Today on the US Senate floor, a lawmaker accused Kentucky Senator Mitch McConnell of hypocrisy. As WEKU’s Matt Laslo reports, the Senate Minority leader was accused of giving special tax treatment to the thoroughbred industry.
There are two ways to get a project funded in Congress…one is to write the check. The other is to get the policy written into the tax codes. Oregon Democrat Jeff Merkley says McConnell did just that for thoroughbred owners. Merkley says it will cost taxpayers one hundred and twenty six million dollars at a time when seniors, school children and families are all facing stiff budget cuts.
“This is the Bluegrass Boondoggle, which allows millionaire and billionaire race horse owners to write off the cost of their horses in an accelerated manner, reducing the normal seven year period for write off to just three years,” said Merkley.
Democrats say they’d like to hold votes and strip out many of the tax expenditures that remain on the nation’s books. A spokesman for McConnell says the minority leader has no comment on the accusation he helped carve out a loophole for the horse industry.