New Tax Law Packed With Obscure Business Tax Cuts

[Truth2Tell]

Source: Associated Press

WASHINGTON (AP) - The massive new tax bill signed into law by President Barack Obama is filled with all kinds of holiday stocking stuffers for businesses: tax breaks for producing TV shows, grants for putting up windmills, rum subsidies for Puerto Rico and the Virgin Islands.

There is even a tax break for people who buy race horses.

Millions of homeowners, however, might feel like they got a lump of coal. Homeowners who don't itemize their deductions will lose a tax break for paying local property taxes.

The business tax breaks are part of sweeping legislation that extends Bush era tax cuts for families at every income level through 2012. Obama signed the $858 billion measure a week ago. It also provides a new payroll tax cut for wage earners and extends jobless benefits to the long-term unemployed.

Read more: http://www.cbsnews.com/stories/2010/12/25/ap/national/main7183062.shtml?tag=channelMore;latestRight

[lib2DaBone]

1. Shamelss. Don't even think about coming after Social Security...

(snip) An exemption that allows banks, insurance companies and other financial firms to shield foreign profits from being taxed by the U.S. through 2011. Cost: $9.2 billion.

The tax break is important to major multinational banks and financial firms, such as Citigroup, Bank of America, Goldman Sachs and Morgan Stanley, and to the financing operations of other international companies, Mathias said.


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[safeinOhio]

2. I was told those tax breaks for the rich

and big business would be invested in more jobs for Americans, not in foreign bonds that pay 10%. Call the cops, I was robbed.

[egoclothes]

3. I believe the President is already planning on coming after SS. It will

be coy---like this tax deal was.

[Enthusiast]

4. It was part of the plan

before he was even a candidate. Jmho based on in your face evidence

[egoclothes]

5. I am not sure when he started planning the cutting of SS but I

have read and listened the last several months and am sure it is a solid plan--and as I said it was be coy and Democrats will support it.

[Heywood J]

6. Racehorses, for God's sake!

So we lost $858B, but someone rich enough to buy a racehorse is getting a tax cut.

The new law extends most of them through 2011, some through 2012. They will be paid for with borrowed money.

"Put the racehorse on my ChinaPay card, please!"

[zeemike]

8. I have actually known people in the racehorse business.

And the ones I knew used that business as a way to launder money...one was a drug dealer
I am not sure why it works better than other ways but it does.

[CountAllVotes]

16. I once went to a dentist that was in the race horse business

He found so many things wrong with me that I decided to get a 2nd opinion which was a very good idea btw! :grr:

:dem:

[old mark]

7. But gosh - them racehorses mean minimum wage jobs cleaning up after them

and rubbing them down! It's trickling down, I swear!

K&R

mark

[JDPriestly]

9. Who will we back to run against Obama in the primary?

Why back a winner if this is what that winner does?

[leveymg]

10. Did they count this as "middle class" tax breaks, or not at all?

Gotta love that additional 10 bill for global banks - boy do they know how to play the system.

[ProgressIn2008]

11. I sometimes wonder how many times this has to happen before people see the pattern? nt

[StarsInHerHair]

14. lots of people see the pattern but it's a wet blanket to figure a way to stop

the madness. Not knowing how to stop it, the best they can do is endure it and hope someone who KNOWS how to stop this madness will come out and speak with them.

[sulphurdunn]

12. America is increasingly

becoming a place where millions of people go to bed in Bedford Falls and wake up in Pottersville to join the millions who never lived anywhere else.

[egoclothes]

15. Yes. I believe you are right.

[Name removed]

13. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[wordpix]

17. what do you expect from a Congress that is bought & paid for?

http://www.washingtonpost.com/wp-dyn/content/article/2010/12/25/AR2010122502236_2.html?hpid=topnews&sid=ST2010122600556

Lawmakers seek cash during key votes

By Carol D. Leonnig and T.W. Farnam
Washington Post Staff Writers
Sunday, December 26, 2010; 12:00 AM

Numerous times this year, members of Congress have held fundraisers and collected big checks while they are taking critical steps to write new laws, despite warnings that such actions could create ethics problems. The campaign donations often came from contributors with major stakes riding on the lawmakers' actions.

For three weeks in June, for instance, the members of a joint House and Senate committee worked to draft final rules for regulating the financial industry in the wake of its 2008 meltdown. During that time, the 35 members of the drafting committee collected $440,000 in donations from that same industry, which was then lobbying heavily for looser rules.

Earlier this month, the chairman of the Senate committee overseeing tax policy, Sen. Max Baucus (D-Mont.), gave himself a birthday-party fundraiser - on the same day that the chamber took its first vote on an $858 billion tax package that would provide breaks to wealthy citizens and business interests. more....