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Senate Bill Continues Tax Breaks For NASCAR, Rum And Offshoring Profits

Senate Bill Continues Tax Breaks For NASCAR, Rum And Offshoring Profits

Written by Pat Garofalo

Last week, in what Reuters called “a rare show of bipartisan unity,” the Senate Finance Committee approved a package of so-called tax extenders by a 19-5 vote. The extenders package contains a variety of expiring tax provisions that are regularly renewed.

The senators on the committee were slapping themselves on the back for achieving some modicum of tax reform — with Sen. Orrin Hatch (R-UT) even saying, “By doing this, we’ve come a long way toward functionality” — but the package includes several problematic provisions, including:

– A tax break for NASCAR;

– A tax break for producing rum;

– The extension of two provisions that help corporations offshore their profits and avoid taxes.

Citizens for Tax Justice noted that, if Congress actually allowed the latter two corporate tax provisions to expire, “many U.S. companies will have much less incentive to send their profits (and possibly jobs) offshore.” Overall, the bill would spend $40 billion next year on special interest tax breaks.

The tax code is absolutely plagued by preferences and subsidies, which are essentially spending programs that are administered through the tax code. These tax expenditures total $1 trillion every year. However, senators on the Finance Committee seem content to celebrate their work, even after leaving some of the most egregious examples of these giveaways untouched.

This post was originally published by ThinkProgress.

 

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64 comments

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9:20AM PST on Feb 1, 2013

Thank you ThinkProgress, for Sharing this!

More Pork, from our Liberal Politicians!

7:55AM PDT on Sep 20, 2012

Something to think about.

The Greatest Speech Ever - Charlie Chaplin !

http://www.youtube.com/watch?v=gmK4Y8r1lxI

3:29PM PDT on Aug 25, 2012

I agree with change t. Not surprised.

1:22PM PDT on Aug 15, 2012

Margaret P - This was passed by the Senate Finance Committee. Not the Congress. As trolls usually do you see "Obama" even where it is not. Obama is not on the committee.

1:21PM PDT on Aug 14, 2012

Oh I thought Obama was against the tax breaks for corporations along with Pelosi and Reid. Aren't they the ones that take every opportunity to slam republicans for bias towards corporations? Pot calling the kettle black we see here. Just another lie and secrecy.

1:23AM PDT on Aug 14, 2012

I'm with Charli S. A fair, transparent tax-economic system with NO loopholes.

9:39PM PDT on Aug 13, 2012

There can be no reasonable justification for any of this. It is a slap in the face of all the hard working poor people in this country, who are suffering so greatly, having to choose between food and gas to get to work, choose between medicine and gas to get to work, going to bed hungry even though they are working 2 and 3 jobs to try to stay afloat. Being unable to afford the insurance copay to see a doctor even if they have insurance. While the big boys decide to tax them even more but give breaks to NASCAR, rum maufacturers, the wealthy elite, bail out the big banks and subsidize the mega corporations. Meanwhile these politicians are being paid big bucks, again from the taxes collected from the working poor, supposedly to represent the best interests of the American people. They no longer represent us, obviously neither party does, they haven't for a long long time. They sell us out to the highest bidder. They are being paid handsomely to use and abuse us at the will of their sponsors. Then each time they manage to do so they slap each other on the back and shake hands on a job well done. They are traitors to our country and should be severely punished for it, not rewarded with huge kickbacks and graft.

9:21PM PDT on Aug 13, 2012

I live in N.C. and Charlotte fought hard for the Nascar Hall of fame, thinking it would be a tremendous fan draw. Ha ha ha I think they have maybe 5 visitors a week. Just another big building built with tax incentives to draw funds for the city that most likely ain't never going to happen. It's become quite the joke. Of course if you don't want to visit that, you can always go to the white water rafting setup that also hasn't done anywhere near what our lovely politicians said it would. Now they're wanting a baseball stadium. Talk about idiots never learning.

5:34PM PDT on Aug 13, 2012

Yep, the 1% got everything it wanted once again. Imagine that! I'd alert the media, except the main-stream, corporate controlled media usually likes to downplay new items such as this.

5:06PM PDT on Aug 13, 2012

What a shameful display of arrogrance and stupidity. When will the voters wake up? Time to clean house and only vote for people who want to solve problems not keep creating them. Bi-partian my ass more like kissing corporate america's ass.

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