McNerney Hands Out Billion Dollar Favors to Special Interests
Taxpayers for Common Sense Expose $100 Billion in McNerney Sponsored Pork
10/17/08
As Americans struggle with trillion dollar losses in their retirement portfolios, a new report from an independent, non-partisan taxpayer watchdog group exposes over $100 billion in special interest favors hidden in the McNerney-backed $700 billion bailout plan.
“Jerry McNerney has a clear pattern of doling out billion dollar favors to millionaire special interests,” explained Jon Fleischman of One Term Is Enough.com. “From a campaign contribution-for-earmark scandal to a $100 billion in special interest giveaways, Jerry McNerney reeks of the Washington corruption he promised to clean up.”
Taxpayers for Common Sense, an independent and non-partisan voice for taxpayers working to increase government transparency, released a new report which details million dollar special interest giveaways to oil companies, alcohol makers, Hollywood producers and even arrow manufacturers.
A brief summary of McNerney’s billion dollar favors includes:
- Wooden arrow excise tax exemption. Cost of $2 million over 10 years. Primary beneficiary is Rose City Archery in Oregon.
- Seven year cost recovery for motorsports track facilities. Cost of $100 million. Most of these facilities already get tax breaks, funding, etc. from states and locals.
- Rum excise tax, Puerto Rico and Virgin Islands. Cost of $192 million.
- Tax averaging for Exxon Valdez plaintiffs. Instead of having to pay taxes on a lump sum, plaintiffs get to average their take over 3 years. Cost of $49 million.
- Movie production tax incentives. Allows qualifying production costs to be fully expensed—and not amortized—and makes other tax incentives permanent to keep production in the US. Cost of $478 million over 10 years.
- Wool. Extends tax breaks for wool industry. Cost: $148 million.
Earlier this year, One Term is Enough uncovered an earmark scandal involving the New York based EDO Corporation. McNerney took campaign contributions from EDO Corporation and then just two days later requested an $800,000 taxpayer funded earmark for the same company.
ONE TERM IS ENOUGH is chronicling Jerry McNerney’s series of broken promises and hypocritical stances. McNerney’s list of offenses include bragging about cutting off funding our troops to left wing extremists, swapping campaign contributions for special interest earmarks, and a voting record as liberal as America’s only Socialist.
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