Current Event #1

http://www.nytimes.com/2011/10/03/us/lawmakers-want-to-end-tax-breaks-if-they-can-agree-what-they-are.html?pagewanted=1&_r=1&hp

In recent times, during the recession that the county's been in over the last couple years, the government has been giving tax breaks to certain businesses in order for them to make more money and also to create new jobs for hiring.  It's a nice idea, but frankly the tax breaks are not helping our 1.2 trillion dollar national debt that we're trying to reduce.  This article pointed out some industries that are benefitting from tax breaks which are really taking away from money that we could be using to lower our debt.  The article points out that multiple congressmen and senators have supported the tax breaks, and that Obama's party has supported the breaks overall.  Some symbolic ones exist, such as breaks for oil companies and corporate jets.  While these kind of breaks look to be benefitting our economy, there are some companies that are benefitting from tax breaks that seem excessive.  For example, the beer industry has been benefitting a lot, as well as NASCAR tracks.  These industries seem like luxurious things to be gaining more money when we have such a large debt to pay off.  Senator Tom Coburn pointed out some ridiculous things that are recieving tax breaks, like cat food, toupees, and breast implants for exotic dancers.  These seem ridiculous in comparison to President Obama's opinions on possibly eliminating loopholes for oil companies in order to put teachers back in their jobs, as he explained in one speech.  We should be getting rid of tax breaks for the seemingly unecessary companies mentioned above before even touching oil companies profits.  Republicans are especially against reducing tax breaks because to them it's the same as increasing taxes.  Tax breaks need to become more of a serious venture only used for industries who can actually use them to help.  Otherwise, tax breaks should be eliminated to help decrease our national debt.