$76 Billion in Special Interest Tax Credits Snuck In
Article posted by Curtis Wright
January 03, 2013
In addition to the tax hikes on the nation’s highest income earners, the “fiscal cliff” legislation also included $76 billion in special interest tax credits for General Electric, rum makers and even the Hollywood industry.
As the Washington Examiner’s Timothy Carney points out, “these subsidies weren’t the fruit of eleventh-hour lobbying conducted on the cliff’s edge — they were crafted back in August in a Senate committee, and they sat dormant until the White House reportedly insisted on them this week.”