So now we have the Senate poised to vote on their version of the bailout plan tonight. The bill has gone from a paltry three pages to a massive 451 pages. The sad thing is that we have now added a whole load of crap to the bill that has nothing to do with the bailout. There are now tons of tax breaks which had nothing to do with the problems we are facing today. These items should not be in the bill. Do our leaders get it? Do they understand that these should not be part of the bill? Of course not. We want the bill to fix the problem and not give out all these bullshit tax breaks.
Here are some highlights:
EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.
INCOME AVERAGING FOR AMOUNTS RECEIVED IN CONNECTION WITH THE EXXON VALDEZ LITIGATION.
Seven-year cost recovery period for motorsports racing track facility
Increase in limit on cover over of rum excise tax to Puerto Rico and
the Virgin Islands.
Indian employment credit.
There are many more things that do not belong in this bill.
Here is a link to the bailout bill. Read away, its long.
http://banking.senate.gov/public/index.cfm?Fuseaction=Articles.Detail&Article_id=76b1aea4-39b8-404f-b3cd-f8b6c46e3b14&Month=10&Year=2008
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