SocraticGadfly: MMM, the smell of tax-cut compromise pork

December 24, 2010

MMM, the smell of tax-cut compromise pork

That tax-cut compromise that Stockholm Syndrome Preznit Kumbaya hailed? It's loaded with pork for the rich and corporations. Per the AP, that includes tax breaks for producing TV shows, rum subsidies for Puerto Rico and the U.S. Virgin Islands, an exemption for banks, insurance companies and other financial firms to shield foreign profits from U.S. taxes, and a tax break for people who buy race horses.


The answer:
Most of the business tax breaks — about 50 in all — are part of a package that expires each year, creating uncertainty for tax planners but lots of business for lobbyists.

I added the emphasis, because it's what happens elsewhere. It's what will happen in 2012 with the next threatened expiration of the "Bush" tax cuts. (Hey, Kumbaya, just like the senseless war in Afghanistan, you officially "own" these tax cuts now.) It's what happens every year with threatened Medicare cuts.

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