Debt Wish: Loop Fiasco

Debt Wish: Loop Fiasco

Debt Wish: Loop Fiasco

President Obama on Sunday called for closing tax loopholes in order to increase revenue and reduce the federal deficit. But just over a month ago Washington passed a deal to avert the fiscal cliff that included a host of tax breaks for special interests, while forcing every American to pay a little more.  So when President Obama says we need to close the loopholes to increase revenue, will these sweetheart giveaways be on the chopping block?  Somehow we doubt it.

OBAMA CALLS FOR INCREASED REVENUE BY CLOSING TAX LOOPHOLES

President Obama: Let’s Close Tax Loopholes. “President Barack Obama said there is ‘no doubt’ the government needs new revenue from closing tax ’loopholes’ and limiting deductions, along with enacting spending cuts, to reduce the federal deficit.” (Roger Runningen, “Obama Says U.S. Needs Revenue Along With Spending Cuts,” Bloomberg, 2/4/13)

FLASHBACK: FISCAL CLIFF DEAL INCLUDES BILLIONS IN TAX LOOPHOLES

Fiscal Cliff Bill Extends Tax Cuts For Select Few. “…The ‘fiscal cliff’ bill that passed Congress on Tuesday contained a bonanza for single-issue lobbyists, extending supports for Puerto Rican rum distillers, Hollywood studios, tribal-lands coal, electric-scooter makers and other corporate interests that Congress will subsidize through the tax code for another year or two.” (Editorial, “Congress Gives Out End-of-Year Perks to Interest Groups, Washington Post, 1/2/13)

$100 Billion In Special Tax Credits. “… Under the plan, the federal government would eat nearly $100 billion in forgone tax revenue over the next two years by extending special tax credits for select businesses that had been set to expire.” (Devin Dwyer, “’Fiscal Cliff Deal Also Doles Out Millions for Hollywood, Railroads, Rum Producers,” ABC News1/1/13)

$430 Million For Hollywood. “$430 million for Hollywood through ‘special expensing rules’ to encourage TV and film production in the United States.  Producers can expense up to $15 million of costs for their projects.” (Devin Dwyer, “’Fiscal Cliff Deal Also Doles Out Millions for Hollywood, Railroads, Rum Producers,” ABC News1/1/13)

$59 Million For Algae Growers. (Devin Dwyer, “’Fiscal Cliff Deal Also Doles Out Millions for Hollywood, Railroads, Rum Producers,” ABC News1/1/13)

$331 Million For Puerto Rico And The Virgin Islands Rum Subsidies. (Devin Dwyer, “’Fiscal Cliff Deal Also Doles Out Millions for Hollywood, Railroads, Rum Producers,” ABC News1/1/13)

Extends Tax Credit For Indian Coal Facilities. (“Other nuggets in the fiscal cliff bill: Rum, electric vehicles and motor sports,” CNN Political Ticker, 1/1/13)

Extends Tax Credit For Wind Energy Industry. (Kathleen Caggiano, “Incentives Watch: Fiscal Cliff Legislation Temporarily Bolsters Renewable Energy Industry,” Bloomberg BNA, 1/9/13)

Get Free Email Updates!

Signup Now to Receive Updates and Alerts!

We will never give away, trade or sell your email address. You can unsubscribe at any time.

@stevenfoley

A former U.S.Marine, he is the Creator of The Minority Report Network. He is also the Founder and Managing Editor of the Network’s flagship site, www.theminorityreportblog.com, Former Director of New Media for Liberty.com, Former Director of New Media for Liberty First PAC, and the Former Chief Managing Editor of 73Wire.com. Steve is a well respected national conservative blogger who’s dedicated the past several years of his life advancing conservatism online. Recently Steve was instrumental in the development of Liberty.com, Liberty First PAC, The Patriot Caucus, the national campaign trail and grassroots news site73wire.com.

More in

15-0630mombeaten.jpg

Woman Arrested After Viral Video Shows Her Beating a Mom and Injuring a Baby

Michael BeckerJul 1, 2015
15-0630 Yanet Garcia

The Internet is Freaking Out About this Mexican Weatherwoman

Michael BeckerJul 1, 2015
image-185.jpg

Is Rand Paul’s Campaign Smoking Dope?

Michael BeckerJul 1, 2015
Screen Shot 2015-07-01 at 7.26.40 AM

Dems at Hillary Speech: Change Name of Our ‘Jefferson-Jackson’ Dinner

Steve FoleyJul 1, 2015
15-0630 Gay Marriage

City Threatens to Arrest Ministers Who Refuse to Perform Same-Sex Weddings

Michael BeckerJul 1, 2015
150630_ReligiousFreedom-1250x650

Heritage: How to Preserve Religious Freedom After Supreme Court’s Activist Decision on Marriage

Steve FoleyJul 1, 2015

The Minority Report is a network of websites devoted to Conservative & Libertarian politics in the United States. In 2014 the network had over 20 million page views!

On this site you'll find posts & links to some of the best and most comprehensive center-right news and opinion on the net...

February 2013
M T W T F S S
« Jan   Mar »
 123
45678910
11121314151617
18192021222324
25262728  

Archives

Copyright © 2014 The Minority Report Network