It’s a pretty slow week in Washington – the debt ceiling won’t be breached for several weeks, which of course means debate on policy surrounding it won’t happen for almost that long – so let’s take a swing by New Hampshire, where the fiscal cliff’s special interest tax policies have caused a bit of controversy:
The owner of New Hampshire Motor Speedway will get a tax break on future capital investments at the Loudon track as part of what has been dubbed a $70 million extension of the “NASCAR tax break,” which is included in the deal Congress forged around New Year’s to avoid going off the so-called “fiscal cliff.”
The tax break has been blasted by critics, who include it with other fiscal cliff tax breaks that help Puerto Rican rum makers, Hollywood movie producers and Wall Street bankers.
According to the Executive Vice President of New Hampshire Motor Speedway, critics are mistaken:
But this tax incentive makes sense, said Jerry Gappens, executive vice president of NHMS. It results in more jobs, an increase in local business and more property taxes for Loudon and the state, he said.
“This is an economic stimulus to put more money back in our facilities,” Gappens said. “This is not some obscene tax break. It’s working the way it is designed to, providing an incentive to invest in the local economy.”
The speedway break — first passed by Congress during the George W. Bush administration — includes a seven-year depreciation provision for new motorsports construction, as opposed to taking it over the life of the facility, which can range from 15 to 39 years.
As Tea Party Patriots, we know it is not the place of the federal government to provide stimulus. The government is to merely provide a tax code that is economically fair and efficient, a system of justice and law that provides equitable treatment to all, provide defense from international threats, and not much else.
Unfortunately, too many in America view the federal government – an entity that should help them, regardless of the effectiveness or equitability of a policy. Whether this assistance is through subsidies, transfer payments, or tax credits, we are long past the tipping point, with almost 50% of Americans receiving some sort of assistance from the federal government. Unless this process is quickly reversed through spending and tax reforms, this nation will fall apart as our already-complex and expensive policies continue to fragment the American people, leaving the politicians laughing as they are re-elected not upon what’s best for the country, but what’s best for me and mine.