Did anyone see the list of supplements added to the $ 700 billion Wall Street bailout? Remember that the security plan required when going back and forth, back and forth, then I signed? Hmmmm ....... did anyone see all the "extra" things related? You know the old adage "Scratch My Back ...."? Is not it amazing how many other things tacked on a bill that we know only the title - provided part of what is necessary and useful, but all the same: wooden arrows for children, recipes rum excise tax to Puerto Rico and the Virgin Islands, and It does not sound fair: accelerated depreciation for property used mostly on an Indian reservation?
More on Bill
In addition to the Troubled Assets Relief Program, the bill before the Senate includes:
* Extensions of the AMT patch, tax deductions on state and local taxes on sales, tuition, teacher expenses and real property taxes and tax credits for business research and market new investors
Tax Credits for Energy and incentives to encourage wind and refined coal production, new biomass facilities, wave and tidal power generators, solar energy property improvements of energy, CO2 capture, plug-in electric vehicles, units off idling truck engines, cellulosic ethanol production of biofuels, energy efficient homes, offices, dishwashers, washers and refrigerators, and fringe benefits for employees commuting by bicycle.
* The requirement for private insurance plans offering mental health benefits equal to the medical-surgical benefits
* Provisions for tax relief for flood victims in the Midwest this summer, and Hurricane Ike
* Freezing of deductions for sale and exchange of oil and natural gas, basic mandatory reporting by brokers for transactions involving publicly traded securities and an extension of the oil spill tax
But it also extends the following tax provisions:
* Credit American Economic Development Enterprises Samoa
* Tax credit of $ 10,000 for the training of mine rescue team
* Charges 50% for immediate additional underground mining equipment safety
* Tax credit for companies with employees of an Indian reservation
* Accelerated depreciation for property used mostly on an Indian reservation
* 50% tax credit for some expenditures on maintaining railroad tracks
* 7-year recovery period for motorsports racetrack property
* Deduction of cleaning up "brownfield" contaminated sites
* Enhanced deductions for businesses donating computers and books to schools, and for food donations
Deduction * Income from domestic production in Puerto Rico
* Tax credit for employees in the region of Hurricane Katrina disaster
* Tax incentives for investment in poor neighborhoods DC
* Increased rehabilitation credit for buildings in Gulf
* Reduction of import duties on some imported wool fabrics, transfers other duties to Wool Trust Fund to promote competitiveness of American wool
* Production expense special rules for film and television
And there's more:
* Increased coverage of recipes rum excise tax to Puerto Rico and the Virgin Islands
* Making it easier for film and television companies to use the deduction for domestic production
* The exemption for wooden arrows for children from the excise tax
income averaging for Exxon Valdez litigants * for tax purposes
What a bunch of crap. It really shows how corrupt our legislators when they support the bailout bill if there are goodies for their own causes. I wonder how many of them actually thought it was a bad idea, but decided that it was a good way to get what they wanted.
Perhaps a new Congress and the President will return to some of these. Without bailout we would be now in an economic environment even more.
Posted on March 28, 2010.
