Nice recap in the WSJ today outing the pork that was sausaged into the deficit-adding Fiscal Cliff Bill:
Here’s a sampling:
- Michigan Democrat Debbie Stabenow was able to retain an accelerated tax write-off for owners of Nascar tracks (cost: $78 million
- New Mexico’s Jeff Bingaman saved a tax credit for companies operating in American Samoa ($62 million), including a StarKist factory.
- Distillers are able to drink to a $222 million rum tax rebate.
- Businesses located on Indian reservations will receive $222 million in accelerated depreciation.
The WSJ gave special recognition to Chris Dodd, the former Senator who lobbied for Hollywood’s movie studios … getting a provision that allows film and television producers to expense the first $15 million of production costs incurred in the United States … this Hollywood special will cost the Treasury $430 million in 2013 and 2014.
Consumers will get tax credits for buying plug-in motorcycles ($7 million).
Do the jabrones in Washington have no shame?
You can’t reduce the debt by adding to the deficit.
It’s that simple guys.