If ALL millionaires should pay their fairshare why is Hollywood&NASCAR exempt?

[Caroljo]

Also post facts. That's right you can't.

Well i see you're not posting any links to prove her wrong......

 

[beretta304]

They've been given tax write offs under the Porkulus Bill.. I dont care what persuasion NASCAR drivers are nor do the status of "MILLONAIRES"... ANSWER THE QUESTION.. WHY IS HOLLYWOOD AND NASCAR EXEMPT????

OK the answer to the question is that your question is wrong They are not EXEMPT. That would mean that they don't have to pay the same taxes as the rest of the millionaires and that is just wrong. So your question should read something like "Why do Hollywood and NASCAR get more write offs" See first of all the write offs are for doing this that or the other. Not all of them will do what is required for the write offs. Also it seems to me from what I read those write offs are not for actors and drivers but more for companies. Like production companies and motor speedways or events producers. Now that we got that out of the way.
How the hell is anyone on these boards supposed to know why they put what they put in the bill?

We have to pass it to know what's in it...Nancy Pelosi

 

[BBCAmerica]

They've been given tax write offs under the Porkulus Bill.. I dont care what persuasion NASCAR drivers are nor do the status of "MILLONAIRES"... ANSWER THE QUESTION.. WHY IS HOLLYWOOD AND NASCAR EXEMPT????

Here's an interesting "aside".

Obama paid a lower tax rate than his secretary, White House confirms - ABC News

Obama pays 20.5 %. I don't know about others here but I pay a whole lot more than that and so do many Americans.

But Bammy is lookig out for you...just like O'Reilly.

Its not just Obama. ALL millionaires pay a smaller rate than you. Warren Buffet showed how it worked remember? He just did his taxes without taking advantage of any of the loopholes and write offs he could have and his rate was less than his secretary. Remember the apartment building in NYC that was full of millionaires yet the government got more tax revenue from the people that work there than they did from the people that live there? So the point is what? We need tax reform?

 

[g5000]

So without further ado, here are eight corporate subsidies in the fiscal cliff bill that you haven’t heard of.

1) Help out NASCAR - Sec 312 extends the “seven year recovery period for motorsports entertainment complex property”, which is to say it allows anyone who builds a racetrack and associated facilities to get tax breaks on it. This one was projected to cost $43 million over two years.

2) A hundred million or so for Railroads - Sec. 306 provides tax credits to certain railroads for maintaining their tracks. It’s unclear why private businesses should be compensated for their costs of doing business. This is worth roughly $165 million a year.

3) Disney’s Gotta Eat - Sec. 317 is “Extension of special expensing rules for certain film and television productions”. It’s a relatively straightforward subsidy to Hollywood studios, and according to the Joint Tax Committee, was projected to cost $150m for 2010 and 2011.

4) Help a brother mining company out – Sec. 307 and Sec. 316 offer tax incentives for miners to buy safety equipment and train their employees on mine safety. Taxpayers shouldn’t have to bribe mining companies to not kill their workers.

5) Subsidies for Goldman Sachs Headquarters – Sec. 328 extends “tax exempt financing for York Liberty Zone,” which was a program to provide post-9/11 recovery funds. Rather than going to small businesses affected, however, this was, according to Bloomberg, “little more than a subsidy for fancy Manhattan apartments and office towers for Goldman Sachs and Bank of America Corp.” Michael Bloomberg himself actually thought the program was excessive, so that’s saying something. According to David Cay Johnston’s The Fine Print, Goldman got $1.6 billion in tax free financing for its new massive headquarters through Liberty Bonds.

6) $9B Off-shore financing loophole for banks – Sec. 322 is an “Extension of the Active Financing Exception to Subpart F.” Very few tax loopholes have a trade association, but this one does. This strangely worded provision basically allows American corporations such as banks and manufactures to engage in certain lending practices and not pay taxes on income earned from it. According to this Washington Post piece, supporters of the bill include GE, Caterpillar, and JP Morgan. Steve Elmendorf, super-lobbyist, has been paid $80,000 in 2012 alone to lobby on the “Active Financing Working Group.”

7) Tax credits for foreign subsidiaries – Sec. 323 is an extension of the “Look-through treatment of payments between related CFCs under foreign personal holding company income rules.” This gibberish sounding provision cost $1.5 billion from 2010 and 2011, and the US Chamber loves it. It’s a provision that allows US multinationals to not pay taxes on income earned by companies they own abroad.

8) Bonus Depreciation, R&D Tax Credit – These are well-known corporate boondoggles. The research tax credit was projected to cost $8B for 2010 and 2011, and the depreciation provisions were projected to cost about $110B for those two years, with some of that made up in later years.

Eight Corporate Subsidies in the Fiscal Cliff Bill, From Goldman Sachs to Disney to NASCAR

Conveniently, the Joint Committee on Taxation in 2010 did an analysis of what many of these extenders cost. You can find that report here.

The Joint Committee is chaired on a rotating basis by the Chairman of the Senate Finance Committee and the Chairman of the House Ways and Means Committee.

https://www.jct.gov/about-us/overview.html


The Chairman of the Senate Finance Committee is Democrat Max Baucus, and the Chairman of the House Ways and Means Committee is Republican Dave Camp.

 

[g5000]

http://www.usmessageboard.com/politics/263551-the-way-forward-end-tax-expenditures.html

Tax expenditures cost us over a trillion dollars a year.

 

[Truthmatters]

The biggest millionaires in the country.. all get tax write offs.. All we've heard from liberal sheep is, RICH MUST PAY THEIR FAIR SHARE!!! They have screamed it for over two years now.. SO WHAT HAPPENED??

Links to your claim

 

[boedicca]

They've been given tax write offs under the Porkulus Bill.. I dont care what persuasion NASCAR drivers are nor do the status of "MILLONAIRES"... ANSWER THE QUESTION.. WHY IS HOLLYWOOD AND NASCAR EXEMPT????

Here's an interesting "aside".

Obama paid a lower tax rate than his secretary, White House confirms - ABC News

Obama pays 20.5 %. I don't know about others here but I pay a whole lot more than that and so do many Americans.

But Bammy is lookig out for you...just like O'Reilly.

Its not just Obama. ALL millionaires pay a smaller rate than you. Warren Buffet showed how it worked remember? He just did his taxes without taking advantage of any of the loopholes and write offs he could have and his rate was less than his secretary. Remember the apartment building in NYC that was full of millionaires yet the government got more tax revenue from the people that work there than they did from the people that live there? So the point is what? We need tax reform?

That is an absolute lie.

 

[g5000]

They've been given tax write offs under the Porkulus Bill.. I dont care what persuasion NASCAR drivers are nor do the status of "MILLONAIRES"... ANSWER THE QUESTION.. WHY IS HOLLYWOOD AND NASCAR EXEMPT????

Here's an interesting "aside".

Obama paid a lower tax rate than his secretary, White House confirms - ABC News

Obama pays 20.5 %. I don't know about others here but I pay a whole lot more than that and so do many Americans.

But Bammy is lookig out for you...just like O'Reilly.

Its not just Obama. ALL millionaires pay a smaller rate than you. Warren Buffet showed how it worked remember? He just did his taxes without taking advantage of any of the loopholes and write offs he could have and his rate was less than his secretary. Remember the apartment building in NYC that was full of millionaires yet the government got more tax revenue from the people that work there than they did from the people that live there? So the point is what? We need tax reform?

"ALL millionaires pay a smaller rate than you."

You are an idiot.

 

[VaYank5150]

The biggest millionaires in the country.. all get tax write offs.. All we've heard from liberal sheep is, RICH MUST PAY THEIR FAIR SHARE!!! They have screamed it for over two years now.. SO WHAT HAPPENED??

Is THIS what you are referring to?

The so-called NASCAR loophole allows anyone who builds a racetrack to receive a small tax benefit through accelerated depreciation. This tax break cost roughly $43 million the past two years and will get extended for another year. Sounds tawdry, right? And yet, supporters claim the break is necessary so that NASCAR can compete on a level playing field with other theme parks. Looks like they got their wish.

 

[uscitizen]

They've been given tax write offs under the Porkulus Bill.. I dont care what persuasion NASCAR drivers are nor do the status of "MILLONAIRES"... ANSWER THE QUESTION.. WHY IS HOLLYWOOD AND NASCAR EXEMPT????

OK the answer to the question is that your question is wrong They are not EXEMPT. That would mean that they don't have to pay the same taxes as the rest of the millionaires and that is just wrong. So your question should read something like "Why do Hollywood and NASCAR get more write offs" See first of all the write offs are for doing this that or the other. Not all of them will do what is required for the write offs. Also it seems to me from what I read those write offs are not for actors and drivers but more for companies. Like production companies and motor speedways or events producers. Now that we got that out of the way.
How the hell is anyone on these boards supposed to know why they put what they put in the bill?

No one outside of congress was supposed to know. That is why they waited till the last minute to do the bill and pass it.

Kinda like blackmail for their pork. I won't vote for it if this is not in it.

 

[g5000]

These kinds of carve-outs are inserted into the tax code EVERY DAY, people. Every day.

Wake up. This is nothing new.

D's do it. R's do it. They are bought and paid for.

It is far past time to demand a permanent ban on tax expenditures.

 

[NoNukes]

They've been given tax write offs under the Porkulus Bill.. I dont care what persuasion NASCAR drivers are nor do the status of "MILLONAIRES"... ANSWER THE QUESTION.. WHY IS HOLLYWOOD AND NASCAR EXEMPT????

Here in Ireland, artists are tax exempt until we make a certain amount of money. I cannot answer your question about Hollywood actors. Do New York actors not get the same break?

 

[NoNukes]

Also post facts. That's right you can't.

Well i see you're not posting any links to prove her wrong......

LGS is not posting any links about Hollywood actors and NASCAR drivers getting breaks. Or why New York actors do not get the breaks. Do other artists get the breaks also?

 

[NoNukes]

So without further ado, here are eight corporate subsidies in the fiscal cliff bill that you haven’t heard of.

1) Help out NASCAR - Sec 312 extends the “seven year recovery period for motorsports entertainment complex property”, which is to say it allows anyone who builds a racetrack and associated facilities to get tax breaks on it. This one was projected to cost $43 million over two years.

2) A hundred million or so for Railroads - Sec. 306 provides tax credits to certain railroads for maintaining their tracks. It’s unclear why private businesses should be compensated for their costs of doing business. This is worth roughly $165 million a year.

3) Disney’s Gotta Eat - Sec. 317 is “Extension of special expensing rules for certain film and television productions”. It’s a relatively straightforward subsidy to Hollywood studios, and according to the Joint Tax Committee, was projected to cost $150m for 2010 and 2011.

4) Help a brother mining company out – Sec. 307 and Sec. 316 offer tax incentives for miners to buy safety equipment and train their employees on mine safety. Taxpayers shouldn’t have to bribe mining companies to not kill their workers.

5) Subsidies for Goldman Sachs Headquarters – Sec. 328 extends “tax exempt financing for York Liberty Zone,” which was a program to provide post-9/11 recovery funds. Rather than going to small businesses affected, however, this was, according to Bloomberg, “little more than a subsidy for fancy Manhattan apartments and office towers for Goldman Sachs and Bank of America Corp.” Michael Bloomberg himself actually thought the program was excessive, so that’s saying something. According to David Cay Johnston’s The Fine Print, Goldman got $1.6 billion in tax free financing for its new massive headquarters through Liberty Bonds.

6) $9B Off-shore financing loophole for banks – Sec. 322 is an “Extension of the Active Financing Exception to Subpart F.” Very few tax loopholes have a trade association, but this one does. This strangely worded provision basically allows American corporations such as banks and manufactures to engage in certain lending practices and not pay taxes on income earned from it. According to this Washington Post piece, supporters of the bill include GE, Caterpillar, and JP Morgan. Steve Elmendorf, super-lobbyist, has been paid $80,000 in 2012 alone to lobby on the “Active Financing Working Group.”

7) Tax credits for foreign subsidiaries – Sec. 323 is an extension of the “Look-through treatment of payments between related CFCs under foreign personal holding company income rules.” This gibberish sounding provision cost $1.5 billion from 2010 and 2011, and the US Chamber loves it. It’s a provision that allows US multinationals to not pay taxes on income earned by companies they own abroad.

8) Bonus Depreciation, R&D Tax Credit – These are well-known corporate boondoggles. The research tax credit was projected to cost $8B for 2010 and 2011, and the depreciation provisions were projected to cost about $110B for those two years, with some of that made up in later years.

Eight Corporate Subsidies in the Fiscal Cliff Bill, From Goldman Sachs to Disney to NASCAR

Conveniently, the Joint Committee on Taxation in 2010 did an analysis of what many of these extenders cost. You can find that report here.

The Joint Committee is chaired on a rotating basis by the Chairman of the Senate Finance Committee and the Chairman of the House Ways and Means Committee.

https://www.jct.gov/about-us/overview.html


The Chairman of the Senate Finance Committee is Democrat Max Baucus, and the Chairman of the House Ways and Means Committee is Republican Dave Camp.

So, the tax break us to Hollywood studios for certain projects, not Hollywood movie stars. A good New Year's resolution would be to ignore LGS.

 

[Luddly Neddite]

Also post facts. That's right you can't.

Well i see you're not posting any links to prove her wrong......

Where is HER link?

 

[Misty]

So we already know that the top 2% pay most of the taxes and that 47% don't pay taxes yet benefit the most from government programs.

This is fairness to democrats.

 

[Misty]

It's a very bad philosophy to teach people they are entitled to taxpayer programs.

 

[Politico]

No one gets special tax writeoffs. You have access to all the same ones as they do. You just want their money.