New tax law packed with breaks for businesses

Discussion in 'Politics' started by Freewill, Jan 5, 2013.

  1. Freewill
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    Freewill Gold Member

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    Some things never change, and some get worse. Now I want all the liberals to line up and say in unison, "it's the minority party's fault."

    Some of the pork that is in the fiscal cliff barrel.

    New tax law packed with breaks for businesses | Politics | The Seattle Times


    -A tax credit for research and development, benefiting a wide range of industries, including manufacturers, pharmaceutical companies and high tech companies. Cost: $14.3 billion.

    -An exemption that allows banks, insurance companies and other financial firms to shield foreign profits from being taxed by the U.S. The tax break is important to major multinational banks and financial firms. Cost: $11.2 billion.

    -A tax break that allows profitable companies to write off large capital expenditures immediately - rather than over time - giving some companies huge tax shelters. The tax break, known as bonus depreciation, benefits automakers, utilities and heavy equipment makers. Cost: $5 billion.

    -A tax credit for the production of wind, solar and other renewable energy. Cost: $12.2 billion.

    - A provision that allows restaurants and retail stores to more quickly write off the cost of improvements. Cost: $3.7 billion.

    -Increased tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States. The U.S. imposes a $13.50 per proof-gallon tax on imported rum, and sends most of the proceeds to the two U.S. territories. Cost: $222 million.

    -A 50 percent tax credit for expenses related to railroad track maintenance through 2013. Cost $331 million.

    -A provision that allows motorsport race tracks to more quickly write off improvement costs. Cost: $78 million.

    -Enhanced deductions for companies that donate food to the needy, books to public schools or computers to public libraries. Cost: $314 million.

    -A tax break that allows TV and movie productions to more quickly write off expenses. Sexually explicit productions are ineligible. Cost: $248 million.

    - A tax credit of up to $2,500 for buying electric-powered vehicles was expanded to include electric-powered motorcycles. Golf carts, however, were excluded. Cost: $7 million. Sen. Ron Wyden, D-Ore., took credit for this tax break, saying it would help Oregon-based Brammo, which manufactures electric motorcycles.
     
  2. LadyGunSlinger
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    LadyGunSlinger Conservative Babe Supporting Member

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    CRONYISM- PAY OFFS- Democrats and republicans alike.

    DEMAND TERM LIMITS and end the CORRUPT government we now have.
     
  3. uscitizen
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    uscitizen Senior Member

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    Umm this passed the Republican controlled house did it not?
     
  4. Freewill
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    Freewill Gold Member

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    Term limits are easy, but the people obviously won't do it as long as the bacon is being brought home. Those who don't get the bacon don't matter.

    Solyndra should have put term limits on Obama but the people are too worried, rightfully so, because of what he did to the economy to take a chance on ending hand outs.
     
  5. LadyGunSlinger
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    LadyGunSlinger Conservative Babe Supporting Member

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    It passed:

    Democrat controlled Senate
    Republican controlled House


    An EQUAL shit biscuit munched on by partisans.
     
  6. LadyGunSlinger
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    LadyGunSlinger Conservative Babe Supporting Member

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    The Executive Branch already has term limits, and rightly so.. It's only common sense that the House and Senate would also. If it's so easy, why isn't it law? Because these lazy corrupt scum have gotten RICH off of selling our children and grandchildren's future in to bankruptcy. All politics are local. EVERY last one of us who are politically intune need to start a movement to DEMAND TERM LIMITS.
     
  7. SniperFire
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    SniperFire Senior Member

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    America fully supported the 'take it or leave it' last second strongarming by the Democrats.

    Butthurt conservatives need to understand we were in an unwinnable situation for that battle, and consider how our situation has been much, much improved for the next.
     
  8. Freewill
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    Freewill Gold Member

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    Please enlighten us.
     
  9. LordBrownTrout
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    LordBrownTrout Gold Member

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    Yep, passed the dem controlled senate and repub congress. Horrid bill.
     
  10. Freewill
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    Freewill Gold Member

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    The worse thing is, is how each side plays each other meanwhile screwing the voters. This bill did not need to be shoved down our throat at the last minute. Anything that went into effect could have been retroactively recinded. Both sides play us for fools, and after the last election they may be right.
     

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