Fiscal Cliff Deal Doles Out Millions to Hollywood, Railroads, Rum Producersby Gerri Willis
While you were out enjoying your New Year's Eve with family and friends, Congress had their eyes on your wallet.
Not only did they pass the biggest tax hike in 20 years, but they also filled the bill with so much pork we may have to start calling it the Farm Bill.
That's right; the deal to raise taxes on families earning $450,000 or more, is also chock-a-block full of special gimmies for legislators on both sides of the aisle.
Here it is:
The Hollywood break: a $430 million extension of tax rules that help film and television productions. Hollywood's lefty elite paid for that with extensive contributions.
Another entertainment industry break: $70 million for car racing, especially motor-heads who build raceways. Sorry, I mean "an extension of the 7-year cost recovery period for motorsports facilities." I thought NASCAR was profitable.
Then there’s this from the land of green energy: $4 million in tax credits for 2- or 3- wheeled electric vehicles. Something tells me this isn't an effort to get a golf cart in every garage, but maybe the Segway. Sheesh! Does anybody even use one of those?
Seriously, the money is for plug-in motor bikes.
Credits were also extended for energy-efficient appliances such as biodiesel and renewable diesel.
Oh, and there’s $59 million for algae growers, as well as tax credits to encourage production of cellulosic biofuel.
It's good when the king likes your industry!
Then there's tax exempt financing for what's called the New York Liberty Zone, the area around the World Trade Center.
Goldman Sachs CEO, Lloyd Blankfein, says thank you very much for the special benefits... Hey! I guess that makes up for the smaller bonus pool, right?
The list goes on and on. $331 million to railroad operators, and $222 million for Puerto Rican Rum.
Here we are flirting with Greece-style public finances and Congress continues to line the pockets of their family and friends.
I don't know about you, but there are some old acquaintances I'd like to forget!