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🗓️ 23 December 2020
⏱️ 7 minutes
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0:00.0 | Good morning. I'm Allison Michaels from the Washington Post and this is the Daily 202 for Wednesday, December 23rd. |
0:10.5 | James is out for the holidays, but I'll be here today with the stories that you need to |
0:14.5 | know. In today's news, Pfizer and the Trump administration are close to a deal |
0:18.7 | for more vaccine doses and the US Justice Department sues Walmart alleging it helped fuel the opioid |
0:25.6 | crisis. But first, the big idea. Congress voted on a spending bill close to midnight on Monday just a few hours |
0:34.8 | after the bill had been unveiled. Lawmakers claimed that urgent action was |
0:38.7 | needed to rescue an ailing economy ravaged by the coronavirus pandemic. But my colleague Yagana Torbadi reports |
0:44.8 | that tucked in the bill was more than 110 billion dollars in tax breaks. Those tax breaks |
0:50.4 | strayed far from the way the bill was marketed to many Americans. |
0:54.1 | These giveaways include big tax cuts for liquor producers, for the motorsports entertainment |
0:59.0 | sector like NASCAR, and for manufacturers of electric motorcycles. |
1:02.6 | These measures added onto the broader spending bill are known as tax extenders. |
1:06.7 | They're tax breaks targeted at specific, sometimes niche industries. |
1:10.1 | And routinely extending these measures has become something of a year-end tradition. |
1:14.0 | Some lawmakers allege the votes largely benefit special interest groups who stand to gain financially |
1:18.9 | from the outcome. These tax extenders are designed to be temporary but are frequently renewed often at the |
1:24.5 | urging of industry lobbyists and often during late night votes at the end of the |
1:28.6 | year like the one we just saw. Tax experts and good governance advocates |
1:32.2 | have criticized |
1:33.0 | such short-term tax relief extensions |
1:35.0 | arguing that they hide the true cost of the cuts |
1:37.5 | and they advantage industries with the most well-connected lobbyists. |
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