Topic: Internal Revenue Code

The hosts investigate the Department of Homeland Security's "Level 1 National Security Event" designation for the Super Bowl, concluding it may be a fabricated or misapplied term. A major point of contention is the NFL's status as a 501(c)(6) non-profit organization, which allows the league office to remain tax-exempt. They contrast this tax status with the billions in revenue generated and the cutting of federal food stamp subsidies.

A review of newly introduced "bogative bills" in Congress includes HR 75, which seeks to end U.S. membership in the United Nations. Other bills discussed include HR 125 regarding oversight of agreements with Afghanistan and HR 118, which aims to provide tax incentives for STEM teachers.

An analysis of Senate Resolution 2204 reveals that the "repeal" of oil subsidies actually targets Section 199 of the Internal Revenue Code, which provides a 9% deduction for domestic production. The hosts point out that this deduction also applies to the film industry and software companies like Apple, suggesting that removing it only for oil companies would simply increase consumer gas prices.

Representative Alan Grayson of Florida proposed HR 4431, a bill seeking to impose a 500% excise tax on corporate contributions to political committees. The hosts discuss the lack of media coverage for the bill, attributing it to the media's financial interest in political advertising.