Drudge Retort: The Other Side of the News
Saturday, November 18, 2017

The House Republican tax overhaul ... would eliminate the 20 percent federal investment tax credit for historic preservation projects, a tax break Congress approved about 40 years ago to spur investment in historic properties that has helped revitalize many of the nation's downtowns. "With that one initiative, we hope to send your tax dollars back to your communities," said former President Ronald Reagan, who championed the tax break. "Our tax credits have made the renovation of our older buildings not only a matter of respect for beauty and history, but of economic good sense." The nation's historians, and developers, have been lobbying frantically for the GOP to restore the credit. But as of now, it is gone in the House bill and cut in half -- to 10 percent -- in the Senate bill.

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Stephanie Meeks, president of the National Trust for Historic Preservation, said eliminating this tax credit would hinder efforts to rebuild and renovate cities and small towns, a point that many local lawmakers and preservation groups have echoed.

"By spurring public-private investment in the reuse of old and historic buildings, the federal Historic Tax Credit fuels the economic engine that is currently revitalizing downtowns, neighborhoods, and Main Streets across America," she said in a statement this afternoon.

"Getting rid of it now threatens the economic revival that is evident in America's cities and towns. Any plan to revise the tax code should enhance, not abolish, a pro-growth investment like HTC."

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Trump voters and people who call themselves Republicans and conservatives need to come into this thread and explain why it's so effing important to eliminate the HTC in order to give GOP billionaire donors tax cuts (free money) that those ------ don't need. This is why regular people in America cannot have nice things.

As usual, George Carlin summed up this dysfunction rather nicely ...

... only a really low IQ population could have taken this beautiful continent, this magnificent American landscape that we inherited. Well actually we stole it from the Mexicans and the Indians, but hey, it was nice when we stole it. Looked pretty good, it was pristine. Paradise.

Have you taken a good look at it lately? It's ------- embarrassing.

Only a nation of unenlightened half-wits could have taken this beautiful place and turned it into what is is today -- a shopping mall.


QFT

#1 | Posted by PinchALoaf at 2017-11-18 09:33 AM | Reply

Like everything else the GOP whines about, we should have known that when they slammed Obama for trying to "destroy" America it was just projection.

#2 | Posted by jpw at 2017-11-18 09:33 AM | Reply | Newsworthy 8

The House Republican tax overhaul, which the chamber hopes to vote on Thursday, would eliminate the 20 percent federal investment tax credit for historic preservation projects, a tax break Congress approved about 40 years ago to spur investment in historic properties that has helped revitalize many of the nation's downtowns.

... and of course this has already been voted on in the House, so now we'll see if there's any sanity left in the Senate.

#3 | Posted by PinchALoaf at 2017-11-18 09:36 AM | Reply

This entire tax plan is a disaster for the middle and working classes. The rich think this may well be their last chance to steal the wealth of America because the younger generation is rejecting their greedy ideas so they are going to try to take as much as they can while they can. We need to stand up to them and cause them to lose this last battle and begin a new reality in America where the rich oligarchs do not always get what they want.

#4 | Posted by danni at 2017-11-18 09:42 AM | Reply

#4 yup. Thanks Boomers!

#5 | Posted by jpw at 2017-11-18 10:11 AM | Reply


@#4 ...This entire tax plan is a disaster for the middle and working classes....

The main purpose of the tax plan is to give a major tax cut to corporations and the wealthy. The supposed justification being that corporations will be oh so happy to give everyone pay increases because of the higher profits, that if you stuff enough oats into the horse, eventually a little will pass through to the road, and the sparrow will be fed.

While this tax bill is being "marketed" as trickle down (or, more accurately, plop down) economics, the reality is that it takes from the middle class and poor, and gives to the wealthy.

#6 | Posted by LampLighter at 2017-11-18 11:23 AM | Reply | Newsworthy 4

I've seen this tax credit in place numerous times. The companies I saw use it were small to medium sized business owners with a long term investment in the towns where the reconstruction was being done, ie lived and worked and ran a business there for years. This tax credit helps the mom and pop keep in business in the downtown of an older municipality.

#7 | Posted by truthhurts at 2017-11-18 02:03 PM | Reply

I lived in a historic urban neighborhood for many years. It was very run-down because of decades of disinvestment. The tax credits and other incentives have made huge improvements in the area, encouraging investment by homeowners and businesses, lowering crime, creating jobs and raising property values tremendously.

Why undo that?

#8 | Posted by cbob at 2017-11-18 02:58 PM | Reply | Newsworthy 1

#8 because the rich can't stand the thought of wealth existing somewhere that isn't theirs?

#9 | Posted by jpw at 2017-11-18 03:05 PM | Reply | Newsworthy 7

For every dollar invested with the Historic Tax Credit, $1.20 is returned to that community -- this is fact.

What pisses me off is why do people vote against their own interests?

Why let GOP billionaire donors continually and intentionally depress communities, that these same GOP billionaire donors would never come within a thousand miles of ever setting a foot in ... all for the sake of free tax money from tax cuts that these billionaires don't need?

And regular Americans keep voting for this garbage.

#10 | Posted by PinchALoaf at 2017-11-18 05:58 PM | Reply

#8 for those folks, yeah. give them a few mil to do it themselves.
someday, comrade, there'll be no billionaire class.

#11 | Posted by ichiro at 2017-11-18 09:47 PM | Reply

For every dollar invested with the Historic Tax Credit, $1.20 is returned to that community -- this is fact.

Impossible. I was informed in no uncertain terms, affirmed by several others, that "tax breaks never pay for themselves." www.drudge.com

Somebody needs to get together and get their "facts" straight.

Of course, in my view that assertion is an opinion and the Historic Tax Credit is a good thing.

#12 | Posted by et_al at 2017-11-18 11:27 PM | Reply | Newsworthy 1

"Why undo that?"

Trump is a Real Estate guy.

If he lowers your real estate value, it's cheaper for his cronies to buy it up at a discount rate through government manipulation of markets.

This... isn't hard to figure out.

#13 | Posted by snoofy at 2017-11-19 02:13 PM | Reply

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