Most Americans will see their taxes go up to help pay for Social Security this year, but some industries got big breaks in the fiscal cliff deal passed by the House Tuesday night.
The ABC News blog "The Note" reports the provisions are just extended from past years, but in light of America's skyrocketing debt the breaks are raising concerns.
Among the controversial breaks is the Hollywood industry, which is being giving $430 million to make productions inside the United States.
There's also NASCAR, which will gain $70 million due to an extension in a seven-year-cost recovery period for certain motorsports racing track facilities.
Rum makers in Puerto Rico and the Virgin Islands will get $222 million in breaks. And algae growers will get $59 million for trying to make biofuel.
Even though Congress was doling out the breaks for big spenders, it dropped dozens of tax credits and deductions that affect ordinary people.
For example, the adoption tax credit is now gone. It expired on Dec. 31.
Source: http://www.cbn.com/cbnnews/finance/2013/January/Hollywood-Keeps-Tax-Break-Adoption-Credit-Expires/
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