The Pork Bail Out Boogy - Dime a dancing taxpayer to bankruptcy
sharprightturn.wordpress.com/2008/09/26/dems-add-pork-to-bail-out-plan-to-acorn-national-urban-league-and-laraza/…….but the Democrats already have a plan to siphon off any repayment of the people’s money back to the treasury by adding one little line to the agreement that would end up stealing money from any repayments and giving it to left-wing political advocacy groups like ACORN,
At first it all seems rather straight forward, but hidden inside this document is one little line that proves that Democrats aren’t as interested in the economy as they are in trying to extort a payday for their favorite political advocacy groups.
“Directs a certain percentage of future profits to the Affordable Housing Fund and the Capital Magnet Fund to meet America’s housing needs.”
That tax eventually will channel upwards of $600 million annually in grants for developing and restoring housing, mostly as low-income rentals, available to Acorn and other groups (such as the National Council of La Raza and the National Urban League
money.cnn.com/2008/10/01/news/economy/senate_rescuebill2/?postversion=2008100121Because of Senate add-ons, the bill's initial price tag will be higher than the $700 billion that the Treasury would use to buy troubled assets. But over time, supporters say, taxpayers are likely to make back much if not all of the money the Treasury uses because it will be investing in assets with underlying value.
The package adds provisions to the House version - including temporarily raising the FDIC insurance cap to $250,000 from $100,000.
It says the FDIC may not charge member banks more to cover the increase in coverage. Instead, the bill allows the FDIC to borrow from the Treasury to cover any losses that might occur as a result of the higher insurance limit.
The bill also adds in three key elements designed to attract House Republican votes - particularly popular tax measures that have garnered bipartisan support.
It would extend a number of renewable energy tax breaks for individuals and businesses, including a deduction for the purchase of solar panels.
In addition, the bill includes relief for another year from the Alternative Minimum Tax, without which millions of Americans would have to pay the so-called "income tax for the wealthy."
www.washtimes.com/news/2008/sep/23/student-car-debt-quietly-added/In the dark of night over the weekend when most people were snoozing, the Treasury dramatically expanded its bailout plan to
include buying student loans, car loans, credit card debt and any other "troubled" assets held by banks.The changes, which were included in draft language that also
opened the bailout program to foreign banks with extensive loan operations in the United States, potentially added tens of billions of dollars to the cost of the program.
Many financial analysts feared that the
credit card market would be the next domino to fall. Credit card debt also is packaged and sold to investors in complicated "derivative" securities that have become difficult or impossible to sell in recent months.
sayanythingblog.com/entry/senate_bailout_bill_contains_pork_for_race_tracks_rum/Senate Bailout Bill Contains Pork For Race Tracks, Rum
New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)www.cnbc.com/id/26990348/—The Federal Deposit Insurance Corp's current insurance limit on bank deposits would rise to $250,000 per account from $100,000. The FDIC also would receive temporary unlimited borrowing authority from the Treasury under the bill. The measure is intended to boost banking system confidence and could be well-received in wealthier Republican congressional districts.
CNBC Poll: Tell Us What You Think
Which tax break is the worst add-on in the Senate financial rescue bill? The one to:
Makers of children's wooden arrows
Wool research
Rum producers
TV and film producers
Fishermen hurt by Exxon-Valdez oil spill
Auto-racing tracks
Vote to see results
CNBC Poll: Tell Us What You Think
Which tax break is the worst add-on in the Senate financial rescue bill? The one to: * 18545 responses
Makers of children's wooden arrows
36%
Wool research
5.4%
Rum producers
10%
TV and film producers
23%
Fishermen hurt by Exxon-Valdez oil spill
4.1%
Auto-racing tracks
22%
Not a Scientific Survey. Results may not total 100% due to rounding.
—The Securities and Exchange Commission would get the authority to
suspend "mark-to-market" accounting standards, which require companies to value assets at their current market value instead of their projected value. Wall Street firms have complained that the rule is impractical because it forces them to value billions of dollars of bad mortgage debt at "fire sale" prices.
—Millions of middle-class taxpayers would get a one-year delay from higher tax rates under the Alternative Minimum Tax. The issue comes up every year and temporary fixes routinely win broad support in Congress.
—The bill extends a provision allowing homeowners who do not itemize their taxes to take a deduction up to $1,000 for state and local property taxes.
—Extends a tax break for certain higher education expenses for taxpayers who do not itemize their deductions.
—Includes a provision that would
require insurance plans that offer mental health benefits to offer those benefits at the same level as medical-surgical benefits. —Provides
tax exempt private activity bonds for Texas, Louisiana and Midwestern states hit by natural disasters.—Other tax benefits to those areas to
help develop low income housing and help businesses.
—Extends the research and development tax credit through 2009.
—Provides
$18 billion in tax breaks for clean energy by continuing production tax credits for wind and refined coal and allowing facilities that generate electricity from waves and tides to qualify. Also extends tax breaks for solar energy.
—Provides new
tax credits for carbon capture and sequestration demonstration projects for advanced coal electricity generation.
—Creates a
new category of tax credit bonds to finance state and local government initiatives to cut greenhouse gas emissions.—Creates new
tax credit of up to $7,500 for plug-in electric drive vehicles.
—Extends
tax credit for biodiesel production through 2009.
—Extends tax credits for homeowners who update with energy efficient products.
Energy efficient biomass fuel stoves for the first time would qualify for a $300 credit.—The bill includes extension of
favorable business tax provisions, such as tax credits related to new markets and research and development as well as the tax treatment of costs for retail and restaurant improvements.
—
Exemption for excise taxes of certain wooden arrows designed for use by children.
—
Tax break for Puerto Rican and Virgin Island rum producers.
—
More favorable tax treatment of income from litigation over the 1989 Exxon Valdez oil spill in Alaska. The latter provision is aimed squarely at Rep. Don Young, an Alaska Republican who voted against the bill on Monday.
I'm looking but I still havn't found it yet.
Any one see the tax break bail out for white male heads of house hold who go to work every day, pay their own bills, pay taxes all their life like they were a milk cow, raise their own family and pay their own kids way?