Hospitality and Gambling Interests Delay Closing of Billion-Dollar Tax Loophole

[OzmO]

http://mobile.nytimes.com/2015/12/21/us/politics/hospitality-and-gambling-interests-delay-closing-of-dollar1-billion-tax-loophole.html?emc=edit_dlbkam_20151221&nl=dealbook&nlid=67912285&ref=business&referer=&_r=2&utm_source=fark&utm_medium=website&utm_content=link

Hospitality and Gambling Interests Delay Closing of Billion-Dollar Tax Loophole

WASHINGTON — In the span of a mere 11 days this month, $1 billion in future federal tax payments vanished.

As congressional leaders were hastily braiding together a tax and spending bill of more than 2,000 pages, lobbyists swooped in to add 54 words that temporarily preserved a loophole sought by the hotel, restaurant and gambling industries, along with billionaire Wall Street investors, that allowed them to put real estate in trusts and avoid taxes.

They won support from the top Senate Democrat, Harry Reid of Nevada, who responded to appeals from executives of casino companies, politically powerful players and huge employers in his state. And the lobbyists even helped draft the crucial language.

The small changes, and the enormous windfall they generated, show the power of connected corporate lobbyists to alter a huge bill that is being put together with little time for lawmakers to consider. Throughout the legislation, there were thousands of other add-ons and hard to decipher tax changes.

[whork]

Disgusting.

[avxo]

Harry Reid is a piece of shit. I feel dirty that he's my Senator, and, despite my never having voted for him, unreservedly apologize that Nevadans keep electing him.

[whork]

Harry Reid is a piece of shit. I feel dirty that he's my Senator, and, despite my never having voted for him, unreservedly apologize that Nevadans keep electing him.

How does he appeal to the voters in Nevada?

My impression is that he is a senile corrupt old man.

[avxo]

How does he appeal to the voters in Nevada?

My impression is that he is a senile corrupt old man.

Well, he's entrenched: it's very hard to unseat an incumbent, and he has successfully made the argument that his seniority allows him to advance Nevada interests*. That, and it doesn't hurt when the Republicans keep running completely unelectable candidates like Sharron Angle.

Sadly, long after Harry's death, his corrupt influence will still be felt: his son Rory has tried to take over the "family business" and will, no doubt, continue to try to do so in the future.


* Harry has defined "Nevada's interests" to mean "NO TO YUCCA MOUNTAIN!" While I would rather not have mountains of nuclear waste close by, the fact is that Yucca Mountain was an ideal long-term storage location in addition to being an almost bottomless money pit with over ten billion dollars spent before the project was canceled!

[whork]

Well, he's entrenched: it's very hard to unseat an incumbent, and he has successfully made the argument that his seniority allows him to advance Nevada interests*. That, and it doesn't hurt when the Republicans keep running completely unelectable candidates like Sharron Angle.

Sadly, long after Harry's death, his corrupt influence will still be felt: his son Rory has tried to take over the "family business" and will, no doubt, continue to try to do so in the future.


* Harry has defined "Nevada's interests" to mean "NO TO YUCCA MOUNTAIN!" While I would rather not have mountains of nuclear waste close by, the fact is that Yucca Mountain was an ideal long-term storage location in addition to being an almost bottomless money pit with over ten billion dollars spent before the project was canceled!

Thanks.