Americans are experiencing deja vu all over again as the U.S. Senate once again passes a major piece of legislation after giving members only three minutes to read it – which is why no one caught all the pork stuffed into the so-called “fiscal cliff” bill until it was too late.
According to US News and World Report, the following are the top five examples of the millions given away to pet projects.
1. Rum Producers such as Diageo and Bacardi will be permitted to continue enjoying a $13/per gallon kickback on every gallon of rum they make outside the country but sell in the U.S. The tax break will give countries such as Puerto Rico and the Virgin Islands a total of $480 million in aid for rum production.
2. Electric Scooter Riders can keep the 10 percent tax credit they get for purchasing a two- or three-wheel plug-in electric vehicle. According to the recent razor e300 electric scooter review, this credit, which is given as a way to incentivize alternative energy transportation, can amount to up to $2,500 in tax credits per person.
3. As if Hollywood doesn’t have enough of its own money, the fiscal cliff deal will award $15 million in breaks to encourage the movie industry to keep producing films in the U.S. The incentive rises to $20 million if they film in low-income areas.
4. Nascar is singing all the way to the bank this morning because the new bill allows race track owners to deduct a total of more than $40 billion a year for upkeep of their tracks, bleachers and concession stands. Groups like NASCAR will also be allowed to continue to write off maintenance costs of their tracks.
5. Algae and asparagus growers were also awarded an extension of $59 million in tax credits as an incentive to find ways to produce biofuel.
Republican Congressman Darrell Issa, who voted “no” on the bill, told CBS News that many House members felt blindsided by tax breaks that were never publicly debated.
“Absolutely it is filled with pork,” Issa said. “And it is pork particularly because they couldn’t get these through any other way except by throwing them into a bill like this.”
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