Peter Schweizer: Congress Using Tax Code to Milk Industries
Appearing on Fox News' Hannity with guest-host Eric Bolling, Breitbart News Senior Editor-at-Large and Government Accountability Institute President Peter Schweizer said Washington's politicians are finding more creative ways to use the tax code to milk various industries to their benefit.
Bolling noted that 55 new laws will bring in an estimated $54 billion in tax increases in 2014. Schweizer emphasized that Congress always finds a way to use creative accounting to get around the Congressional Budget Office and various "pay-as-you-go" requirements.
Schweizer, regarded as the leading authority on crony capitalism in the country, said that the myriad of new laws represent a "classic" case of "what happens in Washington, D.C." He noted that politicians "are not going to do this without getting paid to do this."
He also said that politicians want to put in tax extenders and not make various tax cuts permanent because they "want to turn it into an annuity" so they can get industries like the high-tech industry to "give them donations" and "hire family members as lobbyists."
Schweizer said Washington's standard operating procedure is "destructive for the economy," but it is "great for the political class in Washington, D.C."
"Lobbyists don't get hired if problems are solved," Schweizer said.
As Breitbart News has reported, Schweizer's best-selling book, Extortion, details some of the shenanigans that go on in Washington:
- How Democratic Congresswoman Grace Napolitano (D-CA) funneled at least $294,245 in campaign cash to herself by loaning her campaign money in 1998 at a staggering 18% interest rate and then letting the loan linger unpaid for 20 years
- Has republished top secret "price lists," known officially as "party dues," that include the donation totals members of Congress must raise to land top committee spots and chairmanships
- How leadership PAC loopholes allow members of Congress to convert campaign cash into lavish lifestyle upgrades for themselves and their family members
- Alleged that Speaker John Boehner (R-OH) bagged over $200,000 in donations from executives and companies prior to holding votes on three bills of critical importance to their industries
- How President Barack Obama used a political extortion tactic known as a "double milker bill" to "milk" millions in donations by pitting Obama's friends in Hollywood against his supporters in Silicon Valley to extract cash from both.