King George the Witless is truly the most venal and corrupt of all American Presidents, a true nadir in U.S. politics. Today the guy saying that he is going to simplify the tax code and make it more fair just signed a pork-laden, $146-billion dollar 'Corporate Tax Bill' into law. Here is a list of some of the corporate welfare giveaways:
Ceiling Fans - $44 million - Suspends a $4.7% duty on ceiling fans, which Home Depot is one of the main beneficiaries. This is for any ceiling fans purchased before 12/31/2006: Home Depot is a big supporter of Bush and the Repugs, responsible for more than $500K in direct and indirect campaign contributions. Not a bad investment for them!
Whaling subsidy - Charitable contributions deduction for certain expenses in support of native Alaskan subsistence whaling - $4 million: Isn't the concept of subsistence whaling to preserve traditional Native American culture? Or have they always hunted whales using power boats and 50-caliber rifles?
Green Bonds - $231 Million in taxpayer funds to finance $2 billion in bonds for four "Green Bond" mall developments. The following are the four malls: I'm greener than the next guy, but let the fat-cats fund their own damn developments! Wasn't that what Dubya said those fat-cat tax cuts were for - stimulus? Regarding green - establish and enforce green building codes.
Dog and Horse Race Provision - $27 million tax break: Tax breaks for the gambling industry????? I'd love to see a breakdown of mob-boss campaign contributions to the GOP!
Cruise Ship Tax Break - $28 million savings specifically for Carnival Corp $15 million and Royal Caribbean would save $8 million to $10 million: Geez, time to tar & feather Senators Murkowski and Graham!
Tax break on Archery products - $9 million
Tax break for shipping companies - $57 million
Tax break for Hollywood - $336 million over five years
Treatment of aircraft leasing and shipping income - $995 million - benefits Shipping and aviation special-interests
Tax Break for Shipbuilders - $495 Million
Bonus depreciation of certain aircraft - $247 million over five years, mostly to Lear Jet and Cessna.
Fishing tackle boxes - $11 million for Plano Molding Co. of Illinois - a campaign contributer to House Speaker Dennis Hastert: Hypocritical Repug scum! Free enterprise my ass!
Repeal excise tax on sonar devices suitable for finding fish - $4 million: Oh yeah, here's a great idea - make it even easier to hunt overdepleted fishing stocks in America's waters! Have these bastards no shame? No ethical compass?
Special rules for livestock sold on account of weather-related conditions - $27 million - this provision provides tax-free treatment if farmers replace livestock because of drought, flood and other weather related conditions: Isn't that what insurance is for? Baring that - Federal disaster funds? Do they need special-interest market-distorting tax treatment too? Screw the corporate farmers - let them finance their own risk!
Deduction for the first $10,000 of qualified reforestation costs - $64 million: A giveaway to the timber industry. No surprise, really.
NASCAR track owner tax break - $101 million: Now I wonder whose vote Dubya is trying to buy here...
Attorney Fees Tax Break - $327 Million - This break establishes costs incurred as a result of attorney and court costs paid to prosecute a claim of unlawful discrimination as a tax deduction: Must have been a clever Dem wrangling to get that one in!
A Tax Credit for 50% for the maintenance of railway tracks - $501 million giveaway to the railroad industry: Sheesh! Rail-Barons are sooo 1880!
Suspension of the occupational taxes relating to distilled spirits, wine and beer - $234 million: That's right, Honorable Dumbasses - make booze cheaper for winos!
Limitation of Withholding on U.S.-Source Dividends Paid to Puerto Rico Corporation - $99 million - mostly helps Big Pharma: Guess what industry figured heavily in funding Dubya's campaign?
Alaska Pipeline -$150 million
Enhanced Oil Recovery Credit - $295 million
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