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Wed Dec 23, 2020, 12:36 AM

Tucked into Congress's massive stimulus bill: Tens of billions in special-interest tax giveaways

Congress on Monday unveiled a 5,593-page spending bill and then voted on it several hours later, with lawmakers claiming urgent action was needed to rescue an ailing economy ravaged by the coronavirus pandemic.

But tucked in the bill was over $110 billion in tax breaks that strayed far from the way the bill was marketed to many Americans. These giveaways include big tax cuts for liquor producers, the motorsports entertainment sector and manufacturers of electric motorcycles.

These measures, added onto the broader spending bill, are known as “tax extenders” — tax breaks targeted at specific, sometimes niche industries. And routinely extending these “temporary” measures has become something of a year-end tradition, despite loud complaints from some lawmakers who allege the votes largely benefit special-interest groups who stand to gain financially from the outcome. (President Trump threatened to upend all the tax breaks Tuesday night, however, when he posted a video suggesting he might not sign the bill into law).

These tax extenders are designed to be temporary but are frequently renewed, often at the urging of industry lobbyists, and done so during late-night votes at the end of the year. (The Senate vote Monday took place shortly before midnight.) The Joint Committee on Taxation estimated the extenders benefiting industry and special interests included in the stimulus bill would cost over $110 billion over 10 years.

https://www.washingtonpost.com/business/2020/12/22/congress-tax-breaks-stimulus/

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Reply Tucked into Congress's massive stimulus bill: Tens of billions in special-interest tax giveaways (Original post)
Yo_Mama_Been_Loggin Dec 23 OP
mr_lebowski Dec 23 #1

Response to Yo_Mama_Been_Loggin (Original post)

Wed Dec 23, 2020, 12:44 AM

1. If Trump torpedoes this over tax breaks (which I rather doubt)

it will be because:
a) He didn't get to decide who gets the tax breaks (which he actually may have, don't know), and/or
b) Whole thing was a setup/theater.

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