Farm Bill: $489 Million Tax Break for Thoroughbred Horses
That's according to David Rogers at Politico (April 10 edition).
That's just about one-quarter of the $2.5 billion tax cut package added on the Senate floor during the farm bill debate last year. This provision was evidently pushed by Minority Leader Mitch McConnell (R-KY).
Known as the "Equine Equity Act," the measure is a package of capital gains and depreciation tax breaks, and you can bet most of the benefits would go to a handful of large, wealthy thoroughbred horse owners. It is a legislative priority for the National Thoroughbred Racing Association.
In terms of impacts on government spending or revenue loss, this tax break dwarfs the investments this farm bill will be making to give black farmers who have been discriminated against by USDA a chance to have their case heard on the merits ($100 million), all investments the bill will make in organic agriculture, and federal spending for a number of conservation programs.
If anyone else has helpful comparisons, please chime in.
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