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January 2nd, 2013
11:10 PM ET

KTH: Fiscal cliff deal filled with pork

So what is really in the fiscal cliff legislation?

Of course, there are the widely-known sticking points the two sides have been haggling over for weeks: extensions of the income tax cuts for middle and low-income earners, the current estate tax rate, and the alternative minimum tax.

But there's also a provision on two- and three-wheeled electric vehicles, renewable energy, and rum.

The American Taxpayer Relief Act of 2012, which passed the Senate early Tuesday morning, is a vehicle for a number of regular year-end tax extenders.

Among the extensions is the excise tax carry-over on rum produced in Puerto Rico and the Virgin Islands. It's a federal tax of which most is paid back to the islands.

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Filed under: Congress • Fiscal Cliff • Keeping Them Honest • Taxes
soundoff (One Response)
  1. Judy

    Hoping we never have to see Kathy Griffin on New Year's Eve again.

    January 3, 2013 at 10:46 am |

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