SIGN UP FOR THE BREITBART EMAIL NEWSLETTER

Insight: In 'Fiscal Cliff' Bill, White House Key to Corporate Tax Breaks

Insight: In 'Fiscal Cliff' Bill, White House Key to Corporate Tax Breaks

WASHINGTON (Reuters) – As the Congress rushed last week to approve a “fiscal cliff” tax bill that raised income taxes on the wealthy, Washington lobbyists were fretting over a drama that was playing out within the negotiations: whether the bill would include about $64 billion in tax breaks for businesses.

The bill extended several tax breaks backed by both parties, including $14.3 billion in credits for research and development projects for thousands of U.S. businesses. But it also had other provisions – breaks for companies involved in wind energy, auto racing, rum, Hollywood films and much more.

In the end, the bill approved by Congress and signed into law by President Barack Obama included all of those things, thanks partly to the White House’s interest in promoting wind and other alternative sources of energy, and in subsidizing research and development costs for companies.

Read the rest of the story at Reuters.com.

P.S. DO YOU WANT MORE ARTICLES
LIKE THIS ONE DELIVERED RIGHT TO YOUR INBOX?
SIGN UP FOR THE DAILY BREITBART NEWSLETTER.


Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.

SIGN UP FOR THE OFFICIAL
BREITBART EMAIL NEWSLETTER

GET TODAY'S TOP NEWS DELIVERED RIGHT TO YOUR INBOX

I don't want to get today's top news.

x