Thursday, October 02, 2008

Senate Bailout Bill Sweetners

Perhaps we should have titled this editorial "See the political piggies feeding at the trough"? After digging into several sources to find out just what this massive, over $700 billion bill contained, it has become painfully obvious that one of the primary purposes of the bailout bill is to provide earmarks to special interests in a bill that will not be vetoed. In other words, the boys and girls on Capitalk Hill are trying to sneak their pet projects through by taking advantage of what we are told is an emergency.

Taxpayers For Common Sense has a good piece listing ten of the more obvious pieces of pork [READ MORE]. This include such vital matters as:

1. Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children

2. Sec. 317. Seven-year cost recovery period for motorsports racing track facility

3. Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands

4. Sec. 301. Extension and modification of research credit

5. Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation

6. Sec. 601. Secure rural schools and community self-determination program.

7. Sec. 201. Deduction for state and local sales taxes (States that benefit include Texas, Nevada, Florida, Washington and Wyoming)

8. Sec 502. Provisions related to film and television productions

9. Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds

10. Sec. 309. Extension of economic development credit for American Samoa


There are other items that have been widely reported on various news sources, icluding FOXNews.com. Amongst these are :

—Provide business tax breaks, including for production of, investment in, and use of renewable fuels.

—Require group health plans that include mental health or addiction treatment to provide coverage for those conditions that is equitable to other medical coverage.

—Increase personal credits against the AMT, shielding more than 20 million taxpayers from the tax.

—Grant tax relief to victims of natural disasters in the Midwest and elsewhere.

—Extend through 2011 a program that funds rural schools and local governments that have low property-tax bases because they lie within or are adjacent to federal lands.

—Extend until end of 2009 individual tax breaks, including deductions for higher education costs and teachers' personal expenses.

—Increase, from $100,000 to $250,000, the limit on federal bank deposit insurance.


As you can see, what started out as an emergency measure to bailout Fannie Mae and others has grown into a huge conglomeration of items that are not at all related to the supposed crisis.

"Why has this happened?" you might ask. Political greed and an attempt to buy the votes of members of the House by funding their pet projects and causes.

In our digging around we have noticed something else that's rather interesting. We are not finding any detailed information explaining how the bailout and all the "sweeteners" are going to be paid for. We know that we taxpayers are going to be stuck with the bill but how is the bill going to be paid for? Even if you repeal the 2001 and 2003 tax cuts and immediately stop the Iraqi war, the government still does not have enough money and we would be paying higher taxes. [READ MORE]

So we are about to go $700 billion further in the hole to cover up for Congressional malfeasance (READ MORE], and we haven't started to talk about the planned expenditure of either Presidential candidate, especially Obama.

Isn't it about time we told the big spenders in Congress that they can pack their bags and get out of town and out of our lives? It is not to late to take our country back.

5 Comments:

Anonymous Gordon Freeman said...

This is completely obscene.

This isn't a bailout bill, its a grab for an enormous amount of OUR money and a large step towards socialism.

These people make me sick.

11:16 PM  
Anonymous Antielf said...

Since when did pork become a sweetener?

11:19 PM  
Blogger RStar23 said...

The slimebags not only screw us, they actively work to circumvent the U.S. Constitution. Tax bills are required by law to originate in the House. Here's how they got around that pesky old Constitution

From James Taranto's Best of the Wall Street Journal Online:

"In part, it has to do with the U.S. Constitution. Article 7, Section 1 says tax bills must originate in the House of Representatives.

In order to improve chances that the bailout bill, which the House defeated on Monday, would be approved this time around, the Senate tacked on several popular provisions, such as extending the life of business tax cuts that were set to expire and changing the alternative minimum tax, a much-loathed part of the tax code intended to ensure that the well-to-do pay their fair share but that in recent years has increasingly affected the middle class.

And an element of the tax package was legislation advanced by [Rhode Island's Rep. Patrick] Kennedy that requires health-insurance companies to offer coverage of mental illness on a par with that of physical illness.

Once the Senate added those provisions to the rescue bill, it qualified as a tax bill, which the upper chamber is constitutionally prohibited from originating.

In order to get around the Constitution, the leaders turned to the time-honored stratagem of finding a live but dormant House bill--Kennedy's mental-health parity bill--to use as a shell.

"They take out the entire text" of Kennedy's old bill, "and then, by amendment, they substitute the other bill," said Don Ritchie, an assistant Senate historian.

-----------------------

We the people are supposed to follow the law and yet our so-called leaders in Congress happily scheme to find ways to bypass the Constitution,

8:14 AM  
Anonymous Anonymous said...

*


Recently an insurance company nearly wind up....


A bank is nearly bankrupt......filing chapter 11 protection.


How it affect you? Did you buy insurance? Did you buy mini note or bonds?



Who fault?


They bailout trouble finance company, but they will not bail out your credit card bills……You got no choice, and no point pointing finger but you can prevent similar things from happen again……


The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......because the top management will be concern about their own pay check……
Some might feel that it sound stupid….. as there is long and Short position…but in reality there is still many different caliber CEO…..so there is still long and short…..They can ban short selling definitely they can do something about this.......


Are you a partisan?

Sign a petition to your favourite president candidate, congress member, House of representative again and ask for their views to comment on this, and what regulations they are going to raise for implementation.....If you agree on my point, please share with many people as possible.... Finance and Media are the two only industries can shaken politics ( Maybe Hackers can ), please help to highlight also...

http://remindmyselfinstock.blogspot.com/

7:38 AM  
Blogger RStar23 said...

thanks for the info Anonymous. Will certainly look into it.

9:14 AM  

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