Fiscal Cliff Pork
Do you know what is actually in the Fiscal Cliff bill?
Written by WD Research Staff
- $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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