Sunday, January 06, 2013

CROOKED FRIENDS IN HIGH PLACES: The Top 10 Crony Tax Breaks in the "Fiscal Cliff" Deal

I know that regular readers require no additional proof that Washington is irreparably broken. But if you want to see just how filthy and disgusting the Beltway really is, just peel the onion on the "Fiscal Cliff" tax deal: doing so reveals roughly $40 billion in payoffs to every special interest with a connected lobbyist.

The top 10 crony tax breaks in the package:

10. “An accelerated tax write-off for owners of NASCAR tracks (cost: $78 million).”

9. “A tax credit for companies operating in American Samoa ($62 million), including a StarKist factory.”

8. “A $222 million rum tax rebate.”

7. For “businesses located on Indian reservations . . . $222 million in accelerated depreciation.”

6. A $12 billion “wind production tax credit.”

5. A $59 million “algae-based fuel” tax credit.

4. A $7 million “plug-in motorcycle” tax credit.

3. A $154 million tax credit for “builders of energy-efficient homes.”

2. A $650 million tax credit for "manufacturers of energy-efficient appliances."

And your winner is:

1. A $430 million giveaway to Hollywood and its “film and television producers"

As The Objective Standard observes.

Congress avoided the so-called “fiscal cliff” only by passing tax hikes and leaving out-of-control federal spending practically untouched. But, to those with friends in political places, Congress rewarded special tax breaks.

Disgraced ex-Senator Chris "Sweetheart Loan" Dodd, a man so crooked you can open wine bottles with him, deserves special dishonor: he was responsible for the payoffs to Hollywood.

We are headed for economic collapse and the politicians -- Democrats and establishment Republicans -- are more interested in preserving their power and doling out favors than saving the country.

1 comment:

Anonymous said...

Chris Dodd is president of the MPAA. I am sure it's just a coinky-dink. sarc off/