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Tax the Rich to Pay for Big Business Tax Breaks

In a Washington Examiner “Beltway Confidential” column earlier this month, Tim Carney wrote that “Obama’s corporate tax breaks look bigger than his tax.” Carney began by writing:

“Senate Republican staffers familiar with the fiscal cliff negotiation told me that the White House insisted on sticking Max Baucus’s raft of tax-break extenders — HR 3521 — into the fiscal cliff legislation.

“My column listed who was lobbying for these tax breaks — the likes of General Electric, Goldman Sachs, Citigroup, the Motion Picture Association of America, and the Biotechnology Industry Organization of America. This tax-extenders package is clearly a gift to big business.”

Carney included the following chart in his column:

Veronique de Rugy, senior research fellow at George Mason University’s Mercatus Center, separately, writes that "much ado was made about taxing the rich" in the so-called fiscal cliff New Year's Day tax deal but "scant attention has been paid to other provisions in the fiscal cliff bill, namely large tax credits filling the pockets of big businesses and energy projects."

She also "modified Carney’s chart by “(u)sing data from the Congressional Budget Office and the White House, and says it “shows that the extension of business special-interest tax breaks is larger than the amount of money raised from increasing taxes on the rich.” Here's the chart:

de Rugy also includes a reference to a short piece she wrote in the National Review Onlin's blog, The Corner. We previously growled about the 'fiscal cliff' on January 5 and January 6, and in a short growl on January 8 we included a quote about taxing the rich.


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