Instead of congratulating each other, Congress ought to be hanging their heads in shame tonight. How many times have we been told in the past two weeks that this is “the most urgent financial crisis since The Great Depression”? What did it take for Congress to do the right thing and allegedly save the US and the global economy? It took $100 billion in pork. Get a load of this.
Taxpayers for Common Sense
Top Tax Sweeteners in the Bailout Bill
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children
The estimated cost of the proposal is $2 million over ten years, according to the Joint Committee on Taxation.
The Oregon senators were the initial sponsors of the provisions.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility
The provision would cost $100 million.
Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands
Cost is $192 million.
Sec. 301. Extension and modification of research credit
The two-year extension is estimated to cost $19 billion.
Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation .
Cost is estimated at $49 million
Sec. 601. Secure rural schools and community self-determination program. Secure
Sen. Reid (D-NV) talked about the PILT program being one of the important elements of the package when the Senate passed the bailout bill. Cost $1.1 billion.
Sec. 201. Deduction for state and local sales taxes
The bailout bill extends this provision for 2 years at a cost of $3.3 billion.
Sec 502. Provisions related to film and television productions
The cost is estimated at $478 million over 10 years.
Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds
The 2010 to 2015 cost is estimated to be $148 million.
Sec. 309. Extension of economic development credit for American Samoa
The cost is $33 million, according to the Joint Committee on Taxation.
Sec. 211. Transportation fringe benefit to bicycle commuters
This provision is estimated to cost $10 million.
Sec. 323. Enhanced charitable deductions for contributions of food inventory
The cost is $149 million, according to Joint Committee on Taxation.
Sec. 324. Extension of enhanced charitable deduction for contributions of book inventory
Extends by two years, until December 31, 2009, a tax benefit for the contribution of books to public schools. The provision is worth $49 million.
Congress has lived up to their twelve percent approval rating.
What the hell is she smiling about?
