WASHINGTON, D.C. – Despite some arguments over the details, the U.S. Senate appears ready to renew a package of more than 50 business tax breaks that would add about $85 million to the federal deficit, according to a report from the Associated Press.
“We will not pull the plug before our nation’s recovery is complete,” Senate Majority Leader Harry Reid was quoted as saying. “By passing this tax extenders package we will build our nation’s economy more quickly.”
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Of course it’s smart to limit the tax burden on private employers, and cancellation of the tax breaks, all at once, would impose a painful new financial burden on a lot of companies and industries.
Yet the all-too-familiar tone of Reid’s comments – we have to keep doing this – is troubling.
Just about everyone who benefits from government handouts of one kind or another can offer a logical argument for maintaining their piece of the pie. And there are too many politicians willing to keep doling out the dollars, particularly to pet interests. Sen. Richard Burr of North Carolina, for instance, wants to extend depreciation for motor sports tracks, according to the AP.
No doubt that would be good for the race tracks, and probably the economy of North Carolina. But where do we draw the line?