Infograph: A tough balancing act? – Tax Loopholes for Corporate Jets or Investments in Jobs and Education
Source: Center for American Progress
Amidst all the exhaustive and bitter political battles that rage day after day over the weak fiscal health of the nation, there are so many little things that slip away from the attention of tax paying public. And here is one such that I happened upon via twitter.
Guess what?
Just by eliminating a tax loophole that gives special treatment to corporate jets, for example—at a cost to taxpayers of $3.2 billion over 10 years – Congress could avert cuts that would cost thousands of jobs, hurt millions of disadvantaged students, and force hundreds of thousands of vulnerable families to lose critical nutrition and housing supports this year.
Information nuggets such as this make me wonder why our Politicians find it so difficult to act to avert painful cuts (in $$ that eventually affect middle and lower-income families) by taking a more balanced approach to deficit reduction. Corporations are people too? Not really (but the highest court in this land says otherwise). As CAP notes, “Unless Congress acts, on March 1 automatic and indiscriminate spending cuts will hit key programs, costing our economy more than 1 million jobs and cutting essential services for millions of low- and middle-income families.” That leaves me with this question: Will the politicians be rational for a change and do the right thing for the country? Or, will they continue to squabble and be addicted to doing their habitual partisan battles? Time will tell. Sigh!