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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.

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

"We're going to close the unproductive tax loopholes that have allowed some of the truly wealthy to avoid paying their fair share," he said. "In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying 10 percent of his salary, and that's crazy. It's time we stopped it.

kalm wrote:Don't worry SH. Nascar, Hollywood, and Goldman Sachs are being well protected.

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.

Read more at http://www.nakedcapitalism.com/2013/01/ ... 3TpMrC8.99" onclick="window.open(this.href);return false;

kalm wrote:BTW, who said the following:

"We're going to close the unproductive tax loopholes that have allowed some of the truly wealthy to avoid paying their fair share," he said. "In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying 10 percent of his salary, and that's crazy. It's time we stopped it.

HI54UNI wrote:

kalm wrote:Don't worry SH. Nascar, Hollywood, and Goldman Sachs are being well protected.




Read more at http://www.nakedcapitalism.com/2013/01/ ... 3TpMrC8.99" onclick="window.open(this.href);return false;

Glad to see Warren the rich need to pay more taxes Buffett get a nice tax break for his BNSF railroad.

Douchebag.

HI54UNI wrote:

kalm wrote:Don't worry SH. Nascar, Hollywood, and Goldman Sachs are being well protected.




Read more at http://www.nakedcapitalism.com/2013/01/ ... 3TpMrC8.99" onclick="window.open(this.href);return false;

Glad to see Warren the rich need to pay more taxes Buffett get a nice tax break for his BNSF railroad.

Douchebag.

Baldy wrote:

kalm wrote:BTW, who said the following:

More proof how Obama is just like Reagan. Right kalm?

SuperHornet wrote:

HI54UNI wrote:
Glad to see Warren the rich need to pay more taxes Buffett get a nice tax break for his BNSF railroad.

Douchebag.

How about that douche Al Gore who tried to sell his failed cable network before the tax increases he lobbied for went into effect?

Baldy wrote:

HI54UNI wrote:
Glad to see Warren the rich need to pay more taxes Buffett get a nice tax break for his BNSF railroad.

Douchebag.

Or avoid paying his taxes all together with NetJets. Don't you just love those hypocritical "progressives"?

Baldy wrote:

HI54UNI wrote:
Glad to see Warren the rich need to pay more taxes Buffett get a nice tax break for his BNSF railroad.

Douchebag.

Or avoid paying his taxes all together with NetJets. Don't you just love those hypocritical "progressives"?

SuperHornet wrote:Not if I knew he'd lobbied for the very increases he tried to avoid. That's hypocrisy at its worst....

SuperHornet wrote:Not if I knew he'd lobbied for the very increases he tried to avoid. That's hypocrisy at its worst....

HI54UNI wrote:

Baldy wrote:
Or avoid paying his taxes all together with NetJets. Don't you just love those hypocritical "progressives"?

Yep. And I forgot the extension of the wind PTC. More money for Warren so the average electric consumer can pay more for their electricity.

kalm wrote:

Baldy wrote:
Or avoid paying his taxes all together with NetJets. Don't you just love those hypocritical "progressives"?

Show me how he's being hypocritical.

Baldy wrote:

kalm wrote:
Show me how he's being hypocritical.

On one hand, Buffet has been crying for years how the rich have not been paying their "fair share" and willingly allowed his name to be put on legislation where the evil nasty rich would pay more. On the other hand, Buffet has spent over $1,000,000 lobbying Congress for tax breaks for his evil rich corporations...the Feds sue his company for not paying those taxes, and you want me to show you how he's being hypocritical?

kalm wrote:

HI54UNI wrote:
Yep. And I forgot the extension of the wind PTC. More money for Warren so the average electric consumer can pay more for their electricity.

Forget about all the coal and oil subsidies. He's a "liberal"...

You guys crack me up.

kalm wrote:

Baldy wrote: On one hand, Buffet has been crying for years how the rich have not been paying their "fair share" and willingly allowed his name to be put on legislation where the evil nasty rich would pay more. On the other hand, Buffet has spent over $1,000,000 lobbying Congress for tax breaks for his evil rich corporations...the Feds sue his company for not paying those taxes, and you want me to show you how he's being hypocritical?

So it's kind of like me shopping at Walmart then?

Baldy wrote:

kalm wrote:
So it's kind of like me shopping at Walmart then?

You're one of those hypocrites?

kalm wrote:

Baldy wrote: You're one of those hypocrites?

Nevermind my comment about walking and chewing gum.

Baldy wrote:

kalm wrote:
Nevermind my comment about walking and chewing gum.

Of course.

It didn't make sense then, and it doesn't make sense in this situation.

kalm wrote:

Baldy wrote: Of course.

It didn't make sense then, and it doesn't make sense in this situation.

To someone who can't...it won't.

Baldy wrote:

kalm wrote:
To someone who can't...it won't.

Obviously.

I'm sure you can go to your local bookstore and pick up a copy of "Analogies for Dummies" or something.