Maybe We Need to Look at the $400 million in Tax Breaks NASCAR Gets

[tishaLA]

Four members of Florida’s congressional delegation have joined U.S. Rep. Vern Buchanan in supporting legislation that would give NASCAR racetracks tax breaks that could save them as much as $400 million in taxes.

Buchanan is the lead sponsor of the bill filed in the U.S. House Oct. 4 that would save the NASCAR track owners money by letting them write off deprecciation of their facilities more quickly. <...>

Buchanan’s bill — H.R. 3087, “Motorsports Fairness and Permanency Act of 201” — would allow tracks to re-invest tax savings in construction that could help put people to work, said Dan Houser, chief financial officer for the ISC, which owns 12 racetracks sanctioned by NASCAR, the governing body for stock car racing.

Budget hawks say the bill creates a tax loophole that subsidizes private business and would exacerbate the deficit.

Buchanan, a member of the powerful House Ways and Means Committee that oversees tax policy, filed the bill about three months after a campaign fundraiser at Daytona International Speedway that cost donors up to $25,000 to attend. Since the fundraiser, Buchanan has received at least $11,500 in campaign contributions from people connected to stock car racing, federal records show. <...> http://htpolitics.com/2011/10/24/four-other-members-of-florida-congressional-delegation-co-sponsor-nascar-tax-break-legislation/">HTPolitics

why fund those hateriots with special tax breaks if they're such lovers of laissez-faire capitalism?

[Old and In the Way]

1. Obviously, NASCAR is paying these politicians off.

How about everyone pay the established taxrates and cut out the loopholes?

[Major Nikon]

2. Wow! Buchanan figured out a way to simultaneously pander to his constituency and his pay masters

Were it not so transparent, it would be brilliant.

[Tx4obama]

3. LOL. I hope Michelle asks Barack to NOT sign the bill :)

Those NASCAR folks that boo'ed Our First Lady today are disgusting!

[mmonk]

4. New word! Hateriots.

[freshwest]

5. Meanwhile, the GOP stomped and screamed about middle class deductions in the tax code...

:argh:

[TheCowsCameHome]

6. Someone should teach them to make right-hand turns first.

[taterguy]

9. Watkins Glen, motherfucker, Watkins Glen

[femrap]

7. I do not get

NASCAR. Nor did I get golf. No tax breaks for either, please. And if you want to provide them, secede.

Do you know that NAS(TY)CAR is on RADIO????? I was listening to my local Rock 'n Roll channel and it was interrupted w/ NAS(TY)CAR.

Is there an explanation?

[Cid_B]

8. Yup...

That station decided that enough people wanted to hear it and they decided to play it.

You might not realize this but that station appeals to other folks as well.

[mopinko]

10. save the planet. kill nascar.

every time i watch that shit i think about repurposing that horsepower to plow and plant.
a huge cloud of greenhouse gases, and for what?

[_ed_]

11. So people can watch other people drive cars and make left turns

It couldn't possibly be more boring or pointless.

[MedicalAdmin]

12. It used to mean something...

Stock car racing used to mandate that all cars were made from stock parts ... basically speaking the same parts you could install on your car if you wanted to.

These days its all custom made and has nothing to do with the car companies and regular people. It's about as relevant as a wet turd on a wedding cake.