Politicians are the worst people on this planet, so it shouldn’t have surprised people this morning when news leaked of the sordid inclusions in the fiscal cliff deal, from a heavier rum tax on Puerto Rico to financing Goldman Sachs’ new headquarters. Good, those guys needed a break. But also included is the so-called “NASCAR loophole”, which has a lot of people really pissed off right now.
However, it’s not like the government is just giving a ton of our hard-earned cash to the good ol’ boys who spend their days turning left. It’s much sneakier and more complex than that. Basically, it’s a nice, big tax break for the billionaires behind the International Speedway Corporation, and most notably the France family. So what, then, does this loophole give them?
The so-called NASCAR loophole allows anyone who builds a racetrack to receive a small tax benefit through accelerated depreciation. This tax break cost roughly $43 million the past two years and will get extended for another year. Sounds tawdry, right? And yet, supporters claim the break is necessary so that NASCAR can compete on a level playing field with other theme parks. Looks like they got their wish. (Via Washington Post)
Now I’m no fancy, big city slicker lawyer type with a degree in smartness, but I’ve read enough USA Today pie charts in my day to know that this isn’t much of a surprise. Look, millionaires and billionaires get all the breaks. We’ve just got to learn to live with that. I mean, take Miami Marlins owner Jeffrey Loria, for example. He fleeced an entire major city government into funding his ridiculous, giant new stadium, and he did it all on the paper wings of a promise that he was committed to building a contender. Classic rich dude crapping on our dreams scenario.
Instead of Loria, though, it’s just NASCAR and International Speedway executives who get to act out the “We need these tax breaks to build new tracks and fix the old ones so we can create jobs because America!” routine. But this is all unfair speculation and the biased ramblings of a lower class American just trying to get his next meal. Let’s see what the NASCAR fatcats have to say in response…
Oh you smarmy bastard.