Fiscal Cronyism
I idea of a overnice affair to state virtually the "fiscal cliff" outcome. At to the lowest degree the taxation rates are "permanent." We volition live spared the annual last-minute crisis when the "Bush taxation cuts expire." Further taxation increases volition accept a novel initiative, non a scheduled cliff.
The exact contrary happened on the special-deal side: all the "temporary" exceptional deals got extended for a year, a recipe to state lobbyists they'd improve remain on Congress' in addition to the Administration's proficient side through adjacent year, in addition to a lovely mode for long-run budget numbers non to reverberate actual spending.
Daniel Henninger's splendid Wall Street Journal column covered this expression well:
Inspired, I went dorsum to the bill's summary at senate.gov. In add-on to a lovely total listing of goodies, notice how much of the dorsum terminate of the neb involves wellness care. Look for a lot to a greater extent than of this inwards the future.
And recollect -- this alone addresses the corporate welfare that was scheduled to terminate December 31. The residuum of the iceberg swims on.
Herewith, the summary of the "American Taxpayer Relief Act of 2012," dedicated to the charming commenters on my terminal post service who don't intend in that location are whatsoever clever deals for good connected wealthy people to avoid taxation. (I incorrectly said "loopholes" inwards the master copy post, a pitiful alternative of words corrected past times comments.) There's no demand for commentary, exactly read it.
(Updates: After reading Mark Steyn on the same topic, I intend I'll exactly larn dorsum to writing equations. More seriously, my boy asked me this morning, "So, dad, is it a proficient affair they stopped us from going over the financial cliff or not?" Now I'm non then sure. OK, "middle class" people would own got gone dorsum to the income taxes they paid inwards the 1990s. But every bit liberals similar to remind us, those weren't then bad. But all of these shenanigans would own got been set to rest.)
SECTION 1. SHORT TITLE, ETC.
Sec. 1. Short title, etc.
Sec. 101. Permanent extension in addition to alteration of 2001 taxation relief.
Sec. 102. Permanent extension in addition to alteration of 2003 taxation relief.
Sec. 103. Extension of 2009 taxation relief.
Sec. 104. Permanent alternative minimum taxation relief.
Sec. 201. Extension of deduction for for sure expenses of simple in addition to secondary schoolhouse teachers.
Sec. 202. Extension of exclusion from gross income of discharge of qualified principal residence indebtedness.
Sec. 203. Extension of parity for exclusion from income for employer-provided majority transit in addition to parking benefits.
Sec. 204. Extension of mortgage insurance premiums treated every bit qualified residence interest.
Sec. 205. Extension of deduction of State in addition to local full general sales taxes.
Sec. 206. Extension of exceptional dominion for contributions of uppercase gain existent holding made for conservation purposes.
Sec. 207. Extension of above-the-line deduction for qualified tuition in addition to related expenses.
Sec. 208. Extension of tax-free distributions from private retirement plans for charitable purposes.
Sec. 301. Extension in addition to alteration of query credit.
Sec. 302. Extension of temporary minimum low-income taxation credit charge per unit of measurement for non-federally subsidized novel buildings.
Sec. 304. Extension of Indian occupation taxation credit.
Sec. 305. Extension of novel markets taxation credit.
Sec. 306. Extension of railroad rails maintenance credit.
Sec. 307. Extension of mine rescue squad grooming credit.
Sec. 308. Extension of employer wage credit for employees who are active duty members of the uniformed services.
Sec. 309. Extension of operate chance taxation credit.
Sec. 310. Extension of qualified zone university bonds.
Sec. 312. Extension of 7-year recovery menstruum for motorsports amusement complexes.
Sec. 313. Extension of accelerated depreciation for describe concern holding on an Indian reservation.
Sec. 314. Extension of enhanced charitable deduction for contributions of nutrient inventory.
Sec. 315. Extension of increased expensing limitations in addition to handling of for sure existent holding every bit department 179 property.
Sec. 316. Extension of election to expense mine security equipment.
Sec. 317. Extension of exceptional expensing rules for for sure celluloid in addition to tv set productions.
Sec. 319. Extension of alteration of taxation handling of for sure payments to controlling exempt organizations.
Sec. 320. Extension of handling of for sure dividends of regulated investment companies.
Sec. 321. Extension of RIC qualified investment entity handling nether FIRPTA.
Sec. 322. Extension of subpart F exception for active financing income.
Sec. 324. Extension of temporary exclusion of 100 per centum of gain on for sure pocket-size describe concern stock.
Sec. 325. Extension of footing adjustment to stock of southward corporations making charitable contributions of property.
Sec. 326. Extension of reduction inwards S-corporation recognition menstruum for built-in gains tax.
Sec. 327. Extension of empowerment zone taxation incentives.
Sec. 328. Extension of tax-exempt financing for New York Liberty Zone.
Sec. 329. Extension of temporary increment inwards bound on embrace over of rum excise taxes to Puerto Rico in addition to the Virgin Islands.
Sec. 330. Modification in addition to extension of American Samoa economical evolution credit.
Sec. 331. Extension in addition to alteration of bonus depreciation.
Sec. 401. Extension of credit for energy-efficient existing homes.
Sec. 402. Extension of credit for alternative fuel vehicle refueling property.
Sec. 403. Extension of credit for 2- or 3-wheeled plug-in electrical vehicles.
Sec. 404. Extension in addition to alteration of cellulosic biofuel producer credit.
Sec. 405. Extension of incentives for biodiesel in addition to renewable diesel.
Sec. 406. Extension of production credit for Indian coal facilities placed inwards service earlier 2009.
Sec. 407. Extension in addition to alteration of credits amongst honour to facilities producing disclose energy from for sure renewable resources.
Sec. 408. Extension of credit for energy-efficient novel homes.
Sec. 409. Extension of credit for energy-efficient appliances.
Sec. 410. Extension in addition to alteration of exceptional allowance for cellulosic biofuel found property.
Sec. 412. Extension of alternative fuels excise taxation credits.
Sec. 501. Extension of emergency unemployment compensation program.
Sec. 502. Temporary extension of extended exercise goodness provisions.
Sec. 503. Extension of funding for reemployment services in addition to reemployment in addition to eligibility assessment activities.
Sec. 504. Additional extended unemployment benefits nether the Railroad Unemployment Insurance Act.
Sec. 601. Medicare physician payment update.
Sec. 602. Work geographic adjustment.
Sec. 603. Payment for outpatient therapy services.
Sec. 604. Ambulance add-on payments.
Sec. 605. Extension of Medicare inpatient infirmary payment adjustment for low-volume hospitals.
Sec. 606. Extension of the Medicare-dependent infirmary (MDH) program.
Sec. 607. Extension for specialized Medicare Advantage plans for exceptional needs individuals.
Sec. 608. Extension of Medicare reasonable cost contracts.
Sec. 609. Performance improvement.
Sec. 610. Extension of funding outreach in addition to assistance for low-income programs.
Sec. 621. Extension of the qualifying private (QI) program.
Sec. 622. Extension of Transitional Medical Assistance (TMA).
Sec. 623. Extension of Medicaid in addition to CHIP Express Lane option.
Sec. 624. Extension of family-to-family wellness data centers.
Sec. 625. Extension of Special Diabetes Program for Type I diabetes in addition to for Indians.
Sec. 631. IPPS documentation in addition to coding adjustment for implementation of MS-DRGs.
Sec. 632. Revisions to the Medicare ESRD bundled payment scheme to reverberate findings inwards the GAO report.
Sec. 633. Treatment of multiple service payment policies for therapy services.
Sec. 635. Adjustment of equipment utilization charge per unit of measurement for advanced imaging services.
Sec. 636. Medicare payment of competitive prices for diabetic supplies in addition to elimination of overpayment for diabetic supplies.
Sec. 637. Medicare payment adjustment for non-emergency ambulance transports for ESRD beneficiaries.
Sec. 638. Removing obstacles to collection of overpayments.
Sec. 639. Medicare payoff coding intensity adjustment.
Sec. 640. Elimination of all funding for the Medicare Improvement Fund.
Sec. 641. Rebasing of State DSH allotments.
Sec. 642. Repeal of CLASS program.
Sec. 643. Commission on Long-Term Care.
Sec. 644. Consumer Operated in addition to Oriented Plan computer programme contingency fund.
Sec. 701. 1-year extension of agricultural programs.
Sec. 702. Supplemental agricultural disaster assistance.
Sec. 801. Strategic delivery systems.
Sec. 802. No cost of living adjustment inwards pay of members of congress.
Sec. 901. Treatment of sequester.
Sec. 902. Amounts inwards applicable retirement plans may live transferred to designated Roth accounts without distribution.
Sec. 911. Budgetary effects.
The exact contrary happened on the special-deal side: all the "temporary" exceptional deals got extended for a year, a recipe to state lobbyists they'd improve remain on Congress' in addition to the Administration's proficient side through adjacent year, in addition to a lovely mode for long-run budget numbers non to reverberate actual spending.
Daniel Henninger's splendid Wall Street Journal column covered this expression well:
The department titled "Business Tax Extenders" gets ink because it is then ripe for "Daily Show" ridicule.
Jon Stewart only has to read the text: "Credits for for sure expenditures for maintaining railroad tracks." Influenza A virus subtype H5N1 "seven-year recovery menstruum for motorsports amusement complexes." "RIC qualified investment entity handling nether FIRPTA." Hollywood tin expense $20 1 M one thousand of production costs "incurred inwards economically depressed areas of the U.S.," which must hateful most of Manhattan is an "economically depressed area." I've got to arrive on this. How virtually an disclose energy taxation credit for walking to work?
Reading through the list, you lot experience similar a sap...a rational working strong would throw over his nine to nine slog to endeavour this: "Facilities that create electricity from wind, closed-loop biomass, open-loop biomass, geothermal, pocket-size irrigation, hydropower, landfill gas, waste-to-energy, in addition to marine renewable facilities are eligible for a production taxation credit."
The "We're Green!" advertising slathered everywhere past times appliance makers in addition to storey developers is built on taxation breaks dug out of the full general fund: There's a $650 1 M one thousand credit for makers of clothes washers, dishwashers in addition to refrigerators.
... Some $30 billion to extend unemployment insurance,... Dependent-care credits, adoption credits, credits for tuition in addition to tuition interest, schoolhouse structure bonds, a "third child" credit and—why not?—a credit for plug-in electrical motorcycles.
....The bill's "Medicare extensions" output novel coin for "work geographic adjustments," "super-rural" ambulance services, "low-volume" hospitals, in addition to entities engaged inwards "certain activities relating to health-care performance."
Inspired, I went dorsum to the bill's summary at senate.gov. In add-on to a lovely total listing of goodies, notice how much of the dorsum terminate of the neb involves wellness care. Look for a lot to a greater extent than of this inwards the future.
And recollect -- this alone addresses the corporate welfare that was scheduled to terminate December 31. The residuum of the iceberg swims on.
Herewith, the summary of the "American Taxpayer Relief Act of 2012," dedicated to the charming commenters on my terminal post service who don't intend in that location are whatsoever clever deals for good connected wealthy people to avoid taxation. (I incorrectly said "loopholes" inwards the master copy post, a pitiful alternative of words corrected past times comments.) There's no demand for commentary, exactly read it.
(Updates: After reading Mark Steyn on the same topic, I intend I'll exactly larn dorsum to writing equations. More seriously, my boy asked me this morning, "So, dad, is it a proficient affair they stopped us from going over the financial cliff or not?" Now I'm non then sure. OK, "middle class" people would own got gone dorsum to the income taxes they paid inwards the 1990s. But every bit liberals similar to remind us, those weren't then bad. But all of these shenanigans would own got been set to rest.)
SECTION 1. SHORT TITLE, ETC.
Sec. 1. Short title, etc.
Sec. 101. Permanent extension in addition to alteration of 2001 taxation relief.
Sec. 102. Permanent extension in addition to alteration of 2003 taxation relief.
Sec. 103. Extension of 2009 taxation relief.
Sec. 104. Permanent alternative minimum taxation relief.
Sec. 201. Extension of deduction for for sure expenses of simple in addition to secondary schoolhouse teachers.
Sec. 202. Extension of exclusion from gross income of discharge of qualified principal residence indebtedness.
Sec. 203. Extension of parity for exclusion from income for employer-provided majority transit in addition to parking benefits.
Sec. 204. Extension of mortgage insurance premiums treated every bit qualified residence interest.
Sec. 205. Extension of deduction of State in addition to local full general sales taxes.
Sec. 206. Extension of exceptional dominion for contributions of uppercase gain existent holding made for conservation purposes.
Sec. 207. Extension of above-the-line deduction for qualified tuition in addition to related expenses.
Sec. 208. Extension of tax-free distributions from private retirement plans for charitable purposes.
Sec. 301. Extension in addition to alteration of query credit.
Sec. 302. Extension of temporary minimum low-income taxation credit charge per unit of measurement for non-federally subsidized novel buildings.
Sec. 304. Extension of Indian occupation taxation credit.
Sec. 305. Extension of novel markets taxation credit.
Sec. 306. Extension of railroad rails maintenance credit.
Sec. 307. Extension of mine rescue squad grooming credit.
Sec. 308. Extension of employer wage credit for employees who are active duty members of the uniformed services.
Sec. 309. Extension of operate chance taxation credit.
Sec. 310. Extension of qualified zone university bonds.
Sec. 312. Extension of 7-year recovery menstruum for motorsports amusement complexes.
Sec. 313. Extension of accelerated depreciation for describe concern holding on an Indian reservation.
Sec. 314. Extension of enhanced charitable deduction for contributions of nutrient inventory.
Sec. 315. Extension of increased expensing limitations in addition to handling of for sure existent holding every bit department 179 property.
Sec. 316. Extension of election to expense mine security equipment.
Sec. 317. Extension of exceptional expensing rules for for sure celluloid in addition to tv set productions.
Sec. 319. Extension of alteration of taxation handling of for sure payments to controlling exempt organizations.
Sec. 320. Extension of handling of for sure dividends of regulated investment companies.
Sec. 321. Extension of RIC qualified investment entity handling nether FIRPTA.
Sec. 322. Extension of subpart F exception for active financing income.
Sec. 324. Extension of temporary exclusion of 100 per centum of gain on for sure pocket-size describe concern stock.
Sec. 325. Extension of footing adjustment to stock of southward corporations making charitable contributions of property.
Sec. 326. Extension of reduction inwards S-corporation recognition menstruum for built-in gains tax.
Sec. 327. Extension of empowerment zone taxation incentives.
Sec. 328. Extension of tax-exempt financing for New York Liberty Zone.
Sec. 329. Extension of temporary increment inwards bound on embrace over of rum excise taxes to Puerto Rico in addition to the Virgin Islands.
Sec. 330. Modification in addition to extension of American Samoa economical evolution credit.
Sec. 331. Extension in addition to alteration of bonus depreciation.
Sec. 401. Extension of credit for energy-efficient existing homes.
Sec. 402. Extension of credit for alternative fuel vehicle refueling property.
Sec. 403. Extension of credit for 2- or 3-wheeled plug-in electrical vehicles.
Sec. 404. Extension in addition to alteration of cellulosic biofuel producer credit.
Sec. 405. Extension of incentives for biodiesel in addition to renewable diesel.
Sec. 406. Extension of production credit for Indian coal facilities placed inwards service earlier 2009.
Sec. 407. Extension in addition to alteration of credits amongst honour to facilities producing disclose energy from for sure renewable resources.
Sec. 408. Extension of credit for energy-efficient novel homes.
Sec. 409. Extension of credit for energy-efficient appliances.
Sec. 410. Extension in addition to alteration of exceptional allowance for cellulosic biofuel found property.
Sec. 412. Extension of alternative fuels excise taxation credits.
Sec. 501. Extension of emergency unemployment compensation program.
Sec. 502. Temporary extension of extended exercise goodness provisions.
Sec. 503. Extension of funding for reemployment services in addition to reemployment in addition to eligibility assessment activities.
Sec. 504. Additional extended unemployment benefits nether the Railroad Unemployment Insurance Act.
Sec. 601. Medicare physician payment update.
Sec. 602. Work geographic adjustment.
Sec. 603. Payment for outpatient therapy services.
Sec. 604. Ambulance add-on payments.
Sec. 605. Extension of Medicare inpatient infirmary payment adjustment for low-volume hospitals.
Sec. 606. Extension of the Medicare-dependent infirmary (MDH) program.
Sec. 607. Extension for specialized Medicare Advantage plans for exceptional needs individuals.
Sec. 608. Extension of Medicare reasonable cost contracts.
Sec. 609. Performance improvement.
Sec. 610. Extension of funding outreach in addition to assistance for low-income programs.
Sec. 621. Extension of the qualifying private (QI) program.
Sec. 622. Extension of Transitional Medical Assistance (TMA).
Sec. 623. Extension of Medicaid in addition to CHIP Express Lane option.
Sec. 624. Extension of family-to-family wellness data centers.
Sec. 625. Extension of Special Diabetes Program for Type I diabetes in addition to for Indians.
Sec. 631. IPPS documentation in addition to coding adjustment for implementation of MS-DRGs.
Sec. 632. Revisions to the Medicare ESRD bundled payment scheme to reverberate findings inwards the GAO report.
Sec. 633. Treatment of multiple service payment policies for therapy services.
Sec. 635. Adjustment of equipment utilization charge per unit of measurement for advanced imaging services.
Sec. 636. Medicare payment of competitive prices for diabetic supplies in addition to elimination of overpayment for diabetic supplies.
Sec. 637. Medicare payment adjustment for non-emergency ambulance transports for ESRD beneficiaries.
Sec. 638. Removing obstacles to collection of overpayments.
Sec. 639. Medicare payoff coding intensity adjustment.
Sec. 640. Elimination of all funding for the Medicare Improvement Fund.
Sec. 641. Rebasing of State DSH allotments.
Sec. 642. Repeal of CLASS program.
Sec. 643. Commission on Long-Term Care.
Sec. 644. Consumer Operated in addition to Oriented Plan computer programme contingency fund.
Sec. 701. 1-year extension of agricultural programs.
Sec. 702. Supplemental agricultural disaster assistance.
Sec. 801. Strategic delivery systems.
Sec. 802. No cost of living adjustment inwards pay of members of congress.
Sec. 901. Treatment of sequester.
Sec. 902. Amounts inwards applicable retirement plans may live transferred to designated Roth accounts without distribution.
Sec. 911. Budgetary effects.
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