Ford Mustang | Mustangs  
Black Menu Tabs
Go Back   Mustangs Insanity > BS Area > BS Room
Home Register Members List Social Groups Mark Forums Read History Pictures/Videos Vendors Ford News

BS Room
BS about what ever you want to in here.

Closed Thread
 
Bookmark and Share LinkBack Thread Tools Display Modes
Old 10-02-2008   #1 (permalink)
Car Enthusiast
Real Name: Doug
 
hotwheels's Avatar
 
Join Date: Aug 2006
Location:
Cheyenne, Wyoming
Posts: 21,597
Twitter ID:
insanemustangs
iTrader: (0)
Friends: (418)
 

Last Online:
04-28-2018 10:44 AM
Time Spent Online: 4 Weeks 11 Hours 40 Minutes 24 Seconds
My Album's:
hotwheels's album

Thanks: 4
Thanked 32 Times in 31 Posts
Smile $700B Bailout dish has heaping side of pork

Here we are, in the midst of the biggest financial crisis since the Great Depression, and the members of U.S. Senate are busy dispensing pork in a shameless fashion and at our expense.

In their vote on the $700 billion Wall Street bailout Wednesday night, senators packed the bill with scores of lavish goodies to please favored groups and win support from opponents in today's House vote.

Take, for instance, Section 305 of the 450-page bill, "Modifications of Energy Efficient Appliance Credit."

It runs several pages long and contains separate sections for "dishwashers," "clothes washers" and "refrigerators."

The bill says manufacturers of energy-efficient appliances will qualify for up to $250 in federal tax credits for each machine they produce over the next three years. Total cost to taxpayers: $322 million over 10 years.

In case your refrigerator is on the blink, you should note the bill says nothing about passing any savings on to the consumer.

Among other goodies in the Senate version:

- Two separate tax breaks for film companies that produce movies in the U.S.: The cost, almost $500 million.

- An extension of tax rebates to Puerto Rico and the Virgin Islands on rum duties: Another $192 million over 10 years.

- Six pages of earmarks to benefit Alaskan fisherman who were victims of the 1989 Exxon Valdez disaster. That break, worth $239 million, is clearly aimed at winning the vote of U.S. Rep. Don Young (R-Alaska), who voted against the bailout package last week.

- A $10 million credit to help employers defray the costs of storing the bicycles of their employees who commute to work!

You can't make this stuff up.

To be fair, there are several provisions of the bill that will undoubtedly help millions of people.

Hurricane disaster relief breaks, for instance, and better deductions for costs of higher education. The most costly, at $62 billion, is a provision that will save some 24 million middle income families from being hit this year by extra taxes under the IRS' dreaded Alternative Minimum Tax.

Still, why did Senate leaders clutter up a bailout bill that has infuriated millions of Americans with tax breaks that will produce a net cost of an extra $112 billion?

The answer is simple: Because they could.

Because they know America's corporate leaders are desperate to get the financial system off life support. This was the Senate's chance to win a longstanding battle with the House over tax legislation.

"There's been a battle for years with both houses having alternative tax bills," said Rep. Charles Rangel (D-Manhattan), head of the House Ways and Means Committee.

House Republicans and conservative Democrats long ago agreed on a pay-as-you-go rule. Under that rule, all tax breaks must be matched by cuts in spending or by new revenues.

In the Senate, they love to dispense bigger portions of pork, and they rarely worry about how to pay for it. Until this week, the Senate had failed to get the House to agree to its list of tax breaks.

By tacking these breaks onto the Wall Street bailout, Senate leaders expect to peel off enough Republican House members to pass the entire package.

Wall Street gets its bailout. The refrigerator makers get their tax credit. We pay for it all - and then eat leftovers.

Click here to be taken to hotwheels's Blog...
__________________
Webmaster in training and owner of a mini Jay Leno Poorman's car collection

hotwheels is offline Submit to Clesto

Submit to Digg Submit to Reddit Submit to Furl Submit to Del.icio.us Submit to Jeqq Submit to Spurl  
Old 10-02-2008   #2 (permalink)
Super Moderator
Real Name: Allen
 
already7's Avatar
 
Join Date: Mar 2007
Location:
North Little Rock, AR.
Posts: 9,012
iTrader: (2)
Friends: (53)
 
Last Online:
09-25-2013 07:26 PM
Time Spent Online: 2 Weeks 1 Day 22 Hours 22 Minutes 29 Seconds
My Album's:
already7's album

Thanks: 28
Thanked 14 Times in 14 Posts
Send a message via Yahoo to already7
Re: $700B Bailout dish has heaping side of pork

You gotta love it when big business gets thrown a steak>>> and then we have to buy our own T.V. dinner! Sad but True!
already7 is offline Submit to Clesto

Submit to Digg Submit to Reddit Submit to Furl Submit to Del.icio.us Submit to Jeqq Submit to Spurl  
Closed Thread

  Mustangs Insanity > BS Area > BS Room

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
$700B Bailout dish has heaping side of pork DugDug BS Room 0 01-31-2009 08:10 PM
GM use's Youtube to beg for bailout money hotwheels Ford News 8 11-18-2008 06:45 PM
What size dish piston? Intmdtr 4.6 Mustang 9 11-07-2008 02:03 PM
Bailout bill includes big earmark for race tracks hotwheels BS Room 1 10-03-2008 09:53 PM
$700 Billion Dollar Bailout all of the sudden (March 2008) hotwheels BS Room 4 09-24-2008 05:55 PM


All times are GMT -6. The time now is 10:47 AM.


Powered by vBLies® Version 3.8.2
Copyright ©2000 - 2018
Insanemustangs is not Affiliated with ford in any way. All Image's are property of insanemustangs.com