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Businesses turn an interested eye to payroll tax debate

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Diageo plc, the world’s biggest liquor company and the purveyor of Captain Morgan’s rum, is enjoying a $2.7 billion subsidy from the U.S. Virgin Islands, aided in part by a tax break rubber-stamped by Congress annually with little public debate. Recipients of more than $30 billion in tax breaks such as these hope to catch a ride on the payroll tax legislation expiring next month, with special interests – from Diageo to NASCAR racetrack owners to major U.S. banks – lobbying to win renewals of breaks contained in the sprawling U.S. tax code, Reuters reported. The hodgepodge of tax breaks, including the rum credit, has been sailing through Congress for years with bipartisan backing.