Bailout Hits Sweetspot for Some, Leaves Sour Taste for Others

In my last post, I posed the questions: “What exactly is the bailout, in fact bailing out?  And Whom is the bail out, bailing out?”

The Taxpayers for Common Sense site has listed some of the Tax Sweeteners that are included in this

2008 Emergency Stabilization Act, and while not all of them are “per se outrageous, collectively they are intended to get this bailout passed:”

  • Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children
  • Sec. 317. Seven-year cost recovery period for motorsports racing track facility
  • Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the
  • Virgin Islands
  • Sec. 301. Extension and modification of research credit
  • Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation
  • Sec. 601. Secure rural schools and community self-determination program.
  • Sec. 201. Deduction for state and local sales taxes
  • Sec 502. Provisions related to film and television productions
  • Sec. 325. Extension and modification of duty suspension on wool products; wool
    research fund; wool duty refunds
  • Sec. 309. Extension of economic development credit for American Samoa

Among some of the other highlights of the bailout:

  • Sec. 211. Transportation fringe benefit to bicycle commuters

Is this REALLY what we want to pay for?  And do we REALLY think this will stabilize the economy?

Shouldn’t the bailout fix what really ails this economy??  Not those looking for a handout?

For the details behind these tax sweetners:

Taxpayers for Common Sense

Related:

Irrational Exuberance or Dirty, Sexy Money??


JOHN PRESCOTT

BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of  Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities.  www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene

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2 Responses

  1. I’m normall a big FOX news fan but they’re pulling an MSNBC. There is no guarantee or provision in the bailout to force the firms to use the funds they receive to extend credit to the US economy! Fox News won’t cover this subject. Ask them why at: yourcomments@foxnews.com We have to defeat this disastrous legislation. Check my site SandySays1.wordpress.com
    for some tools to fight it.

  2. You missed the part about giving the governement the right to seize any asset, at any time, and sell it at any time. That leaves me a sour taste.

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