Last night, the House passed what was initially intended to be a legislative replacement for a $5 billion illegal export tax break, but has become a $140 billion corporate cash cow stuffed to the brim with hundreds of unrelated giveaways and payoffs. The bill, initially a legitimate endeavor, has become a ship full of stowaways: 276 special interest tax breaks and giveaways have found safe passage in its 650 pages of legalese. In effect, the bill is little more than a cynical election year ploy, funneling goodies to the constituents of representatives in close races and padding the pockets of big money donors.

The sad part is that Congress missed a golden opportunity here; they could have used this legislation to address the nation's fiscal woes by finding new revenues to lower the deficit. Instead, this legislation will blow a crater-sized hole in the federal budget. Don't believe the hype! The legislation is a fiscal wolf in sheep's clothing that relies on confusing gimmicks and sunset smoke screens to hide its real cost. Nearly everything in this bill costs more than advertised.

The winners include Starbucks, NASCAR, Carnival Cruise Lines, shipbuilders, and Home Depot. These companies and others are enjoying an early Christmas gift for corporate fat cats. Some of the stocking stuffers include a $44 million tax break for importing ceiling fans, a $27 million tax break for horse and dog racing establishments, $11 million for manufacturers of tackle boxes, and a big write off for NASCAR track owners.

Furthermore, the bill includes a number of “temporary” tax cuts, such as a sales tax deduction which will cost us close to $5 billion before it “sunsets” at the end of 2005. Temporary tax cuts like this one are candidates for inclusion in the growing list of “extenders,” which would never pass at their exorbitant long-term sticker price. But, their political popularity typically leads to indefinite extension and a much bigger budget impact.

Although this bill had been on the shelf for a year now, it didn't improve with age. Because it has the dubious distinction of being just about the last legislative train leaving Capitol Hill before the elections, hired guns from K Street made sure to hijack the dining car and serve the only dish they know how to prepare: plain ole pork.

As the fat lady sings on the 108th Congress, it seems appropriate that one of this spend-a-holic legislature's final acts was to send this fiscally bankrupt bill to the President. Fixing international tax rules was little more than a red herring. This legislation's raison d'etre is to hand out paybacks for the powerful supporters of even more powerful lawmakers just weeks before a Presidential election.