I don’t have as much time to write about this under-the-radar issue as I’d like, but you can bone up over at the Wonk Room. For further reading, there’s also this WaPo article and Sunlight Foundation piece.
To its credit, the Obama administration opposes the tax holiday, which was tried under the Bush administration with unimpressive job-creation results (let’s just say it ain’t the WPA). And it is a holiday, with rates dropping from 35% to around 5%. Would that we self-employed mortals had lobbyists fighting for such a sweet deal. TAX HOLIDAY FOR CARTOONISTS: BRING THE MONEY BACK TO THE DRAWING BOARD!