• Wed, Jan 2 2013

6 Things You Won’t Believe That Are In The Fiscal Cliff Bill That The Senate Passed At 2 AM While Most Americans Were Drunk

On January 1, just before 2 AM, the Senate overwhelmingly agreed to pass a bill that will avert the Fiscal Cliff. The House approved it later that night.

The bill is pretty straightforward. Income tax rates will only rise on those making over $400K (liberals wanted $250K, GOP wanted no taxes to rise). Spending cuts will be delayed for 2 months to give the sides more time to address them.

So why is the bill 157-pages long?

Because when Washington does business and passes a huge bill, there are all kinds of little other pre-existing tax things most Americans have never heard of, but which needed to be extended, that also get into the bill. It’s just how it works.

1. There’s a provision extending a tax policy related to Puerto Rican rum.

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2. And a tax credit for 2- and 3-wheel electric vehicles.

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3. Something having to do with Diesel Fuel:

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4. An extension of some special rules for the film and television business.

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5. A gift to the car-racing world.

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6. Help to asparagus farmers.

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To finish this post, head on over to Business Insider.
To finish this post, head on over to Business Insider.

 

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