Matt Stoller from the Roosevelt Institute poked around in the legislation passed by Congress this week to avoid the fiscal cliff and found eight corporate subsidies lurking around in there that aren’t getting much attention.
The tax subsidies include tax breaks for building new racetracks, film productions, railroad maintenance and mine safety equipment.
There are $1.5 billion in tax credits for U.S. multinationals to cover income earned on companies they own abroad and another $9 billion in offshore financing loopholes for banks.
Stoller notes that corporate CEOs have publicly spoken out in favor of modest tax rate increases on the wealthy, but at the same time they’ve been lobbying to preserve about $205 billion in tax breaks, including the ones listed here. Doesn’t bode well for comprehensive tax reform.