Washington (CNN) - 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.
There's also the extension of a tax credit for purchase of some electric vehicles with two or three wheels, such as scooters. It was a tax break included in the American Recovery and Reinvestment Act of 2009 and covers up to 10% of the vehicle's cost, or at most $2,500.
The tax document for that particular credit – Internal Revenue Service form 8834 – is one and a half pages, accompanied by two pages of instructions.
Congress also extended the "Indian employment credit" for businesses that hire individuals who are members of a Native American tribe, work on the tribal land, and live on or near the reservation.
And they extended the depreciation model for motor sports complexes – facilities that hold at least seven days of racing, seat at least 70,000 people, and have concession stands that benefit charitable organizations.
The legislation also included extensions of tax credits for research and development, low income housing, and an accelerated depreciation model for certain leasers and restaurants.
It included a number of energy tax provisions as well, including one relating to coal produced at "Indian coal facilities" and extensions of energy efficient home and appliance purchases.
How are the changes enacted?
For most extensions, it requires just a simple swap of the date.
"Subsection (g) of section 179E is amended by striking `December 31, 2011' and inserting `December 31, 2013,' " read the provision extending the mine safety equipment deduction. "The amendment made by this section shall apply to property placed in service after December 31, 2011."
– CNN's Gregory Wallace, Lisa Desjardins and CNNMoney.com's Caleb Silver contributed to this report
AGREE, AGREE: It is way past time for WE, the people, to take back control of OUR country and its "worthless politicans"! Bought & paid for their votes and support by the highest bidder. How about WE, stop talking about it, call ALL of our "elected children" and tell them to start looking for another job? That the ONLY vote they will get is from themselves or relatives! Lets put some fresh blood and ideas in place and let the new ones know if they do not work for US, that they will be voted out, and we continue to do so until they get the message that they work for US!
Lisa is so right...time to get rid of he money grubbing democrats!
I agree with Kennedy; 'Ask not what you can do for your country, ask what the government can do for you.' I have always agreed with this philosophy. I say TAX TAX and more TAX! I have no job and don't plan on looking because it is not fair that I have to work. That is someone else's problem. With that said, the second half of the Rose Bowl game is on. The rest of you should go back to work.
Frankly – I'm all for the fiscal cliff – people why are you all for spend more faster? Man up and run at paying down our deficit, we need to take care of your children children. Pay more taxes, take less from our taxpayers (via the government). I certainly will take a giant hit in taxes, but if we are all in the program (everyone) we can get this done.
The dream that was America now holds up a country club called the US Government.
HOW DARE YOU! How dare one person in the House hold every citizen in the USA hostage just for political posturing. You should be impeached and shot for treason.
Namelyn you obviously don't have a clue about democracy. My interpretation of your post leads me to believe that you should go back nd finish t least high school. Stay awake & Pay attention in the civics & government classes
How many butt cheeks did NASCAR kiss to get their "goodies" included?.
Jane Doe- you're exactly right. They should hold their heads in shame for their childish behavior. The Republicans are acting like a teenage rich brat who was given the wrong color Mercedes for Christmas! However, they never will because they truly do not care about this country at all.
Among the extensions is the excise tax carry-over on rum produced in Puerto Rico and the Virgin Islands.
So, there's rum in the bill but a bottle of vodka from France in the picture?
Are education issues in this bill . educational institutions str are a breeding ground of jealousy ,Some believeng need this to be motivated to learn ,Students are naturally interested in their studies do they need such a thing as jealousy to bring them to class.
As a corporate pilot, I used to fly the family that owned Barcardi. Around election time we flew a LOT of politicians around. They would pay the cost of a coach class ticket and get a jet that would sit up to 14 passengers and cost up to $3300 per flight hour. Although almost all the politicians were Republicans, the Dems do the same thing with their supporters.
All the rum tax exemption was the politicians paying HUNDREDS OF MILLIONS of OUR money to make up for the HUNDREDS OF THOUSANDS the rum manufacturers spent on them. It would be cheaper to buy congress a fleet of their own corporate jets. Cheaper still to just vote them all out.
republicans will all be VOTED OUT in 2 years, then we can move this country forward
No serious attempt to curtail deficit spending and just more punishing the hard working successful Americans that take care of business and understand self responsibility. There must be a point that the government begins to react realistically to the fact we are approaching backruptcy.
What needs to happen is that we have one single voting day for all of congress – house and senate. Then we could collectively throw all of these bums out. The way the procees is staggered is working against the American people. We should elect, like we do with the Presidentail elections, once every four years. Voters unfortunately have the losing hand because we tend to forget all of the bickering. President's are re-elected on their performance – not so with our legislative branch. Wise up Americans!
If you do not agree with your representatives, let them know that they are not representing you. Get off the mobile phones, video games and start reading up on what these people are doing in Washington. We need to get rid of Super Pacs and lobbyists in Washington.
Mark Twain: "Those that respect the law and love sausage should watch neither being made."
Lobbyist pay Congress big bucks in exchange for special favors.
We need a Constltutional Amendment prohibiting Congress from amending any bill with language that has nothing to do with the bill.
well gop if yall well lower the tax rate and keep it that way for 10n years and what u call america will be doing a lot better then u raising the taxes every year! it will bring back jobs and make the working class a lot stronger and that the persident says the the middle class makes america then lower the taxes so that they can get the money to feed their kids and get things they need! and that the middle class and lower class and working class is hurting cause you keep rising the taxes on us and that is not how u going to build up the middle class when u hurt us every turn u take! Y Y Y Y Y????????? dont think about urselfs think about all the people that want to provide for their familys and cant cause they cant get the money to do so cause the taxes go up every time we turn around and that this is wrong if u ask me! and that corn is does good with making fuel but find something else to make the fuel there is a lot of things that can make fuel out of and that making taxes go up cant help america! it is hurting america more and more everyday! and that is not right not in my book and everybody else that i know! WHY YOU WANT TO HURT AMERICA WHY? ITS NOT RIGHT AND IT HURTS MILLIONS OF PEOPLE! not just a few millions!
Where are the cuts in spending?
does anyone in Washington care that our government is drowning in debt? Do our Senators and Congressmen and women as well as the President and his cabinet handle their finances the same way? Why are we wasting so much money. Put an absolute ban on pork belly spending and for God's sake stop the wasteful spending and graft running rampant in medicare and medicaid, i.e., an $80 back brace costs the government $900 per patient???? Is anyone paying attention????
I knew we could count on the strongest speaker of the house in recent years - Way to go Nancy Pelosi, Minority Leader.
Funny how only the Repubs were supposed to give ground, not the Dems.. Biased much, commenters?
well im glad its over... for 2 months and then we can do this again. what a joke