.

Think the Republicans want to give tax breaks to Hollywood? I do think the GOP was behind the NASCAR tax loophole.

:thumbsup: The GOP did save millions of Americans from going back to the evil Clinton tax hikes. And now only the Top 1% have to pay for Barack's increased "Stimulus" (Translation, his 9 million dollar trip back and forth to Hawaii.)

Gee, I wonder which Congress-critters held out to get their favorite pork into the bill...? Could it be, the recalcitrant GOTP-baggers who wouldn't vote for it unless their favorite "JOB-CREATOR" at NASCAR got a break? Hmmmmm..... Which party is most associated with NASCAR?

Let's just take the first one, since that appears to be a huge bee-in-everyone's-bonnet:

How The Media Got The ‘NASCAR Tax Credit’ Story Wrong

[If you get your outrage-of-the-day from the usual echo-chamber,] you may be outraged over the millions of dollars in federal assistance NASCAR is reportedly getting in, thanks to a rider that was tucked into the fiscal cliff bill.

The problem is, that's not the case at all. As we reported yesterday, the rider in the bill is not simply giving tax money to NASCAR. It is an extension of a tax write-off for motorsports facilities. This provision has been on the books for years and will be extended with the signing of the bill. Let's take a few minutes to learn exactly what the deal is here, shall we?

What this tax incentive does is complicated, but essentially, it reduces the tax hit on motorsports facilities for new construction, as the Daytona Beach News-Journal so eloquently puts it. It lets race tracks depreciate the costs of things like capital improvements over a faster, seven year period, instead of a longer one, like 15 years. In the end, they pay less in taxes this way.

Talbert told me that motorsports facilities have been allowed to have a seven-year recovery period for decades. It was finally codified into law by Congress in 2004 , but it has required periodic extensions, which is what happened in the fiscal cliff bill. Talbert said they would like to see it become permanent.

As you all well know, there is more to racing in America than just NASCAR. But a lot of people don't, and so this rider in recent days has become known as "the NASCAR perk." I think this happened simply because there are a lot of people, including journalists, who automatically equate "racing" or "motorsports facilities" with NASCAR. And that's not entirely fair, because this tax write-off clearly affects more than just stock car racing.

http://jalopnik.com/5972880/how-the-med ... tory-wrong

But hey, don't let me disturb your outrage-of-the-day from the Rightie-echo-chamber....

Itf this tax loophole is so legit, why don't they make it permanent? Or does Congress like having this sword hanging over their campaign donors' head. Don't support my re-election and your tax break goes away, got it? And make sure you get me tickets for my family to the Indianapolis 500.

Same thing with Hollywood, temporary tax relief that we will extend if you do your part.

Hmmmm,

It was finally codified into law by Congress in 2004 , but it has required periodic extensions...

Lessee.... Who was the president, and who was "codifying things into law" in 2004?... (Wouldn't that have been about the same time as the infamous Alaska "Bridge to Nowhere" was costing us $94 million?... I'll wait and see if you can guess....

I didn't say it was "legit", and I didnt' say I supported it. I merely pointed out that once again you are regurgitating the usual outrage-of-the-day from the Rightie echo-chamber without knowing a damn thing about what you're talking about....

So you mean I am just like NPR? Spouting off without knowing all the facts? Or like you, spouting out only the slanted facts you want to reveal?

I did know the NASCAR depreciation loophole did cover all tracks but like NPR, it is just easier to brand it the NASCAR taxbreak. And suppose Congress didn't want it to look like a NASCAR only cheat, so they extended it to everyone in the industry.

What "slanted facts"?... If you don't like the truth, go look up your "alternate reality" version...

:rofllol :rofllol :rofllol :rofllol :rofllol :rofllol :rofllol :rofllol

Yeah, like that's going to happen..... (You obviously have me confused with someone who gives-a-____ whether you believe the FACTS or not.)

I already said, I just looked up the first one... I'd be willing to bet that if you look up the others, you'll find a helluva lot more GOP pork for the "job-creators" than Dem... (And you're just assuming that the breaks for the Hollywood film industry is a Dem break just because most actors/directors are Dems.... Did you actually look up who put those in there?....)

:rofllol :rofllol :rofllol :rofllol :rofllol :rofllol :rofllol :rofllol

Yeah, like that's going to happen.....

Let the outrage-of-the-day continue.... :Snooze

(BTW, I already know who put it in there...But you go do your own damn research...)