80% of US households face "cliff deal" tax INCREASE

[DrLeftover]

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

http://www.bloomberg...households.html





Which is, of course, to pay for special favors such as;

The provision, under section 168(i)(15) of the federal tax code, allows speedways to write off their costs over seven years. Typically, such expensing occurs over a much longer period of time, from 15 to 39 years. The cost of the NASCAR tax credit to taxpayers has been estimated at some $40 million--over and above any tax incentives provided by state and local authorities.



Hollywood films also enjoy a tax incentive extension in the fiscal cliff deal. The 157-page bill may grow yet larger--and more lucrative for special interests--as the House adds amendments.

http://www.breitbart...SCAR-Tax-Credit





and

‘Fiscal Cliff’ Deal Also Doles Out Millions for Hollywood, Railroads, Rum Producers

http://abcnews.go.com/blogs/politic...llions-for-hollywood-railroads-rum-producers/

 

[wirelessguru1]

Well, someone has to pay for those Obama trips to Hawaii...