Thursday, January 3, 2013

THE SEEDIER UNDERBELLY OF THE FISCAL CLIFF BILL 40 BILLION IN CRONY PAYOFFS

Fiscal Cliff Bill: The seedier underbelly is the $40 billion or so in tax payoffs to every crony the White House and Congress has. The 112th Congress voted for this "Crap Sandwich" and it now awaits the President's John Henry.
 
Congress and the MSM wants everyone to be ignorant this corporate-welfare giveaways the taxpayer is paying for.
This includes General Electric GE -0.14% andSiemens SIE.XE +0.47% —which benefit indirectly by making wind turbine gear—
A tax credit for companies operating in American Samoa ($62 million), including a StarKist factory.
Cellulosic biofuels—($59 million.) biodiesel and "renewable diesel" will continue receiving their $1 per gallon tax credit ($2.2 billion).
Distillers are able to drink to a $222 million rum tax rebate.
Businesses located on Indian reservations will receive $222 million in accelerated depreciation.
Breaks for railroads, "New York Liberty Zone" bonds and so much more.
Hollywood's movie studios. "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 Joint Tax Committee says this Hollywood special will cost the Treasury a mere $248 million over 10 years, but over fiscal years 2013 and 2014 the cost is really $430 million because it is supposed to expire at the end of this year.)..
Meanwhile, consumers will get tax credits for buying plug-in motorcycles ($7 million)
Manufacturers of energy-efficient appliances ($650 million) Manufacturers like Whirlpool love these subsidies, and they are one reason that company paid no net taxes in recent years.
Builders of energy-efficient homes ($154 million) also retain tax credits. Contributor

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