"Fiscal cliff" bill had some hidden pork

(CBS News) The "fiscal cliff" law passed so quickly, many in Congress never realized it was full of special interest tax breaks, one of which allows auto racetrack owners to speed up their tax deductions.

Another tax write off goes to Hollywood -- a $20 million break anytime a TV show or movie is shot in an economically depressed area of the United States.

There's a subsidy for rum made in Puerto Rico, a tax break if you train a mine rescue worker, and a tax credit for every kilowatt of electricity produced by wind.

All told, the fiscal cliff law designed to reduce the deficit, added $74 billion in spending through changes in the tax law.

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Republican Congressman Darrell Issa, who voted "no" on the bill, says many House members felt blindsided by tax breaks that were never publicly debated.

"Absolutely it is filled with pork," Issa said. "And it is pork particularly because they couldn't get these through any other way except by throwing them into a bill like this."

Supporters of the tax provisions say they will create jobs. Dan Houser of the International Speedway Corporation, the owner of NASCAR, says faster tax write-offs lead to more investment in tracks and stadiums.

"It's not a tax break. What it is doing is creating shovel-ready capital investment in communities that desperately need jobs," Houser said.

The issue with these middle-of-the-night tax breaks is that for many in Congress who had sworn off pork barrel spending, these represent a new level of pork.

Earmarks used to come from an individual member of congress, but tax code changes are more likely to come from lobbyists.

Tax reform over the long-term was supposed to be part of the "fiscal cliff" negotiations, but this bill complicates that. The idea behind the reform was that you lower rates for everyone but you pay for that by closing loopholes.

Last night, Congress just added $70 billion worth of new loopholes.

[fjr31]

Well I implore CBS to follow up on this issue of all the pork, or I will consider that CBS is also paid and bought off by politics.

This spending practice by our government is ethically and morally despicable. Fellow Americans, remember who you voted for, and start taking notes.. do not forget.

This sort of political tax hikes and spending increases are indeed the austerity measures taking place in Europe. Only the people can stop this now. Shame your elected officials and hold them accountable.

[jimmyv123]

WE NEED TERM LIMITS--------------ONE 6 YEAR TERM FOR THE SENATE, (3) 2 YEAR TERMS FOR THE HOUSE.

NO ONE CAN RUN FOR ANOTHER FEDERAL OFFICE FOR AT LEAST 6 YEARS.

NO PENSION EXCEPT A POSSIBLE 401 K-IF YOU ARE GOING TO BE A PUBLIC SERVANT, BE ONE. DON'T EXPECT A LIFETIME HANDOUT.

AND TO SOLVE OUR DEBT PROBLEM, EVERY DEPARTMENT, INCLUDING CONGRESS, REDUCE SPENDING BY 8-10 %

[BarbFromPA]

I have had enough of this crap. They all need to go,

[anntherese]

I don't see a problem with giving tax breaks to encourage film makers to shoot in depressed areas (that obviously need the money in their towns), nor with wind power subsidies, or training a mine rescue worker, etc. What is the big deal? Simply something for anti-Obama zealots to carp about. They found a way to criticize him for ordering Bin Laden taken down, they'll find a way to criticize him for EVERYTHING. GROW UP!

[diddy_back_again]

Yeah the Bin Laden take down. You forgot to mention that it would never had happened if the Marxist's policies were in place.

[jimmyv123]

What a stupid remark. What does this have to do with Bid Laden? Obama just happened to be president when Bid Laden was found. He had nothing to do with it.

You need to grow a brain.

[sshawsnow]

And this surprises us how?

[demiPublius]

"The idea behind the reform was that you lower rates for everyone but you pay for that by closing loopholes."

You seem to misunderstand the nature of taxes. You don't need to "pay" for a tax cut. It isn't the government's money in the first place.

Tax cuts SAVE money, save productivity, save capital -- tax cuts don't cost the people who earn the money anything. Only if you believe that all money is the government's, would you think that tax cuts need somehow to be "paid for."

You're on the wrong side of reality -- the government's side.

[Void-Master]

The House should never have passed the thing. Yeah, yeah, everyone's taxes would have gone up. Wait until next payday. You'll see that they're going up anyway.

[cab_351]

hmmmm,,it was congress that added 70 billion in new loopholes! and ill bet 90% of those are for millionaires

[washmohickory]

We need a balanced budget amendment. If we had that then we wouldn't be dealing with this.

[TheVarsityClub]

While congress is supposed to pass annual spending bills before the start of each fiscal year, it has failed to complete that process since 1996, resorting to stopgap funding ever since.

We have a self serving government that refuses to issue anything more than patch work results. They give the financial issue of the day a gimmicky name like "Fiscal Cliff", create a bunch of drama, and at the last minute put forth a patch that neither
solves the problem or places the governments budget on solid ground.

The debt ceiling will be next and that too will be drug out to the last minute based on one simple fact,.... It is hard to do patch work or stop gap measures six months in advance and expect the people to believe it's the best option available.

Ironically, our elected officials seem to have no problem and act swiftly when it come to giving Lockheed Martin 35 billion, investing on inside information, making sure their pensions are safe, and allocating foreign aid to countries that some have never heard of and may not even exist on a map.

Happy New Year!

[earlysaid]

I am glad the House GOP did something for the good of the country. They are useless otherwise and the republicans have done nothing at all but take time off more than any other Congress.

[jabberwolf]

The GOP has passed many Bills and Reid I think has broken the record for tabling the most Bills from congress. They have the majority but not the super majority to pass it without debate. Imagine that - Reid might actually have to show the public and debate on bills passed.