HellBill » Hell Bill Area: » Pay Bill/ Pay Bills » With all the tax breaks in the financial cliff bill, if they got rid of half of the large ticket tax breaks

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: would congress be able to have more money coming in to pay down the debt?
A $9 billion “sop for Wall Street banks and major multinationals”
Cheaper office space for Goldman Sachs
News provides a run down of some of the other tax gifts to special interest groups:
•$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.
The financial services industry, whose leaders had earlier joined a group of other corporate executives pushing for a "fair" solution to the fiscal crisis, is one of the primary beneficiaries of special-interest tax breaks. The active-financing exception, for example, permits banks like Morgan Stanley to avoid the 35 percent U.S. corporate tax rate on interest income from money lent overseas. A handful of other U.S.-based multinational companies with financing arms, such as Ford Motor Co. and General Electric, also use that exemption to lower their tax bills. The two-year cost to taxpayers is an estimated $11.2 billion, according to the congressional Joint Committee on Taxation.

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