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December 04, 2014 at 04:25 PM
Just in time for the holiday season, the House pulled together on Wednesday night to revive dozens of tax breaks for individuals and businesses. You can see all of them if you have the time and wherewithal to plow through the 123-page bill. Or you can just take our word for it that these are the five most noteworthy items in the very long list.
1. The tuna tax holiday in American Samoa
Despite its vague name, this one “benefits StarKist, which is the largest private employer in the South Pacific island chain, with nearly 2,000 workers there,” the New York Times reported.
2. Captain Morgan’s Friendship Money
Back in 1917, the U.S. started heavily taxing rum so that it could send the cash back to the Virgin Islands and Puerto Rico, according to Politico. Why? So the islands could invest in more industry and improve their economy. Now it needs to be renewed with the rest of these “tax extenders” every year.
3. NASCAR’s high-speed hustle
The “NASCAR loophole” allows builders to write off the cost of the racetracks over seven years instead of the usual 39, decreasing the amount of overall taxes they pay to the IRS.
