WSJ: Fiscal-Cliff Law Full of Giveaways to Special Interests

Thursday, 03 Jan 2013 12:46 PM

By Newsmax Wires

  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
While President Barack Obama trumpets the new fiscal-cliff legislation as a boon for the middle class, it’s really more of a boon to corporate fat cats, according to an editorial in The Wall Street Journal.

“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,” Journal editors write.

The tax benefits include:
• A slew of breaks for clean energy projects. The wind production tax credit will be allowed to continue for another year, at a cost of $12 billion, thanks largely to the efforts of GOP Sens. John Thune of South Dakota and Chuck Grassley of Iowa;
• A $222 million rum tax rebate for liquor makers;
• A $222 million accelerated depreciation for businesses located on Indian reservations;
• A $78 million accelerated write-off for NASCAR track owners advocated by Sen. Debbie Stabenow, D-Mich.;
• A $62 million tax credit for companies operating in American Samoa, including a StarKist factory, championed by Sen. Jeff Bingaman, D-N.M.

“But a special award goes to Chris Dodd, the former Senator who now roams Gucci Gulch lobbying for Hollywood's movie studios,” the editorial states.

“The Senate summary of his tax victory is worth quoting in full: ‘The bill extends for two years, through 2013, the provision that allows film and television producers to expense the first $15 million of production costs incurred in the United States ($20 million if the costs are incurred in economically depressed areas in the United States).’"

The cost for that break totals $430 million over the next 10 years, according to The Journal.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Retype Email:
Zip Code:
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Border Bill Failure Also Stalls 'Iron Dome' Funding in Senate

Thursday, 31 Jul 2014 20:42 PM

The failure of the U.S. Senate's border security funding bill on Thursday also delayed at least until September $225 mil . . .

Israel, Palestinians Agree to Three-Day Truce in Gaza, U.S. Says

Thursday, 31 Jul 2014 18:12 PM

Israel and Palestinian militants in Gaza have agreed to a three-day humanitarian cease-fire, the longest break in more t . . .

White House: UN School Shelling 'Indefensible'

Thursday, 31 Jul 2014 13:35 PM

The White House says there is little doubt Israeli artillery hit a United Nations school in Gaza and is casting the shel . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved