‘Fiscal Cliff’ Deal Also Doles Out Millions for Hollywood, Railroads, Rum Producers

[MacNut]

The “fiscal cliff” compromise has been heralded as a saving grace for middle class taxpayers, their families and the unemployed.
But buried in the fine print of the 150-page deal are also some lesser-known New Year’s gifts to some of Washington’s favorite industries.
Under the plan, the federal government would eat nearly $100 billion in forgone tax revenue over the next two years by extending special tax credits for select businesses that had been set to expire.
While the provisions themselves are not new, and are often extended as part of major bills, their inclusion amidst a tumultuous year-end debate over deficits and debt did raise a few eyebrows.
The nonpartisan Committee for a Responsible Federal Budget listed the so-called “tax extenders” as a “bad” part of the fiscal cliff deal because their cost is not offset, “setting a bad precedent for future extensions.”
The mix of tax perks covering the next year, but with budget implications for the next two years includes everything from incentives for employers to hire veterans to incentives for employers to invest in mine safety. But it also includes these:

$430 million for Hollywood through “special expensing rules” to encourage TV and film production in the United States. Producers can expense up to $15 million of costs for their projects.

$331 million for railroads by allowing short-line and regional operators to claim a tax credit up to 50 percent of the cost to maintain tracks that they own or lease.

$222 million for Puerto Rico and the Virgin Islands through returned excise taxes collected by the federal government on rum produced in the islands and imported to the mainland.

$70 million for NASCAR by extending a “7-year cost recovery period for certain motorsports racing track facilities.”

$59 million for algae growers through tax credits to encourage production of “cellulosic biofuel” at up to $1.01 per gallon.

$4 million for electric motorcycle makers by expanding an existing green-energy tax credit for buyers of plug-in vehicles to include electric motorbikes.

http://abcnews.go.com/blogs/politics...rum-producers/

I can let most of those slide, except for Nascar and Hollywood? Do they really need the tax breaks?

[flopticalcube]

Originally Posted by MacNut

http://abcnews.go.com/blogs/politics...rum-producers/

I can let most of those slide, except for Nascar and Hollywood? Do they really need the tax breaks?

Is the Nascar deal for some of Mitt's best friends?

[Peace]

While I agree that they shouldn't be doling out money to special interests we have GOT to get away from the concept of "offsetting" some spending with some kind of tax break..It is only making our government worse.


With that I stand on the opinion that this temporary bill shouldn't even be considered by either party. Period. We need to do it for the long term and stop kicking the can down the road.

[Renzatic]

Originally Posted by flopticalcube

Is the Nascar deal for some of Mitt's best friends?

Even if they ended up cutting NASCAR tax benefits, what are they gonna do? Move the whole enterprise offshore? To where? Europe? Like they'll take it.

It takes an incredible amount of talent to make cars zooming by at 200MPH boring. NASCAR somehow manages to do just that.

[Iscariot]

Have you ever had rum from Central America? $222 million is a small price to pay.

[webbuzz]

Originally Posted by flopticalcube

Is the Nascar deal for some of Mitt's best friends?

The same could be asked if the Hollywood and railroad "deals" are for Obama's friends. Right?

[flopticalcube]

Originally Posted by Renzatic

Even if they ended up cutting NASCAR tax benefits, what are they gonna do? Move the whole enterprise offshore? To where? Europe? Like they'll take it.

It takes an incredible amount of talent to make cars zooming by at 200MPH boring. NASCAR somehow manages to do just that.

Originally Posted by webbuzz

The same could be asked if the Hollywood and railroad "deals" are for Obama's friends. Right?

Oh c'mon! Did everyone forget the great Nascar quote from Mittens?

As usual, any deal is padded with pork on all flanks. Nothing will ever change in DC. Ever.

[webbuzz]

Originally Posted by flopticalcube

Oh c'mon! Did everyone forget the great Nascar quote from Mittens?

As usual, any deal is padded with pork on all flanks. Nothing will ever change in DC. Ever.

Pork is a major problem. Unfortunately, it will not change anytime soon.

[ugahairydawgs]

Originally Posted by webbuzz

Pork is a major problem. Unfortunately, it will not change ever.

Fixed it for you.

[Ugg]

Originally Posted by webbuzz

The same could be asked if the Hollywood and railroad "deals" are for Obama's friends. Right?

I'm sure the "Oracle" of Omaha benefits greatly from the railroad deal. He's leftish but not hard core. There's lots of right wing Hollywood producers so I don't think that's a left or a right deal.

[Peace]

Originally Posted by Ugg

I'm sure the "Oracle" of Omaha benefits greatly from the railroad deal. He's leftish but not hard core. There's lots of right wing Hollywood producers so I don't think that's a left or a right deal.

Didn't one of those right wing hollywood producers make a movie about Obama before the election ?

Maybe Obama is getting royalty checks.

[unlinked]

Originally Posted by webbuzz

Pork is a major problem. Unfortunately, it will not change anytime soon.

I though pork related to spending not tax breaks.

[samiwas]

Originally Posted by Renzatic

It takes an incredible amount of talent to make cars zooming by at 200MPH boring. NASCAR somehow manages to do just that.

heheh...now that is funny (and so true)! Of course, I also went to a Formula 1 race in Australia, and was more entertained my the helicopter doing the overhead TV shots. It was MUCH more entertaining than the race.

[citizenzen]

Originally Posted by MacNut

I can let most of those slide, except for Nascar and Hollywood? Do they really need the tax breaks?

So nice you're willing to let some of these things slide.

Otherwise, if you found them intolerable, you could always run for office.

Be the change you want to see.

[chris200x9]

The media is democrat's "big oil" of course Hollywood will get a tax break...you scratch my back I scratch yours.

[MacNut]

Originally Posted by citizenzen

So nice you're willing to let some of these things slide.

Otherwise, if you found them intolerable, you could always run for office.

Be the change you want to see.

Sure I would love to run for office, do you want to finance my campaign?