Let's check into the "Tax Extender" bill. As I have mentioned before the "Tax Extender" bill (HR 4213) includes the renewal of the biodiesel credit - something soybean producers are understandably anxious about.
The bill itself is an exercise in posturing according to some conservatives.
By allowing $31 billion of tax breaks to expire every year, Congress gives the appearance of lower future deficits. When the deficit was $161 billion four years ago, that would make a difference. Now that it's $1.4 trillion, it's a trifle, but Congress still goes through the exercise, just like a drug addict who requires ever increasing doses to get the same high. [More]
But wait - there's more.
In this line-by-line report (pdf) from the Joint Committee on Taxation (the revenue equivalent to the CBO on expenditure) check out the other items near and dear to our wallets.
Update: As I was falling asleep, I realized my howling error. The numbers are in MILLIONS - not BILLIONS. Which only changes everything.
BM) Line II A. 2. a. Biodiesel credit [Note: this a 2-year cost ONLY]
BM) Line II B. 4. - Contributions of capital gain real property made for qualified conservation purposes [I have no idea, but it sounds ag-ish to me]
BM) Line II C. 7. - 5-year depreciation for certain farm business machines and equipment
BM) Line II D. 1. d. - 5-year carryback of net operating losses attributable to Federally declared disasters
I'll leave the original foolishness up as further chastening. But what I can't figure out is why it jolted me awake just as I was dropping off.