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10 weirdest parts of the ‘fiscal cliff’ bill

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By now, we’ve heard all about the big stuff in the fiscal cliff bill that finally passed on Tuesday. The Bush tax cuts will become permanent for all individual income below $400,000 (and family income below $450,000). The sequester spending cuts will be delayed two months. And so on.

But Congress also managed to include all sorts of corporate tax breaks and other arcane provisions into the final bill, covering everything from electric scooters to NASCAR racetracks to taking the subway to work. Most of these tax breaks were already longstanding provisions — Congress has been working to renew them all year. They’re just being extended again for another year (or sometimes two), at a total cost of roughly $77 billion.

So let’s take a look at 10 of the more curious tax provisions in the fiscal cliff bill—it offers some insight into how messy the tax code is, and will continue to be for another year. (You can find the full text of the cliff bill here, with the individual tax extenders in Title II and the corporate tax extenders in Title III.)

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I don't want my tax dollars supporting NASCAR!

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I don't want my tax dollars supporting NASCAR!

I don't want to have to pay for my annual bottle of rum if they get so much tax money!

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Oh God, we really need nascar tracks and rum.

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I don't want to have to pay for my annual bottle of rum if they get so much tax money!

There's other rum. :P

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NASCAR tracks and rum? Is it time for the Hasina family reunion already?

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This is exactly why I'm more and more convinced that our fiscal problems cannot be solved by elected representatives beholden to their constituents and special lobbying interests. My feeling is that we need to essentially place the US in receivership for a set period of time and let a Bain Capital like group come in and fix everything.

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This is exactly why I'm more and more convinced that our fiscal problems cannot be solved by elected representatives beholden to their constituents and special lobbying interests. My feeling is that we need to essentially place the US in receivership for a set period of time and let a Bain Capital like group come in and fix everything.

Make the goat chief gardener? Fantastic plan!

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Posted (edited)

I noticed that social security is going up 2% for everyone who actually works for a living. Fun times, seeing as how most of us will never have social security.

So, that's about -$20 to $50 per check. People are going to be shocked when they get their first paycheck of the new year.

Edited by WoIverine

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My feeling is that we need to essentially place the US in receivership

That would mean that you recognize some foreign authority over the US government.

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seeing as how most of us will never have social security.

The payroll tax holiday was always a temporary thing. What did you do with the extra money over the past year?

Social security is not broke and your above statement is simply wrong.

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The payroll tax holiday was always a temporary thing. What did you do with the extra money over the past year?

Social security is not broke and your above statement is simply wrong.

What did I do with the extra money over the past year? Well, generally one needs to pay bills to survive, unless you're permanently on the government's dole.

Edited by WoIverine
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I noticed that social security is going up 2% for everyone who actually works for a living. Fun times, seeing as how most of us will never have social security.

So, that's about -$20 to $50 per check. People are going to be shocked when they get their first paycheck of the new year.

here's a link for everyone SSA is not updated yet but it gives you the idea of things.

http://www.ssa.gov/pressoffice/factsheets/colafacts2012.htm

They'd could have a lot more to spend if they raised the cap on the wealthiest of wage earners maybe even at a lesser percentage at the higher ends of earned income. They could tax lower income earners a lower percentage of income. Social security would be much more funded. Most of us have to pay the tax on every dime we make but not them. Since none of us are really going to collect what we put into the system, I don't think that would be too unfair to ask from the higher wage earners!

I was one of them before, but now since I'm under employeed and spouse's unemployment ran out years ago and I'm the only wage earner in the house, my net is now $400 more than the couples on SSI but we don't get any breaks like SNAP, housing, utility or medical perks because my gross is still too high to get any breaks on anything, so they actually net more cash! Years of spending down savings and retirement funds to survive has been an experience.

They also need more ways to clean up fraud like people earning money under the table but still collecting benefits. Lots of ways to protect the benefits for those who need it, if they only would do it!

People like you and me pay the same social security rate as the ones still gainfully employed! System stinks but I really don't want to see the people who really need SSA benefits deprived of their only income in the future.

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Both partys are bought and paid for by the same private interest. This fiscal cliff fiasco is nothing but BS but served the two party system perfectly.

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There wasn't even such a thing as a fiscal cliff,until they made it up ,to they could snow job us some more .

No surprise about weird issues there in. They're making it up as they go . duh

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Good thing I drink Vodka and not Rum.

But seriously, NASCAR and Hollywood? Can someone please explain to me why our tax dollars should go to either? If a movie can't be funded, it most likely shouldn't be made, because it will most likely suck. And I have no idea what people get out of watching cars drive very fast in an oval....

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Good thing I drink Vodka and not Rum.

But seriously, NASCAR and Hollywood? Can someone please explain to me why our tax dollars should go to either? If a movie can't be funded, it most likely shouldn't be made, because it will most likely suck. And I have no idea what people get out of watching cars drive very fast in an oval....

Couldn't agree more, our government has forgotten what fiscal responsibility is.

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The important thing for them to do right now is to look like they are doing something, without actualy doing anything at all. This will keep the majority quite, while still being able to intentionaly destroy the economy.

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The Nascar thing is just ridiculously blatant. If the uninformed don't begin to ask what is up, we've reached the point of no return. The Nascar thing was on MSN's homepage, a large portion of the population had to at least see that.

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This country is going to continue to go downhill until someone steps in and forces a sanity check.

No more subsidies! All companied need to stand on their own two feet or fold. period!

No more federal grants to corporations and schools. Tuition is high enough, let the schools cut the Deans paycheck a bit and fund their own studies.

No more sending taxpayer money back to reps home states. - The Pork spending must stop!

No more Lobbyists! - Our officials should not "Owe" any special interest group anything.

Flat tax across the board - No more 47% of Americans paying ZERO taxes and a large number of them actually get money back at the end of the year that they didnt even pay in. (EIC)

EVERYONE needs to contribute, If youre only making 10 grand a year and unhappy about it, get an education and get a better job.

I have no problem paying a bit more in taxes if the Government can show me in the budget where its cash strapped and why it cant meet its obligations.

But WE HAVENT HAD A BUDGET IN FOUR FLIPPING YEARS!!!!!!

This administaration is a complete joke, we are currently spending countless hours trying to figure out how to ban guns and worrying about 30 round clips instead of trying to fix the nation.

Anyone look at the Sandy Relief Bill? Congress wrote in so much pork its sickening and the American Public cant figure out why a person would vote no on the bill.

It has Tsunami clean up money for the West Coast for crying out loud. - Is there any bill in Congress capable of passing on its own merits?

Everyone looks at the GOP in Congress and cries that they are "Obstructionists"; They vote the way they do to try to save the country from going deeper in debt!

None of this truly surprises me, and nothing i listed above will be fixed by this group except the ban on weapons and why should they care?

53% of Amerika just voted to keep the same nanny state officials in place for four more years. - You reap what you sow.

I sleep well at night knowing i didnt vote for the Spender in Chief. - Enjoy paying for your "Freebies"

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The Nascar thing is just ridiculously blatant. If the uninformed don't begin to ask what is up, we've reached the point of no return. The Nascar thing was on MSN's homepage, a large portion of the population had to at least see that.

Spot on.

But all you will hear is how its such a small insignificant amount. No one will ever stop and realize how many other ridiculous subsidies are out there and that they add up.

I love Nascar, i also believe they need to pay their own way or find a way to cut cost. The taxpayer should not be funding any corporation at all period.

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Couldn't agree more, our government has forgotten what fiscal responsibility is.

When Obama was first elected my first thought was that the economy would at least get better because the Dems have historically been good at closing the gaps.

I had no idea what was to come.

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Look at how much it costs each year for the Govt to pretend that Indian reservations are sovereign nations. - Maybe after 200 years its time to just all be Americans.

Look at all the energy credits and tax breaks for "Alternative" energy. - Maybe the government should just let them produce what they can without the subsidies - Something seriously wrong with subsidizing wind energy for the past 25 years and today it only accounts for approx 3% of our energy.

We waste money at every turn just to send money back to corporations that paid for a persons campaign.

Imagine how awesome it would be to have a politician actually stand up and represent the people. (I know, i have a good imagination)

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What did I do with the extra money over the past year? Well, generally one needs to pay bills to survive, unless you're permanently on the government's dole.

I guess the point that many are missing is that the payroll tax holiday was TEMPORARY in the first place. It lasted two years. And was to help stimulate the economy. Tax are not going up per se, they are going back to what they were before that law was passed. The sky is not falling.

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I guess the point that many are missing is that the payroll tax holiday was TEMPORARY in the first place. It lasted two years. And was to help stimulate the economy. Tax are not going up per se, they are going back to what they were before that law was passed. The sky is not falling.

I agree with the temporary view. What most people don't seem to comprehend is the economic sky of stability fell decades ago and was masked by Greenspan with artificially created bubbles of wealth and politics that would eventually start to burst! About the same thing happened when savings and loans failed in the late 70's and then the huge banks took their tactics and de regulation to a much higher level manipulating securities, derivatives, designer loans, mortgages and backing most of it by government guarantees. It was a strategic plan more fine tuned. So we the people pay it back in taxes or lose in the "safe" investments.

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