Special Friends Get Special Breaks (Repost)
All in the name of bread and circuses I suppose:
National Journal reported this week that the Senate’s economic stimulus bill includes a provision that would make Hollywood studios eligible for a special 50% write-off of equipment purchases. According to the report, “the provision is backed by firms like the Walt Disney Co., and the industry trade group the Motion Picture Association of America.”
About those “special interests” which “control Washington” and the promise of “no more!”
So let’s see: Democrats object to cutting the U.S. 35% corporate tax rate — which is higher than in all of Europe, undermines economic growth and discourages job creation — for all companies on grounds that it favors the rich and powerful. But Democrats will carve out tax loopholes for businesses they like and that write them campaign checks.
Hope and change.