Tax-Cut Bill Fine Print Adds $55 Billion in Industry Subsidies

[The Straight Story]

Tax-Cut Bill Fine Print Adds $55 Billion in Industry Subsidies

Special interests ranging from NASCAR track owners to rum distilleries in Puerto Rico will benefit from the $858 billion tax bill that passed in the U.S. Senate 81-19 and in the House of Representatives 277-148. About $55 billion in tax breaks and other goodies were slipped into the legislation that has garnered attention mostly for its extension of the Bush tax cuts that were set to expire at the end of this year.

As a result of the legislation becoming law:

· The energy and agricultural industries will continue to receive an ethanol tax credit worth $6 billion next year.
· Another $6 billion will go towards a research and development tax credit for technology companies like Microsoft and Boeing.
· Rum-makers in Puerto Rico and the U.S. Virgin Islands will receive another two-year extension of excise tax credits for their products, valued at $235 million.
· $40 million in tax help will be dedicated to owners of NASCAR tracks and other motor-sports facilities that want to fund capital projects.
· TV and film producers will be able to write off up to $20 million in expenses if their work is done inside the United States.

http://www.allgov.com/Where_is_the_Money_Going/ViewNews/Tax_Cut_Bill_Fine_Print_Adds_55_Billion_Dollars_in_Industry_Subsidies_101217

[chimpymustgo]

1. THANK GOD IT PASSED!!!!!

[fasttense]

2. Meanwhile the funding for Welfare has dried up

and food stamps funding has been cut.

Welcome to "austerity" for the Middle Class and poor. But hap, hap, happy days for the uber rich.

Next up the demise of Social Security.

Gee, what would we have done if Obama hadn't given all those tax dollars to the rich?:sarcasm:

Good thing we have a liberal, socialist, Marxist Muslim in the White House. :sarcasm:

[City Lights]

3. Corporate welfare continues.

:puke:

We suck.

[USA_1]

4. Corporate Welfare Never Stops

... and it is YOU who pays for it.

[somone]

5. Corporations are running out of money

and they need more money for hiring. :sarcasm: