Last week I posted the Fiscal Cliff Bill here on Gather. I posted it so people would educate themselves on exactly what the bill does, rather than rely on pundits to spin the truth. I wonder, did anyone read it?
If you read it, you would know that your paycheck would immediately shrink because of the expiration of the payroll tax break. What else is in the bill? You may want to read it and weep:
- The U.S. taxes rum producers, including Bacardi, almost $14 for every gallon of rum they make outside the country and sell in the U.S. This $14 tax is gets reinvested in the Virgin Islands and Puerto Rico in the form of aid. This "kickback" has been extended as part of the fiscal cliff negotiations. this tax break gives Puerto Rico and the Virgin Islands a total of $480 million in aid for rum production.
- Their is a tax break for people using electric scooters. They receive a discount on their taxes. Those who use two- and three-wheel plug-in electric vehicles get a tax break in the fiscal cliff legislation. As an incentive for alternative energy transportation, Congress voted to continue to give 10 percent of the cost of the electric vehicle, up to $2,500 in tax credits, to individuals who purchase plug-in scooters.
- Because of all the Hollywood movies made in this country, Congress has ensured the movie industry doesn't pack up and leave. Television and movie makers can continue to gross $15 million in breaks for filming in the U.S., $20 million for filming in low-income areas. This incentive for Hollywood costs the country about $430 billion.
- In the fiscal cliff legislation, there is a program that allows race track owners to deduct a total of more than $40 billion a year for their tracks, bleachers and concession stands. NASCAR can write off the maintenance costs of their tracks in this tax break. The only catch is that the venue must have held an event on the premise sometime in the last three years. Who lobbied for this? Well, NASCAR, of course.
- There are $59 million in tax credits for algae growers, who are trying to find a way to produce a biofuel from the plant.