Fiscal crisis package loaded up with special-interest tax breaks
Fiscal Cliff,Washington DC,Banking And Finance,Economy And Jobs,Economic Policy
The last-minute deal Congress approved for the stated purpose of sparing the middle class from tax hikes was iced with a host of special-interest favors -- including tax breaks for Hollywood, Puerto Rico rum producers and the alternative energy industry.
All told, the more than 50 temporary tax breaks, extended for another year thanks to the fiscal crisis package, are worth about $76 billion.
Lawmakers, including those who approved the package earlier this week, are now lambasting the decision to load up the bill in the final hours with the tax break extensions.
"It's hard to think of anything that could feed the cynicism of the American people more than larding up must-pass emergency legislation with giveaways to special interests and campaign contributors," Sen. John McCain, R-Ariz., said in a statement.
Sen. Bob C
Related Coverage
AllSides Picks
Headline Roundup
Report Finds Traces of Military Insider Trading on Polymarket
August 24th, 2026
Red Blue Translator
Great Depression (The)
Headline Roundup
Americans Mourn the Death of Country Music Icon Dolly Parton
August 25th, 2026
Announcement
The AllSides Student Journalism Award Opens Sept. 1
AllSides Staff
August 24th, 2026