In praising Congress's huge new tax increase, President Obama said Tuesday that "millionaires and billionaires" will finally "pay their fair share." That is, unless you are a Nascar track owner, a wind-energy company or the owners of StarKist Tuna, among many others who managed to get their taxes reduced in Congress's New Year celebration.

There's plenty to lament about the capital and income tax hikes, but the bill's seedier underside is the $40 billion or so in tax payoffs to every crony capitalist and special pleader with a lobbyist worth his million-dollar salary. Congress and the White House want everyone to ignore this corporate-welfare blowout, so allow us to shine a light on the merriment.

Senate Finance Chairman Max Baucus got the party started this summer when he said he would subject 75 special-interest tax breaks to a "tax reform" review. That was pretty funny. Nearly every attempt by Tom Coburn (R., Okla.) and others to pare back the list was defeated in a bipartisan rout.

The Senators even voted down, 14-10, an amendment to list the corporate interests that receive tax perks on a government website. This "tax extenders" bill passed Mr. Baucus's committee, 19-5 (see the table nearby), and then sat waiting until Harry Reid and the White House stuffed it wholesale into the "fiscal cliff" bill.

Thus Michigan Democrat Debbie Stabenow was able to retain an accelerated tax write-off for owners of Nascar tracks (cost: $78 million) to benefit the paupers who control the Michigan International Speedway. New Mexico's Jeff Bingaman saved a tax credit for companies operating in American Samoa ($62 million), including a StarKist factory.