Fiscal Cliff Pork

Posted January 2, 2013

$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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