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Fiscal Cliff Pork

Do you know what is actually in the Fiscal Cliff bill?

By

  • $480 million in aid for rum production in the Virgin Islands and Puerto Rico... Captain Morgan, in fact!

  • $430 billion in tax breaks for Hollywood studios to film in the United States

  • $59 million in tax credits for algae biofuel growers and asparagus farmers

  • Extends $2,500 tax credit for electric scooter purchases

  • Up to $40 Billion in tax incentives to groups like NASCAR to maintain their motor speedways

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

  • Extends tax-free financing through Liberty Bonds; meant to help revive a post-9/11 New York, Goldman Sachs used $1.6 billion in Liberty Bonds to help finance their massive new headquarters in Manhattan.

  • Extends tax credits for mining companies to purchase safety equipment and train employees on mine safety

  • $9 billion in off-shore tax breaks for corporations; this provision allows multinational corps to defer U.S. taxes by moving profits into offshore financial subsidiaries

  • $8 billion in tax breaks for corporate Research & Development

  • $110 billion in Bonus Depreciation tax benefits

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