They passed the bill, let’s read it!

It has huge tax cuts for Obama’s supporters in Hollywood.

Section 317 of the freshly approved legislation includes an extension for “special expensing rules for certain film and television productions.” Congress first enacted production tax incentives favorable to the domestic entertainment industry in 2004, and extended them in 2008, but the deal was meant to expire in 2011.

The fiscal cliff deal extends the tax incentives through 2013–even as payroll taxes rise on ordinary Americans.

It has millions to get the obese off their feet.

Sec 403. Extension of credit for 2- or 3-wheeled plug-in electric vehicles

There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of the applicable amount with respect to each such qualified 2- or 3-wheeled plug-in electric vehicle placed in service by the taxpayer during the taxable year

It makes special exemptions for the destruction of the coal mining industry for Indian coal.

(9) Indian coal
(A) In general
The term “Indian coal” means coal which is produced from coal reserves which, on June 14, 2005—
(i) were owned by an Indian tribe, or
(ii) were held in trust by the United States for the benefit of an Indian tribe or its members.

It subsidizes the hell out of rum… to absurd levels.

Estimates suggest that, in some cases, the value of the operating subsidies alone exceeds the actual production cost per litre of rum. It is also believed that the combined new production capacity resulting from the subsidies offered will be equivalent to at least 80 percent of current US rum consumption.

All you can do is laugh at the absurdity of it all.

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7 Responses to They passed the bill, let’s read it!

  1. Jim22 says:

    Professor Jacobson over at Legal Insurrection: “To say that Republicans in Congress folded like a cheap suit is an insult to cheap suits”.

    • R.D. Walker says:

      I don’t know what else Br’er Boehner and Br’er McConnell could have done. Br’er Obama was begging not to be thrown over the fiscal cliff into the briar patch. The dirty little secret is that Br’er Obama didn’t mind being tossed into the briar patch.

      Republicans were cornered but still managed to get Obama to make 98% of the Bush tax cuts – previously portrayed by Democrats as evil – permanent.

      The people voted in November to put the GOP in check. Elections have consequences. It isn’t the Republicans or the Democrats who did this. It is the American people.

  2. R.D. Walker says:

    A huge majority of Republicans voted against this bill and it passed with a few Republicans and a bunch of Democrats.

    If they added a bunch of budget cuts, Democrats would have voted against it and a huge majority of Republicans would have still voted against it in order to oppose the tax increases. It would have failed and over the cliff we would have gone. What the hell was the use of submitting a bill that would absolutely, positively fail?

    We can get all pissed at the Republicans for folding but they weren’t even holding a pair of deuces. They mostly voted against the bill, the Democrats voted overwhelmingly for it and own it. It preserves 98% of the Bush Tax Cuts permanently.

    I don’t know what the hell people expected the GOP to do.

  3. Notamobster says:

    It sucks seeing them get bent over by this administration, then laughed at by him for it.
    They did why they could… I’m just disappointed that the debate its still about Bronco Bama and not the insane spending that will destroy us, If we don’t destroy ourselves first.

  4. RJ says:

    It’s called management by crisis. Wait till the last possible minute to address a problem then throw everything at it and settle on a fix.

    They addressed the last debt ceiling the same way, they waited then sent it to the supercommitte who then waited till the last minute then passed a chainsaw surgery if it aint fixed by 12-31-2012. Then the whole bunch waited till the last minute and did what they could to stave off the results of earlier bad decisions.

    I understand they preserved a lot of tax cuts, but that can change right? What happens when the debt ceiling is again raised?

    How many more balls can the juggler keep in the air? I’m thinking he is at his limit.

    • R.D. Walker says:

      Again, this is what the sainted American people voted for and, by God, they are getting it… good and hard.

  5. R.D. Walker says:

    Remember, Obama’s first offer was for a $1.6 trillion tax hike and an infinite debt limit hike. Boehner countered with $800 billion. The final deal was for only $600 billion. Also, the Democrats have made the Bush tax rates permanent for 98 percent of the public, which Republicans couldn’t even do when they controlled both houses of Congress and the presidency. Better than nothing.