Interesting take on Corporate subsidies and taxbreaks in the aftermath of the Fiscal Cliff
The so-called “fiscal cliff deal” was, like every other revenue bill passed by Congress, larded up with special interest payoffs (subsidies for NASCAR track builders? WTF?). In fact, the majority of the federal tax code is made up of these special deals for various and sundry industries.
The domestic oil industry was given such a deal in the early 1900’s for reasons, I am sure, all thought were good at the time (the industry was only a few decades old, after all). That special deal for conditions that existed over 100 years ago is still in place and it added $8,000,000,000 last year to those company’s bottom lines, companies which are some of the nation’s most profitable companies. The money, as conservatives are wont to point out, was borrowed from China.
And this points out why tax deals are bad government. They almost never go away, they just pile up…
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