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View Diary: Tax cut deal – the latest threat to our children (16 comments)

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  •  What our senators think is more important.... (4+ / 0-)

    Our government just fails us on so many levels.

    Reading the below amendments included in the senate bill that will cost millions of dollars for such companies as Shell Oil, NASCAR, motorsports entertainment complexes, films and TV shows producers, rum producers in Puerto Rico and the Virgin Islands.

    Ethanol tax credits, the group calculates, are worth about $6 billion in 2011, and they are part of something called the Volumetric Ethanol Excise Tax Credit, which is the largest subsidy to corn ethanol. It goes to fuel blenders, not farmers, and that means companies like Shell Oil are collecting the credit.

    The NASCAR racing league is pleased by the appearance of a tax write-off provision for owners of "motorsports entertainment complexes," who will be able to write-off the cost of their facilities on their taxes over seven years, instead of the standard 39 years for nonresidential property. That will cost taxpayers about $40 million in 2011, and benefit the companies that own the race tracks.

    It will also indirectly benefit NASCAR, which pays to rent the tracks for its races, and depends on access to cheap, high-quality facilities. "Allowing the track promoters to be able to spend capital to keep their facilities top rate is important to us, and to our fans," said Ramsey Poston, NASCAR spokesperson.

    The bill also includes an extension of expensing ruled for films and TV shows produced in the United States. At a cost to taxpayers of $162 million in 2011, the bill extends for two years the option of immediately deducting significant costs for most film or television productions.

    And don’t forget the rum industry. Included in the bill is a measure that would extend a complicated tax program involving rum revenues in Puerto Rico and the Virgin Islands. It would cost taxpayers $235 million in 2011, and would help the Virgin Islands build a distillery to shift production of Captain Morgan from Puerto Rico.

    Daniel Ellsberg - "It was always a bad year to get out of Vietnam."

    by allenjo on Tue Dec 14, 2010 at 04:37:00 PM PST

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