House will vote today on tax cuts for NASCAR/NFL team owners

Joan McCarter

Daily Kos Staff

Thursday April 19, 2012 · 8:08 AM PDT

2012/04/19 · 08:08

no image description available — House Majority Leader Eric Cantor, with a big gift to Mitt Romney's friends. (John Gress/Reuters)

House Majority Leader Eric Cantor, with a big gift to Mitt Romney's friends. (John Gress/Reuters)

House Majority Leader Eric Cantor's H.R. 9, the Small Business Tax Cut, is up for a vote today, with Republicans cleverly thinking they can make Democrats look bad by voting against a tax cut for "small business." (Deficit be damned. The bill would cost $46 billion.) The bill would provide a 20 percent tax cut for business with fewer than 500 employees.

So, what kind of businesses have fewer than 500 employees?

Professional sports franchises, such as the Los Angeles Dodgers, which were recently sold for $2 billion

Donald Trump’s Trump Tower Sales & Leasing

Paris Hilton Entertainment, Inc.

Who else? Mitt Romney's good friends, those owners of NFL and NASCAR teams, would probably appreciate that tax break. So would Rob Rom Enterprises, the Romney corporation that has made Ann Romney's love for the sport of dressage a healthy tax write-off, since it lost $77,000 in 2010.

In fact, half of Cantor's tax breaks would go to millionaires because of the way the bill is structured, with tax deductions tied to business income being the majority of the cuts. The huge majority of small business—76 percent—make less than $200,000 a year and would only get 16 percent of the benefits from this bill. The four percent with incomes over $1 million, like Romney's NASCAR and NFL team-owning buddies, would be the real beneficiaries. As usual.

Cantor could have targeted these cuts to truly struggling small business owners, but where's the fun (and campaign contributions) in that?

House will vote today on tax cuts for NASCAR/NFL team owners

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