President Barack Obama signed into law legislation that would reverse the ill effects of the so-called “fiscal cliff,” a combination of tax hikes and government spending that could send the U.S. back into recession.

However, the deal is far from perfect. It preserves loopholes for some unlikely beneficiaries, even as it partially took away payroll tax cuts that benefitted the middle class.

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  • JT
    4 January 2013 at 8:48 pm - Reply

    Obama signed another government spending subsidized Nascar racing. why, it is a private entity. Hollywood corps. got tax credit from Obama. The top 280 Corporation runs the economy of USA. For 2012, 70% received tax credit from Obama. The new member of the CORPORATE WELFARE are the Hollywood Corp. is this a pay off for supporting Obama during the last election ? To name a few GE, Microsoft, Facebook, etc. pay ZERO or low Corporation tax because of the tax credit. If ALL the top 280 corporations pay taxes,it will generate 1 Trillion in tax revenue every year. Why not Flat tax rate on the Gross for every Corporations so that all business will pay.