Catchy title, eh? It’s bound to make you angry, however. It made us here at Supporting America angry! Read this article on Reuters: Analysis: Tax breaks on autopilot with little debate
Some key words that jumped out at us that had us seeing red:
Rubber Stamped by Congress–seriously? With a 9% approval rating they’re just going to rubber stamp anything through? HELLO! Get with the program and think about those you pretend to serve. Do we want to see any kind of rubber stamping going on? NO! Do we want to see billions in potential tax dollars fly back to coffers that don’t need it when we’re squeezed to the last drop? NO!
Sspecial interests like Nascar racetrack owners and major U.S. banks–Because NASCAR isn’t already a multi-billion dollar industry and banks…well they’re banks. Need we say more? They don’t deserve a taxs break until they give US a break!
Sailing through Congress with bipartisan backing–the only thing we here have to say is we suppose Congress can agree on something.
One provision costs the government about $4 billion, according to the Congressional Research Service.
Here’s an excerpt, but read the whole article. It’s not long and it’s worth the few minutes to read it.
UK-based Diageo, the world’s biggest liquor company that sells Captain Morgan’s rum, is enjoying a $2.7 billion subsidy from the U.S. Virgin Islands, aided in part by a tax break rubber-stamped by Congress annually with little public debate.
Recipients of more than $30 billion of tax breaks like these hope to catch a ride on the payroll tax legislation expiring next month, with special interests – from Diageo to Nascar racetrack owners to major U.S. banks – lobbying to win renewals of their preferences in the sprawling U.S. tax code.
Popular items like the research and development credit, enjoyed by most of corporate America, and smaller provisions, like a shorter write-off period for motorsports complexes that primarily benefits owners of Nascar tracks, are in the mix.
“Our criticism is it is on autopilot – once you get into that caboose, you catch a ride every year,” said Steve Ellis, a vice president at Taxpayers for Common Sense, a nonpartisan federal spending watchdog group.
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