” You know, Republicans, if you spent half as much time marketing good policy as you do bending over backwards to please your ideological opponents, we might actually have a deal worth talking about.
In addition to the basics, there are some other interesting facts to note about this deal.
ABC News reports:
But it also includes these:
- $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.
- $331 million for railroads by allowing short-line and regional operators to claim a tax credit up to 50 percent of the cost to maintain tracks that they own or lease.
- $222 million for Puerto Rico and the Virgin Islands through returned excise taxes collected by the federal government on rum produced in the islands and imported to the mainland.
- $70 million for NASCAR by extending a “7-year cost recovery period for certain motorsports racing track facilities.”
- $59 million for algae growers through tax credits to encourage production of “cellulosic biofuel” at up to $1.01 per gallon.
- $4 million for electric motorcycle makers by expanding an existing green-energy tax credit for buyers of plug-in vehicles to include electric motorbikes.
*Note the price tags above reflect estimated forgone tax revenue if current credits – which have been due to expire – are extended for one year as included in the Senate bill, per Joint Committee on Taxation.
Jim Pethokoukis writes:
What will Americans pay in taxes this year vs. last year in light of the fiscal cliff deal? Well, let’s run the numbers (with some help from JPMorgan):
– Payroll tax hike: $125 billion
– Income tax hike and the phaseout of exemptions: $35-50 billion
– Investment tax hike: $5 billion
– PPACA healthcare taxes: $38 billion
So that works out to roughly $220 billion, or 1.2% of GDP. It’s a deal that, as The Washington Post puts it, ”takes money out of the hands of many Americans, sucking it out of the economy and slowing economic activity.”
Obama made it clear last night that he has no interest in negotiating when it comes to the debt ceiling. He has also made it clear that this is the start of his tax-hike demands, not the end. “
Illustration By Steve Sack
“Begun Under the Previous Administration”
“Asked about the Fast and Furious
program at the Univision forum on
Thursday, President Obama falsely
claimed that the program began
under President George W. Bush.
“I think it’s important for us to
understand that the Fast and
Furious program was a field-
initiated program begun under the
previous administration,” the
president said. “When Eric Holder
found out about it, he discontinued
” ABC News breaks a story that one of the three featured speakers supposedly deprived of a job by Bain Capital is just a union negotiator who never worked for a Bain-financed company. The Democrat Party deliberately misrepresented steel union negotiator David Foster as someone who worked under the Romney-controlled Bain Capital.”
“SAN FRANCISCO — At an exclusive re-election fundraiser tonight, President Obama hobnobbed with 60 of his wealthiest supporters, including two figures at the center of the Solyndra loan controversy.”